How does Betfair work?
Betfair is a betting exchange - an online marketplace for punters to bet against themselves on sporting and cultural events around the world.
Customers bet against each other not against Betfair.
There's no bookmaker telling you what odds you have to take. Think of it as like two mates in a pub with opposing views on a game and having a bet.
Betfair works like an impartial barman in the pub who holds the money until he gives it to the winner.
Betfair give you all the guidance you need, and we encourage winners! We don't ban or cut back as is the case with many bookies who limit stakes or close accounts if anyone 'dares' to beat them. It doesn't matter to Betfair, because we take no position in the markets.
People say Betfair gives better odds, why?
Studies over several years have shown that Betfair gives 20% better odds on average due to competition and lower margins.
Competition means a better deal
Competition in any walk of life leads to a better deal, and with over three million registered customers, Betfair is extremely competitive.
At any given moment thousands of people worldwide are competing against each other to offer better odds on their opinion in order to have a bet.
This often means the odds are better than those set by a traditional bookie.
Advertise a poor price on the site and it's unlikely your bet will be matched as somebody will see the value in improving the offer. Just like if you try to sell your car for £10,000 when it's really only worth £5,000.
Lower margins
Another reason for better odds is because the bookmaker is taken out of the equation. This means you're not subject to their five, 10, 20 or even 50% margins.
The value will shine through more on markets with more selections - racing, football premierships, golf tournaments etc, where bookies traditionally make their 'bread and butter'.
Backing and laying
On Betfair you can back and lay.
To 'back' a selection means you think it will happen, like you would do with a traditional bookie.
Or you can take the opposing viewpoint and 'lay' if you think your selection will not happen (i.e. won't win).
Every fixed-odds bet, whether it's with your local high street bookie, a betting exchange or even two mates in a pub, requires a backer and a layer, you've probably just never thought of it that way.
Imagine two guys betting a pint on the Merseyside derby - one cheering Everton, one cheering Liverpool. The Everton supporter is automatically opposing, or laying, Liverpool if he decides to go with his heart. Likewise the Liverpool fan backs his team for a pint, but is laying Everton in the same process.
Lay betting is the other half of the deal from a back bet. Both are bets but opposing views. Without one, you can't have the other - it's like trying to sell your house. Until someone is prepared to buy it, then you don't have a sale.
How to place a bet on Betfair
To place a bet click on either back or lay next to the selection you are interested in.
In the following example you are backing England at odds of 2.66. Enter your chosen stake (minimum £2) and your potential profit is displayed in the bet slip on the right.
If you are happy with your odds, stake and potential profit click submit. If you have 'Verify bets' (at the base of the bet slip) ticked you will again have to confirm your bets. This is the bet offer.
Now you need to be sure your bet is matched...
Matched and Unmatched Bets
For a bet to be struck, it must be matched with another customer - someone who has an opposing opinion.
When submitting a bet offer, bets can be returned as unmatched, partially matched or matched in full.
If you are taking the price shown on screen, you will be matched on the majority of occasions. Markets change continually though so don't assume you are matched - always look at your bet slip to confirm it.
The bet shown below has been matched - it cannot be changed or cancelled.
The status of your bets is displayed under the My Bets tab.
In the following example the bet is unmatched. Be sure to click on Continue after your bet offer has been confirmed, otherwise your bet slip will not be updated.
Until your bet offer is matched by someone else, you do not yet have a bet. If nobody matches your bet before the market closes or is turned in-play, then you get your money back.
Important: Your bet could be matched a split-second after the unmatched bet slip has been shown as above.
Just because it hasn't been matched instantly does not mean it can't still be matched.
Unmatched bets stay in the market as offers until you decide to cancel them.
In a worst case scenario, you could place another bet thinking your first bet wasn't taken and then another and another as the prices change. Then the market moves back the other way and you get matched several times when you only wanted one bet!
It is much safer to change the odds of your unmatched bet than trying again and again to get matched.
As prices and amount of money available constantly change on an exchange, particularly just before a race or when a market is in-play, you may have to adjust your odds or stake to get matched.
Note that the odds and stake value can still be changed in the image above. You are still able to change or cancel it at any time until the bet is matched.
Customers always want the best price whether backing (as high as possible) or laying (as low as possible).
Be aware that the Betfair market screen will normally refresh every 30 seconds but the Betfair server can process hundreds of bets per second. In a busy market, prices and volumes will change constantly - don't assume that the prices only change when you see them on screen. Click on the refresh button just above the market to view the latest prices.
You can register from here : Betfair
Much more information you can find here : Betfair
