Welcome to Betrescue.com’s guide to the world’s leading Betting Exchange, Betfair.com, the site that gives you the opportunity to bet as you do with any conventional bookmaker, and also allows you to be the bookie yourself. You could win up to 20% more!
What is Betfair ?
Betfair offers a person to person betting exchange facility, where clients of the exchange can place and match bets with each other. Clients may take the best available odds on the exchange for their bet or can request better odds.
Bets are matched between people with opposing views.
Differences between Betfair.com and a conventional bookmaker:
- You can back or lay a bet.
- You can choose the odds you want to play at
- Commission and Tax.
- You can bet whilst the game is in play.
- You could win up to 20% more as there is no bookies margin involved.
Back or Lay with Betfair com
When you “back” a selection (be it an individual, a team, horse, dog or other), you are betting that it will win. This is just like betting with conventional bookies.
When you “lay” it, you are betting against it winning. For example, if you’re betting in a market on which team is going to win the Premiership and you lay Man Utd, you offer odds to other punters who wish to back Man Utd. If Man Utd don’t win, then you pick up the backer’s stake. If Man Utd wins, then you pay out. This is what bookmakers traditionally do.
You never know who you are betting against, your privacy and the confidentiality of your bets is maintained by Betfair ’s secure site.
Choose your own odds with Betfair.com
With Betfair there is always a choice of what odds to accept. If you want better odds than are currently available, you can place an order for a better price, but be realistic because there has to be somebody prepared to lay the bet at those odds, and vice versa.
Take a look at the odds before a game and you will see them change as visitors back and lay their bets. The odds often improve nearer to the off, as there are more people in the market.
You do not pay tax at Betfair and commission is only paid on your net winnings on each market. This is particularly beneficial if you have multiple bets on a single market such as the Premiership Winner market. Some of your bets may win, some may lose, however you only pay commission on your NET winnings. If your bets in a particular market amount to a net loss, you do not pay commission.