Betfair is the worlds leading online betting exchange. Whether your interest is horse racing, soccer, golf, tennis or in fact practically any competitive sport then you will be able to place a wager on the outcome.
The difference between betting on the exchanges and with the conventional bookmaker or the Tote is that you can either bet on outcome happening or not happening. For example in a soccer match there are only 3 outcomes, either team A will win, team B could win or the third option they could draw. If you think that Team A will win then you might back them or alternatively you could lay Team B to lose. It is also possible to bet on it being a draw or not being a draw.
A second difference between the exchanges and conventional bookmakers is that you can carry on betting while the event is in progress. If team A score the first goal their odds are likely to contract while team Bs and the odds on a draw would both lengthen.
In horse racing what is called "the in running market" can be very volatile and is not a market for the faint hearted. The odds can be constantly changing as the race progresses. There are some astute individuals who make very comfortable livings doing very little else than betting on horses in running.
Most people though use Betfair for either backing a horse to win or laying to lose and place their bets before the "off". Being an exchange Betfair just brings people together and acts as an intermediary between punters.
How it works in simple terms is that I think a horse will win and I want to back it at certain odds. You think it will lose so you are prepared to accept at those odds. If th horse loses you keep my stake money less 5% commission to Betfair. If it wins I pay you at the odds agreed so if it was 5.0 ( 4/1) you will pay me £40 and I will pay Betfair 5% commission.
Betfair has added a new dimension to sports betting and moved the pendulum slightly more in the punters favour although it is probably still easier to lose than win, unless of course you really know what you are doing.
The difference between betting on the exchanges and with the conventional bookmaker or the Tote is that you can either bet on outcome happening or not happening. For example in a soccer match there are only 3 outcomes, either team A will win, team B could win or the third option they could draw. If you think that Team A will win then you might back them or alternatively you could lay Team B to lose. It is also possible to bet on it being a draw or not being a draw.
A second difference between the exchanges and conventional bookmakers is that you can carry on betting while the event is in progress. If team A score the first goal their odds are likely to contract while team Bs and the odds on a draw would both lengthen.
In horse racing what is called "the in running market" can be very volatile and is not a market for the faint hearted. The odds can be constantly changing as the race progresses. There are some astute individuals who make very comfortable livings doing very little else than betting on horses in running.
Most people though use Betfair for either backing a horse to win or laying to lose and place their bets before the "off". Being an exchange Betfair just brings people together and acts as an intermediary between punters.
How it works in simple terms is that I think a horse will win and I want to back it at certain odds. You think it will lose so you are prepared to accept at those odds. If th horse loses you keep my stake money less 5% commission to Betfair. If it wins I pay you at the odds agreed so if it was 5.0 ( 4/1) you will pay me £40 and I will pay Betfair 5% commission.
Betfair has added a new dimension to sports betting and moved the pendulum slightly more in the punters favour although it is probably still easier to lose than win, unless of course you really know what you are doing.
