When you first take a look at the homepage of Betfair, it does certainly look just like any other sports betting website or bookmaker service. But here is also where the similarities end. Betfair is actually an online betting exchange service where real people can create their own odds and place bets against each other. More often than not, this means that bettors will enjoy higher odds and more possibilities to trade bets (which have already been placed) for a profit.
For example, lets just say that you are betting on a football game between Manchester United and Newcastle. Whatever side or outcome you choose to bet on - you will in fact be betting against another real person, somewhere in the world, who has made the complete opposite bet. For instance, if you bet on a tie between the two teams - you will be betting against a person who thinks that one of the teams will win the match. If you bet on the end result of 0-0, you will be betting against a person who thinks that at least one goal will be scored in the game by either side. And so on.
Betfair will in fact have nothing to do in creating odds for players to follow, like in the case of dealing with a traditional bookmaker - the odds are instead set by the bettors themselves. Betfair will present the games/matches that are on offer, collect the wagers, monitor the results - and pay the winner minus a small commission. So, unlike a traditional bookmaker, Betfair does not make any money from customer losses - only on winnings.
As some of you probably have guessed by now, the structure of Betfair allows for any person to become a bookmaker of their own - at least in theory. This is made possible since you can "lay" (bet against) a particular event (or several events) to take place. In a traditional horse race, for example, where there are several runners - there can be only one winning horse at the end of the race. By "laying" (betting against) all of the losing horses in that race - you would be making a handsome profit. Naturally, you could also "back" (bet for) the horse that is most likely to win the race.
There are numerous strategies and methods available on how to win at Betfair, but it is important to recognize what your own particular strengths are prior to placing any bets. Perhaps you have some exceptional knowledge within a niche sport like cricket for instance - then you may want to place bets within that market, knowing exactly which odds hold value for money. Other people are experts in Betfair trading - a term that is widely used to describe a scenario where an event (a football match for example) is traded using both "backing" and "laying" during the game to ensure a profit no matter what the end result is. Others use very advanced techniques like odds scalping to quickly trade ongoing bets for profit. We will in later articles cover and explain all of these trading methods, and how to win at Betfair, in more detail.
The basic principle of "backing" and "laying" an event (or events) remains the same in whatever market you choose to take part in. In reality, this means that you can bet on almost anything that you can think of. Besides sports betting, Betfair will also provide you with the option to participate in horse racing, casino games, arcade games, poker - and the much talked about Betfair Exchange Games.
As you can see, Betfair is not like any other traditional bookmaker. With over three million customers registered, and over five million transactions being made each day, Betfair has quickly grown to become the largest betting exchange in the world. The ability for anyone to create and post their own odds at the site has made it very popular among the casual bettor who likes to place a bet now and then. As explained before, this has to do with the fact that odds usually are slightly better than the ones that are offered at other, more traditional, bookmakers. The principle of customer driven odds will constantly push the odds towards better prices since anybody can, at any point, offer better odds in order to have their wager taken.
With that many customers, and so many daily transactions being made, one could perhaps raise an eyebrow of concern about the safety and the security of the site. However, it has to be said that Betfair now has a proven record of over ten years in business, and so far, we have never had any problems whatsoever making deposits, placing bets, or withdrawing our winnings. Customer support is friendly and the service at Betfair helpdesk is excellent. If you at some point do not have access to your computer, or the internet, you can simply call the Betfair telephone betting lines where English-speaking brokers are available 24 hours a day. You can also email the Betfair helpdesk and receive a very quick response, usually within four hours of your request.
As far as we can tell, Betfair uses their own unique software platform for handling all of the bets, but also for the betting exchange itself. When you sign up, you will have the option to select one of the ten currencies that are valid for placing wagers - but do choose carefully as your account will then be denoted in that currency from that point on. The default currency of Betfair is the British Pound Sterling (GBP). The website of Betfair is licensed in the United Kingdom and Tasmania, so the default language is English. However, there are several other languages available as well.
Once you have signed up with Betfair, it might be a good idea to take a good look around and learn more on how bets are placed. There are many help sections and demos available, and we do suggest that you examine them thoroughly before placing any live bets. One of the most common mistakes a beginner will make is to not fully grasp the concept of "liability". Liability is simply a term for how much money you're willing to risk when placing your bet in any Betfair market.
Let's say you're looking at the football market and a World Cup-qualifying match between Spain and the Faroe Islands. On paper, this should be a very easy win for Spain and so the odds reflect this. So "backing" Spain at odds 1.05 for instance, would result in a profit of 5 units for you if you bet 100 units and if Spain wins. Your liability in this case would be 100 units since you will in fact stand a chance of losing these units in the unlikely event where Spain does not win the game. "Laying" Spain at the same odds would result in a loss of only 5 units if Spain wins - but you would indeed win 100 units if Spain does not win, or if there is a tie between the teams. In this case your liability is 5 units. It may seem complicated at first, but you will soon get the hang of it.
Another important thing to pay attention to is whether the event you wish to bet on allows "in-play" or not. An "in-play" football match for example is a live event where you can place additional bets throughout the course of the game, which is of course perfect for trading. Some football matches may not allow "in play" however. In this case, there will be no more bets accepted after kick off. The betting conditions of each event will be clearly posted in the Betfair market information.
Like we've browsed upon before, Betfair allows you to bet or trade on almost anything. Although sports betting, horse racing and the games markets are the most popular ones, you can really place some obscure bets on specific events like the Eurovision Song Contest, or the presidential elections in the United States for example. You will also have the possibility to back or lay the winning team of a full length season for instance, or drill your wagers down in detail down to how many corners there will be in a specific football game. The possibilities are endless.
The games market is divided into three main sections: Betfair Exchange Games, Betfair Arcade, Betfair Casino/Betfair Poker. The casino and poker sections are quite similar to traditional casino & poker sites, but of course with a certain Betfair twist - and with the best odds available. The latest addition to the casino/poker section is to play the games with live dealers. The Betfair Arcade games are simple and fun games in arcade style which you can play at your leisure. Some of these games are based on popular TV-game shows, like "Deal or no deal" which makes them really fun to play.
The Betfair Exchange Games market is a very unique feature of Betfair. These games run 24 hours a day and due to the speed of the games and the fast shifting in-game odds - they are very popular for trading. At first, these games may look like traditional casino games but they really are not. In the game of Blackjack for instance, there are four computer players who play against one computer dealer. All of these computer players will play perfect, mathematically correct Blackjack using the basic strategy. Your "job" as a player is to pick which hands will win or lose by backing or laying in several rounds. The same principle goes for exchange games poker where you can back or lay hands as the flop, turn and river are being dealt. The Betfair Exchange Games section also features some unique games of their own like "Card Derby Racing" and "HiLo" to name a few.
To summarize, Betfair is a fantastic betting exchange where the odds are set by the players/bettors themselves. This adds a lot of fun to the traditional concept of betting - and also opens up for very advanced Betfair trading strategies in order to make money in the long-term. If youre not happy with the odds being presented - then simply set up your own odds and see if your wager is taken!
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