Basic Guide to Betfair
Why is Betfair different?
The fundamental difference between Betfair and a conventional bookmaker is you are betting against other punters not Betfair.
How does it work?
You have two options when you are on Betfair-
Back – When you place a bet similar to a conventional bookmakers (blue)
Lay – When you offer someone the chance to take a bet off you, with you making the odds (pink)
The Advantages of Betfair
Better Odds – As you are betting against other customers and not a professional trader the odds are generally better than normal bookies, but note Betfair do take commission from winnings.
The option to Lay – This main advantage of Betfair is the option to lay bets.
· Trade out of a bet – An example of this would be if you have bet on a team before the kick off at 2/1 (3.0) and they go 1-0 up. The in-running odds would be significantly cut allowing you to put a lay at a much shorter price, making the bet a no lose bet.
· Lay a bet – If you think a team has no chance of winning a game but they might get a draw then it makes sense to lay them, as this means if the result is a draw or they lose you win.
More information on placing a bet
To place a bet on Aston Villa in the game below you need to select the blue button quoting 1.6 (£1274 is the amount of “lays” by other punters available)
When you click on 1.6 on the above screenshot this box will appears to the right hand side of the page.
If you want to place a bet for more than the liquidity available, only part of the bet you have had matched will be accepted until someone offers the price you are looking for.
· You will always take the best price available regardless of what odds you enter (in other words “Your odds” is the lowest you will accept)
· If a goal is scored the market will be suspended and any unmatched bets will be cancelled.
More information on laying a bet
To lay / offer a bet on Aston Villa in the game below you need to select the pink button quoting 1.67.
When you select to lay a bet the box below appears to the right hand side of the page.
1 2 3
1) Price you are offering the lay at.
2) Value of the bet you will accept
3) “Liability” is amount you can potentially lose or the other option “Payout” is the amount the person accepting the lay can win including stake
· The amount below the price (under the lay option) is the amount other punters want to bet on at that price. Using the example above you can lay Aston Villa at 1.67 and have up to £441 instantly matched.
· If a goal is scored the market will be suspended and any unmatched lays will be cancelled.