Betfair is a betting exchange, very different to the traditional forms of tote or bookmaker betting. A betting exchange is essentially a stock market platform taken across to betting on racing and sport.
On the Betfair exchange, customers bet against each other, rather than into a pool (like the tote) or against a bookie. It’s as simple as finding a person with a differing opinion to you. Betfair simply match opposing bets and take a small commission – only from the winner.
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.
THE ADVANTAGES OF BETFAIR
The best value for your punting dollar
Because of the exchange format, whereby you’re taking on the judgement of another punter, you’re betting at odds that are closest the truest reflection of public opinion. This is strengthened by the fact as hundreds of thousands of punters around the world choose to bet with Betfair every day.
Further to this, as there are no profit margins – significant cuts taken either systematically by totes, or arbitrarily at a bookmaker’s discretion – you can rest assured that the odds you receive with Betfair are invariably better.
Still not happy? You can ask for better odds
The result of the liquidity that comes with thousands of punters with a range of opinions on any event or market is that inevitable you are immediately offered a great price for your selection. Despite this however, if you don’t like the odds on offer, you can ask for a better price. This is something that is unique to the exchange format, and certainly impossible to do with traditional betting operators. You choose the price that you think is fair - no more being forced to take the price a bookie tells you to.
Back… or lay
If you don't fancy an outcome occurring, or a selection winning, on Betfair you can lay it, as mentioned above. This opens your likelihood of winning on an event exponentially. This is fundamentally what a bookie does when taking your bet. So at Betfair, you can essentially be the bookie.
Trading – lock in a profit!
As we mentioned earlier, the betting exchange is essentially a stock market platform taken across to racing and sports betting. And similarly to trading on a stock (i.e. buying at a low price and selling it at a higher price) to make a profit, so to can you trade on Betfair to lock yourself in a profit. It’s as simple as backing the same selection at higher odds than you lay it… Something you certainly can’t do at the tote!
Betfair wants you to win
What’s more, Betfair gives you all the guidance you need, and encourages winners. They don't ban or cut back as is the case with many bookies that limit stakes or close accounts if anyone "dares" to beat them. It doesn't matter to Betfair; they only bring punters together, and don't have any liabilities themselves.
In addition to obtaining the best odds, plus the ability to trade to guarantee yourself a profit on an event – and being encouraged to win! – how would you like to make a profit on a vast majority of races and sporting without studying form or making a judgement? Impossible? Well not now due to the world of betting exchanges, and Betfair.
For more information on how to profit on Betfair, go to http://betting.betfair.com/education.