Betfair

[Max Paper]

Obviously I know the name and am aware it's been around for some time but can somebody please explain to me (in language a five year old could understand) what it's all about? I like a punt and as many of you are probably aware I like to do a weekly football accumulator and the odd Lucky15 but Betfair and 'laying' bets are new to me, is it any good? does it work? are there advantages? etc etc
Something Mackenzie said on the 'Bergkamp to Swansea thread' about it not looking likely, time to start laying on Betfair prompted me to finally ask...

 

[Hatterlovesbrighton]

Not really that difficult to understand. Betfair allows you to be the bookie rather than the punter.

 

[yxee]

Rather than you betting against the company, it operates as a marketplace, and adjusts the odds to enable it to match customers betting for/against an event with equal volume. Eg. rather than playing blackjack where you bet against the house with <50% profitable odds, it's like poker where you bet against other betters, and the house takes a rake, or fee.

I think that's how it works anyway.

 

[Poyetry In Motion]

It's all about going green my friend

 

[moggy]

It's all about going green my friend

Yep, traders paradise

 

[Freddo]

Betfair is a betting exchange which allows punters to bet for or against something to happen, this is called 'backing' and 'laying'. When you bet on Betfair, you are betting against other customers, as opposed to the company. Betfair make money by taking a small percentage of the winnings from the winner. However, you get much better prices on Betfair than the bookmakers because there is no margin built into the odds (Sportsbooks make money by building 10-20% margin into their books).

Not only can you bet against something to happen on Betfair, you can also trade out of a position when you see fit. This is called 'Cash Out' where it offers you to lock in your profit/loss by placing a bet that opposes your original selection. For example, if you back Man City to beat United, and they score and their odds drop, by then laying City, or 'Cashing Out', you can guarantee a profit and remove any liability you had originally.

Betfair also have their own Fixed Odds, where you can bet against Betfair; although the prices aren't as good as the Exchange and are mainly there to help when there's little to no liquidity in the Exchange market. This also allows them to offer multiples/accumulators.

I bet a lot on mobile these days and their mobile apps are quality!

 

[Sheebo]

Bez - Just remember to use code TPLVRC6RH in the refer & earn box when signing up and place a risk free £25 bet (odds 1.2 or greater) - whether it wins or loses they'll give you £25 credit which is also fully withdrawable - EASY money to start your account risk free

Betfair Refer Earn Scheme

 

[seven stands]

Bet Angel Professional. Betfair trading software. The ultimate software for Betfair and Betdaq is good if you get into trading.

My tip is dont get greedy and place all your winning on one bet as it only takes one loss to lose it all ( everyone makes this mistake at somepoint ) start by doing £2 bets untill you work it all out.

loads of vids on youtube and a good forum on betfair itself

 

[keithbeaky]

Bez - Just remember to use code TPLVRC6RH in the refer & earn box when signing up and place a risk free £25 bet (odds 1.2 or greater) - whether it wins or loses they'll give you £25 credit which is also fully withdrawable - EASY money to start your account risk free

Betfair Refer Earn Scheme

Which of course earns you money

 

[Sheebo]

Which of course earns you money

Yes but I had the business sense to do an NSC thread

You can then use your own code to refer ur mates and everyone's a winner. The R & E code is a better offer than the ordinary sign up offer I believe!

 

[ArfurW8]

Betfair is not so good for accas and multiple bets as the prices always seem to be shorter than the traditional bookies.Definitely worth it for when betting on single matches as there is always the option to trade.

 

[keithbeaky]

In answer to superbez im not sure it would benefit you. And its not really something to get into if you like just the odd bet here and there, which are mainly accas or Lucky15's.

 

[Max Paper]

Still don't get it but used Sheebo's code and opened an account, thought it was worthwhile as I was going to bet on the euro's anyway!

 

[keithbeaky]

Still don't get it but used Sheebo's code and opened an account, thought it was worthwhile as I was going to bet on the euro's anyway!

90% of the time you will get a better price on Betfair for whatever it is you want to bet on. But use oddschecker.com as well to make sure. I presume you understand decimal odds etc? Dont get into laying unless you totally understand it would be my advice

 

[Freddo]

90% of the time you will get a better price on Betfair for whatever it is you want to bet on. But use oddschecker.com as well to make sure. I presume you understand decimal odds etc? Dont get into laying unless you totally understand it would be my advice

It's worth noting though that the Betfair price feed on Oddschecker is delayed, so even when it looks like they aren't the best price, they normally still are.

 

[keithbeaky]

Yeah but you can check the betfair.com page vs oddschecker.

 

[piersa]

Which of course earns you money

It's symbiotic, they both earn some cash. Let it go.

 

[keithbeaky]

It's symbiotic, they both earn some cash. Let it go.

You cant be serious?

 

[kevo]

It is possible to have 'no risk' bets if you know how to use lay betting on Betfair. There will be certain races every day where favourable odds mean you can back a horse both to win and to lose and whatever the outcome you will either get your stake back or earn (a small amount of) money. However, you should be aware that Betfair take a percentage commission from your winnings - so it is almost impossible to make anything but a fairly paltry profit. It's also a lot of work as you continually have to check the odds for each race to spot an opportunity.

 

[keithbeaky]

It is possible to get guaranteed winnings if you know how to use lay betting on Betfair. There will be certain races every day where favourable odds mean you can back a horse both to win and to lose and whatever the outcome you will earn (a small amount of) money. However, you should be aware that Betfair take a percentage commission from your winnings - so it is almost impossible to make anything but a fairly paltry profit. It's also a lot of work as you continually have to check the odds for each race to spot an opportunity.

Its far easier than that and the winnings you can make are very good. However if you continuously bet on horses which odds shorten bookies take a very dim view of this and your account will become heavily restricted. All bookmakers take a very dim view of arbers. You should also only concentrate on maidens and other races with volatile markets.