What is Betfair? (By Betfair.com)

[Betfair.com]

by Betfair.com


Betfair provides a betting exchange, quite different to a traditional bookmaker. A betting exchange is essentially a stock market platform taken across to betting on sports.


Customers bet against each other. Think of it as like friends in a bar with opposing views on a game and having a bet.


Betfair works like an impartial bartender who holds the money until he gives it to the winner.


Betfair give you all the guidance you need, and we encourage winners! We don't ban or cut back as is the case with many bookies who limit stakes or close accounts if anyone "dares" to beat them.

 

[Betfair.com]

Betfair gives better odds, why?

Betfair gives better odds, why?

Betfair gives 20% better odds on average due to competition and lower margins.


Competition in any walk of life leads to a better deal,



Betfair is extremely competitive.



At any given moment thousands of people worldwide are competing against each other to offer better odds on their opinion in order to have a bet. This often means the odds are better than those set by a traditional bookie.



Advertise a poor price on the site and it is unlikely that your bet will be matched as somebody will see the value in improving the offer.

Another reason for better odds is because the bookmaker is taken out of the equation. You are not subject to their five, 10, 20 or even 50% margins.

The value will shine through more on markets with more selections - NFL, soccer premierships, golf tournaments etc, where bookies traditionally make their 'bread and butter'.

 

[Betfair.com]

What is backing and laying?

What is backing and laying?

On Betfair you can back and lay. To 'back' a selection means you think it will happen, like you'd do at a traditional bookie. Or you can take the opposing viewpoint and 'lay' if you think your selection will not happen.

Every fixed-odds bet, whether it's with your local bookie, a betting exchange or even two friends in a bar, requires a backer and a layer, you've probably just never thought of it that way.


Imagine two guys betting a beer on last year's Super Bowl - one cheering the Giants, one cheering the Pats. The Giants supporter is automatically opposing, or laying,

New England, if he decides to go with his heart. Likewise the Pats fan backs his team for a beer, but is laying the Giants in the same process.
Lay betting is the other half of the deal from a back bet. Both are bets but opposing views.

 

[Betfair.com]

What is Lay Betting?

What is Lay Betting?

"I bet you won't get a bullseye", "I bet you won't finish all that", "They'll never win if he plays." We all make statements to friends like this every day. What you're actually doing is 'laying a bet': betting something won't happen. This is the major difference with Betfair and conventional bookies.



Betfair have made lay betting possible.


For example have you ever thought Roger Federer was way too short to win an event, but couldn't decide who was going to win the tournament? Problem solved - by laying Federer, you are effectively backing the field to beat him. Much easier to cheer the whole field!
Like anything too good to be true, there is a catch. Should your selection win, you'll pay the backer his winnings, which could be a lot more than the stake. Just be careful how much you decide to lay!

 

[Betfair.com]

How do the odds work for laying?

How do the odds work for laying?

Imagine two everyday scenarios - flipping a coin and rolling a dice.
You and your buddy each put a fiver on the coin toss. One calls Heads, the other gets Tails, and whoever wins gets $10.
You backed Heads for $5 to win another $5. The odds you received were evens or 2 or +100.

Or looking at it another way:
You laid Tails. You let your mate have $5 on Tails to win another $5, at odds of 2 or +100

Either way, if it lands Heads, you win a fiver, if it lands Tails, you lose a fiver.



*****In a two-horse race or a two-team market, backing one side means you are laying the other. *****



So what happens when the odds aren't even, or there are more than two options? (e.g. NFL Future: Who will win the Super Bowl? OR NHL 60 minute betting with a TIE?)



Think of a standard dice. Pick a number. Your friend will pay you every time it lands on six. What odds should it be? It can't be evens or 2, because that's not fair - you've got much more chance of losing than winning.


Chances of winning - one
Chances of losing - five
The true price of this bet is five to one, or in decimals, 6 (potential profit plus your stake).


So your friend agrees to pay you the true price if you roll a six. You put down $1, he risks $5.


If your price is 5/1, what price is he getting for his bet? He has five chances of winning, and only one chance of losing. So the odds are 1/5 or in decimals, 1.2. If you've noticed the similarity, well done. It's simply 'flip the fraction' to work out the other side of the bet.


True odds (such as 5/1 v 1/5) represent an efficient market. This occurs when all the money going into the market equals all the money being paid out in the market - there is no leakage or profits being taken. Efficient betting markets rarely exist outside of betting exchanges - bookmakers need to reap a profit in order to run a business.
Betting should all come down to weighing up the risk versus the reward.
Laying at 2 will win you more if you are correct, but it is more likely to happen than laying at 6. But laying at 6 will cost you more should that result occur.
Backing at 2 is more likely to happen, but you won't win as much compared to backing at 6. And if you have bet to win a certain amount, then backing at 2 will cost you more if the selection doesn't win.

 

[Betfair.com]

Betfair use decimal odds, what are these?

Betfair use decimal odds, what are these?

Decimals are a simpler way of working out the odds and don't give you a headache every time you want to place a bet.



(Sport Select in Canada also use decimal odds but do not allow you to bet on ONLY one outcome)



So, how do decimal odds work? Well, if the decimal odds are 2.2 and you place a back bet of $10 and win, your total return is $10 x 2.2 = $22. This is equivalent to a US Odds price of +120.


Decimal odds make it much easier to figure out which price is best - the bigger the number, the higher the return.


The key part to remember is that decimal odds always include the unit stake - thus every price you see on Betfair will be >1.


Decimal odds represent the return. So, 2.2 means you will receive $2.20 for every dollar invested, including your stake.



If you're struggling with decimal odds, you can use this link to easily convert between decimal and us odds. The chart also gives you the implied chance of the bet winning.



So 2.60 (or +160) implies that the team has a 38.46% chance of winning.

 

[Betfair.com]

Odds Converter Chart

http://promo.betfair.com/Canada/oddsconversion.html

Sorry, forgot to link to this above.

Rob

 

[moethepuppy]

Thanks for all the information, it sounds like a great site. Maybe someday us Yanks will be able to sign up.......

:toast:

 

[Betfair.com]

Thanks for all the information, it sounds like a great site. Maybe someday us Yanks will be able to sign up.......

:toast:

Thanks!
I sure hope so...

 

[SportSavant]

peskypup, vitamin.

please stop posting the same posts in every thread started by Betfair, this is a "What is betfair / How To thread" the other threads are contest threads.

please keep discussions about betfair in the original Q&A thread found here:
http://www.therxforum.com/showthread.php?t=646147

thanks for your co-operation

(I have moved the posts that were found in this thread to the original Q&A thread)

 

[vitamin]

peskypup, vitamin.

please stop posting the same posts in every thread started by Betfair, this is a "What is betfair / How To thread" the other threads are contest threads.

please keep discussions about betfair in the original Q&A thread found here:
http://www.therxforum.com/showthread.php?t=646147

thanks for your co-operation

(I have moved the posts that were found in this thread to the original Q&A thread)

Hommer J SportSavant . I thought my post is more related to "what is betfair" .What it has to do with Q & A ???

Cheers.