I have a few questions/comments/ concerns and wouldn't mind some input. Since im not the sharpest tool in the box, im still a little confused with what bookfair.com offers, but from what im getting, you are basically buying and selling picks from other guys around the world. Im either "backing" or "laying" with other people that something will or wont happen and buying and selling selections??? Lets use a soccer game for example: I "backing" that Man U will beat Chelsea at +110 and can actually sell it at another price if the offer is good? This sounds like a full time job. I picture someone on their PC 12 hours a day watching lines move, getting offers, looking for offers and so on?? Im also told there is a max/min that i can bet per game/trade. Like i said it sounds a tad confusing to me, but im not that bright. Wouldn't mind opinions on how it all works, and how your specific experience with this type of trading has worked. Can one really make decent money, or am i on the PC 12 hours a day looking for deals? Thanks to everyone in advance. Dick
Betfair flash demo
Hi Dick:
First, just wanted to let you know that I'm also Canadian and I've been gambling on sports for a while now. I've also been an Rx reader almost since the site started.
Anyway, I began using Betfair about 3 years ago and I understand that it's very daunting and a bit weird at first. But there ARE alot of benefits to having a BF account and it's pretty fun once you take a bit of time to try it. And you don't need to be on it 12 hours a day...or any longer than it takes to place your bets right now.
So, I hope it's OK for me to answer a few things...
Also, I'm not sure if the Betting Exchanges board has much activity - I don't know if any other Canadians will even see the post in here. You may want to try The hockey forum as well.
So, here are the basics:
1. Betfair uses decimal odds
-This is the same as Sports Select/Pro Line odds.
-If you need to compare our odds to say, Pinnacle or Matchbook, use their drop down for decimal/e.u.odds instead of US odds.
- We have an odds converter being built but since that will take a few more weeks, I've posted a US odds converter here. It's also on the Canada Sports Homepage in the top right corner.
2. Don't worry about trading in and out of positions right off the bat and how you can guarantee yourself a profit by trading. To begin, all you need to know is this:
a. You can bet it will win (Back).
-This is the exact same thing you do now. The traditional way to bet.
-Just look at the 'Back' side of the grid by unticking the 'Back & Lay' checkbox.
-The best current available odds are in bold.
-The odds (and amounts) were placed there by others.
-If you want, you may click on a box and proceed to bet.
-You wait for the bet to end like you normally would.
-That's it.
b. You can bet it will not win (Lay)
-This is the other side of the bet.
-All Bookies are LAYERS.
-This is a very important point to your understanding exchanges like Betfair, Matchbook, Betdaq, etc.
IF THERE ARE ONLY TWO OUTCOMES LIKE A MONEYLINE NHL BET INCLUDING OVERTIME...
e.g.
Detroit Red Wings
San Jose Sharks
BETTING SAN JOSE WILL NOT WIN (LAYING) is EXACTLY the same as BETTING DETROIT WILL WIN (BACKING). You are betting against San Jose to win.
BUT IF THERE ARE 3 OUTCOMES LIKE 60 MINS PUCKLINE:
e.g.
Detroit Red Wings
San Jose Sharks
Draw
BETTING SAN JOSE WILL NOT WIN (LAYING) MEANS you WIN IF DETROIT WINS AND YOU WIN IF THERE IS A TIE.
e.g.2 Super Bowl Winner
By LAYING San Diego, you WIN if ANY of the other 7 teams WINS the Super Bowl.
Please let me know if that all makes sense?
Also have you tried this BETFAIR FLASH DEMO YET? It's only 5 minutes long.
Speak soon,
Rob
Hi Dick:
First, just wanted to let you know that I'm also Canadian and I've been gambling on sports for a while now. I've also been an Rx reader almost since the site started.
Anyway, I began using Betfair about 3 years ago and I understand that it's very daunting and a bit weird at first. But there ARE alot of benefits to having a BF account and it's pretty fun once you take a bit of time to try it. And you don't need to be on it 12 hours a day...or any longer than it takes to place your bets right now.
So, I hope it's OK for me to answer a few things...
Also, I'm not sure if the Betting Exchanges board has much activity - I don't know if any other Canadians will even see the post in here. You may want to try The hockey forum as well.
So, here are the basics:
1. Betfair uses decimal odds
-This is the same as Sports Select/Pro Line odds.
-If you need to compare our odds to say, Pinnacle or Matchbook, use their drop down for decimal/e.u.odds instead of US odds.
- We have an odds converter being built but since that will take a few more weeks, I've posted a US odds converter here. It's also on the Canada Sports Homepage in the top right corner.
2. Don't worry about trading in and out of positions right off the bat and how you can guarantee yourself a profit by trading. To begin, all you need to know is this:
a. You can bet it will win (Back).
-This is the exact same thing you do now. The traditional way to bet.
-Just look at the 'Back' side of the grid by unticking the 'Back & Lay' checkbox.
-The best current available odds are in bold.
-The odds (and amounts) were placed there by others.
-If you want, you may click on a box and proceed to bet.
-You wait for the bet to end like you normally would.
-That's it.
b. You can bet it will not win (Lay)
-This is the other side of the bet.
-All Bookies are LAYERS.
-This is a very important point to your understanding exchanges like Betfair, Matchbook, Betdaq, etc.
IF THERE ARE ONLY TWO OUTCOMES LIKE A MONEYLINE NHL BET INCLUDING OVERTIME...
e.g.
Detroit Red Wings
San Jose Sharks
BETTING SAN JOSE WILL NOT WIN (LAYING) is EXACTLY the same as BETTING DETROIT WILL WIN (BACKING). You are betting against San Jose to win.
BUT IF THERE ARE 3 OUTCOMES LIKE 60 MINS PUCKLINE:
e.g.
Detroit Red Wings
San Jose Sharks
Draw
BETTING SAN JOSE WILL NOT WIN (LAYING) MEANS you WIN IF DETROIT WINS AND YOU WIN IF THERE IS A TIE.
e.g.2 Super Bowl Winner
By LAYING San Diego, you WIN if ANY of the other 7 teams WINS the Super Bowl.
Please let me know if that all makes sense?
Also have you tried this BETFAIR FLASH DEMO YET? It's only 5 minutes long.
Speak soon,
Rob
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Trading like a pro on Betfair
When you've had a chance to try backing and laying, let me know and I can tell you what I know about Trading on Betfair and betting in play.
You sort of mentioned it above...
This person does it well...he's from one of the ATlantic provinces if I'm not mistaken...
Check his site out and let me know if you have any questions.
http://thebettingadvantage.com/
When you've had a chance to try backing and laying, let me know and I can tell you what I know about Trading on Betfair and betting in play.
You sort of mentioned it above...
This person does it well...he's from one of the ATlantic provinces if I'm not mistaken...
Check his site out and let me know if you have any questions.
http://thebettingadvantage.com/
Hey there:
www.thebettingadvantage.com
This customer seems to be a good trader. It says here that he is from PEI.
http://thebettingadvantage.com/about/
Please fell free to ask him how the charge has affected him. He wins some and he loses some but overall his BF earnings are pretty damn sweet!!! Take a look at this blog
http://thebettingadvantage.com/betfair-earnings/
At the end of the day, you probably won't be trading for a while so the charge which affects about 0.34% of our customers, will not affect you.
Peskypup mentioned he bets (does NOT trade) about $1 million dollars a year on Betfair in a previous post but has never been charged.
Let me know if you have any questions about backing (bet it WILL win) or laying (Bet it WILL NOT WIN) for now.
Rob
www.thebettingadvantage.com
This customer seems to be a good trader. It says here that he is from PEI.
http://thebettingadvantage.com/about/
Please fell free to ask him how the charge has affected him. He wins some and he loses some but overall his BF earnings are pretty damn sweet!!! Take a look at this blog
http://thebettingadvantage.com/betfair-earnings/
At the end of the day, you probably won't be trading for a while so the charge which affects about 0.34% of our customers, will not affect you.
Peskypup mentioned he bets (does NOT trade) about $1 million dollars a year on Betfair in a previous post but has never been charged.
Let me know if you have any questions about backing (bet it WILL win) or laying (Bet it WILL NOT WIN) for now.
Rob
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