Betfair Exchange Explained: Become the Bookie
Most people in modern days go to sportsbooks when looking to place their bets, either online or offline. However, back in 1999, one of the biggest names in the gambling industry, Betfair, started the Betfair Exchange, the world’s finest betting exchange.
The big difference that users notice when betting at a sports exchange instead of a regular bookie is that they now have an opportunity to bet on or against a certain outcome. In this way, those betting against an outcome become the bookie themselves in a way, with Betfair serving as the middle man. This short guide will teach you how to use the Betfair Exchange and what sports betting strategies can be used to make a profit on it.
Most important facts:
- Bet for (Back) or against (Lay) a betting selection
- Get better odds if your bets are matched
- Use your knowledge to beat other punters
- Enjoy state of the art platform
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How the Betfair Exchange Platform Works
Betfair Exchange, like other sports trading platforms, pits its users against each others, and gives them an opportunity to bet against each others. User choose Back or Lay options on different potential bets, thus putting their money on a certain outcome happening or not happening. When choosing to Lay against a bet, they are in essence taking on the role of the bookmaker, pledging to pay out the winnings to the winners if the event does end up happening.
Betfair itself takes a commission that starts at 5% from any user’s winnings, while the users pay out each others‘ winnings. For this reason, users are only able to bet as much as someone else is willing to match. For instance, a user may choose to bet EUR 100 on his team winning at 2/1. They will pledge the money, but will have to wait until one or more users have contributed enough money to the Lay option on the same pair to cover his potential winnings, in this case EUR 300.
A simple betting odds comparison will show you that betting at Betfair Exchange will often produce better odds than those that are available with any bookmaker, which can be a rather significant boost if you are serious about your sports betting.
Being one of the best sports betting sites out there, Betfair has the kind of traffic that is necessary to make an exchange platform actually work. At most times, you will be able to find good pairings to back and lay and the odds will often be better than you could get with any bookmaker.
Backing and Laying at Betfair Exchange
When you first visit the Betfair Exchange, things may seem a little bit different if you are used to betting with classic sportsbooks. Betting sites in Kenya [Betting sites in Kenya] give players a chance to bet on a number of markets, but there is always just one option for each bet, and that is to simply bet that an event will happen. On the other hand, Betfair Exchange also allows users to bet against something happening.
Let us take an example of an English Premier League match between Liverpool and Manchester United. Looking at a classic bookmaking site, you may notice that Liverpool are offered at 2.20 to win. If you have a look at the same game at Betfair Exchange you may notice that similar odds are currently offered, but you can either back or lay this bet.
If you decide to back Liverpool for a home win, you will need to decide how much you want to bet. Let us assume you bet EUR 100 at odds of 2.20. Just like you would with a normal bookmaker, you will win EUR 220 if Liverpool does win. However, your bet will only become valid once enough money has been raised in the opposite column, meaning that other users have invested enough money to cover your winnings if you win and to take your money if you lose.
On the other hand, if you are not so convinced that Liverpool will win, you have the option of laying the odds against it happening. Once other users have bet EUR 100 on Liverpool to win, you will need to put EUR 220 in escrow. If Liverpool win, you will lose this money, and in all other cases you will win the EUR 100 invested by the other users.
Frequent users of our betting tips can benefit greatly from the Betfair Exchange, as the platform will often offer better betting odds than anything that regular bookmakers offer. If you can find enough people to bet against you at certain odds, you may be winning more than you could with the bookies.
Live Betting at Betfair Exchange
Live sports betting is also available at Betfair Exchange and works pretty much the same way. As the games are going, users are able to back or lay certain markets and once enough money has been raised on one side to match the bets placed on the other side, the bets become valid.
There is a certain lack of live betting sites in Kenya, so betting at Betfair Exchange is definitely one way you can access the live betting markets. Of course, it works a bit differently than a regular bookmaker, but exchange betting is actually often more fun than regular betting against a bookie and we recommend you try doing it live as well.
Start Backing and Laying at Betfair Exchange Today
We hope that now that you have Betfair Exchange explained to you, you will head over and try it out for yourself. After reading the guide, you should understand the basic principles behind it, but only practice will make a real sports trader of you. Join Betfair Exchange today and back your favorites or lay the odds against bets you don’t think will happen. Try out your sports expertise against other sports bettors and dominate the world of sports trading online.