Betfair Betting Exchange how it Works
To new punters who have never bet online before or are new to exchange betting, Betfair can look a little daunting. But don’t worry this is where we come in, on this page we’ll give you brief insight into the Betfair betting exchange, how it works and even a pointers on how to make it work for you.
Betfair is a fairly unique online betting experience where thousands of people bet against each other every day. When introduced it was considered a revolutionary step in online gambling and is now boasts one of the world’s biggest online betting communities.
Betting against people online means you can get better odds and it opens up many new options that haven’t been possible before.
Betting against other people means also means you can choose whether to back, or lay, by offering odds to other bettors. To back means to bet for something to happen and to lay is to bet against something to happen; pretty straight forward really.
This also opens you up to a whole host of different possibilities, such as choosing the odds at which you bet at, betting during an event and making multiple bets on the same selection to try and guarantee a profit by trading.
How to Become a Winning Punter Using Betfair
This isn’t an extensive list of how to win using Betfair or your short cut to becoming a millionaire, but follow the five helpful hints below to help increase your chances of success when betting online using Betfair, these bite size little hints will help you to.
Amend your perspective of betting:
If taken seriously enough, betting is really just another method of investing your money; but with quicker returns than stocks or shares.
Betfair has taken the advantage from the bookmaker and handed it straight to you, by putting the punter in control.
You choose the odds you bet at, you can decide whether to bet for or against and you can make long-term profits.
Find the right information:
Sometimes a bet can be just a gut feeling, a sixth sense that a certain outcome will happen, but more often than not information is the key to winning betting and Betfair is no different in that aspect.
It doesn’t really matter where you get your information, a tip, stats, or a form website, just make sure you have confidence in a bet and that the odds stack in your favour.
Determine the value of your bets:
This is without a doubt the most important factor when trying to make a profit. To put it simply, if you bet when the odds are in your favour, you’ll be profitable, doesn’t really get much clearer than that does it.
But don’t worry, you don’t have to be a master statistician to make your odds work for you. But a basic understanding of probabilities and knowledge of the sport you’re betting on means you can make judgements on when the price is right, when the price is wrong and when you should bet.
Find What Works For You:
Take the time to find your niche and how to work the odds in your favour, using your own knowledge or detailed statistical analysis. What’s important is that you understand how that strategy affects the value of the bet you’re considering.
Stick to Your Guns:
Discipline and specialising are two attributes of most successful Betfair punters, knowing what you’re good at, or where your edge is and stick to it religiously.
Be aware of your strengths and weaknesses and be disciplined in knowing when to place a bet.
Betting Odds Converter
Most bookmakers use fractional odds but Betfair prefer to use decimals, there not much difference really. A decimal odd includes your stake so when working out your return simply subtract 1 from your decimal odd and multiply it by your stake.
For example if you bet £10 at 5.00 your profit will be £40; 5.00 – 1 = 4.00 x 10 = £40.
Don’t forget that your initial stake will also be returned in your winnings, this will make your return £50 using the above example.
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