I have been a Betfair user for over 10 years now. But I must point out that I am not a regular gambler with endless amounts of money.
So what is betfair in simple terms? Take a regular bookmaker that offers all sorts of sporting events like football, horse racing etc. Then simply give the punter (that's you) the option of betting on the team/horse to loose the race/game.
If you were to bet on a horse to win (back) at 7/1 then for every £1 you put down, you win £7. However if you suspect that the horse will not win then in most cases, its the opposite I.E 1/7. So you would have to put down £7 to win £1.
You have now worked out that you want to back or lay the horse. So who do you place the money with? Well Betfair is abit like a broker. You give them your money and they will find another customer who thinks the opposite to you. So they take your money, and you take there's. Betfair hold the money and depending on the result, they release the cash to your/there account. They take a percentage of the winnings. The percentage they take depends on how often you bet.
It sounds complicated but it really isn't.
Betfair really are the Ferrari of the betting world. Because you are betting against other customers, the odds are generally always better than that of Ladbrokes, William Hill, Coral etc. Odds are better which means you win more. They have almost more markets to bet on aswell. You can bet on all sorts of sporting events. Right down to lower league Indian or Russian Football. You can always find something to bet on.
A new feature that Betfair introduced last year was "Cash Out". Again, let me explain this in a simple form for you. Man United at 1-0 up against Chelsea. You currently stand to win £50 with 20 minutes left to play. Looking good then? Rooney then gets sent off! Oh oh....Man U are now down to 10 men and Chelsea are all over them. You suspect that a goal is going to be scored and its going to be Chelsea. So with "Cash Out", there is a simple button you click whereby you lock in profit. So I press this and it locks in a profit. No matter what the outcome is, Draw, Man U or Chelsea, I have locked in a profit. Rather than winning £50, I might only win £30. However least it is guaranteed. If Chelsea went on to score, I could relax knowing that I have won money. Fantastic feature.
The website itself is fairly easy to navigate around, and they have not changed the platform since they launched. Guess they feel its fine.
Betfair is not all great. It has its fair share of downtime (IE hardware failure) which results in the website going down for an hour or so. Back earlier in the year during the weekends and big sporting days, it just could not cope. This frustrated ALOT of customers. They launched an investigation into this and now publish a report each time their site goes down. When they start to get problems, they announce them on their Twitter account. Recently though in the last few months, they appear to have sorted there problems.
Going back to Betfair profit. They make it from the gambler. For new time gamblers, the best way to describe how they make money from you, is that for every £10 you bet, they take £0.50p if you win. So worth remembering that Betfair only make money from commission.
Betfair is still my choice for betting. I am not going anywhere soon.
Or so goes the advertising slogan.Betfair is not a bookmaker but an exchange site. It is able to offer significantly better prices than traditional bookies as it is literally made up of Joe Public betting against each other. The other significant difference is that you can actually bet against, as well as for, something happening. It is modelled on the stock exchange and offers much wider options for the bettor.
'Gambling's for fools'.
Old moleface may be correct with his immortal line from the Ace of Spades, but Betfair offers the option to trade at much lower risk than outright gambling. Sports trading is experiencing huge growth as the credit-crunched look for some surplus income. Trading can be done in various ways but the most common technique is to back at a price and then lay at a lower price ('back high, lay low', as the trader's maxim goes). If staked correctly then you can lock in a profit regardless of the outcome, win or lose, of the bet. The risk lies in whether the lay price drops below the back price.
The Betfair dashboard can be a little overwhelming at first but the basics are pretty easy to get to grips with. The page of a typical event contains columns of back and lay buttons. On Betfair the back buttons are always blue and the lay buttons are pink. When you click on a price a box will display to the right of the screen. This will ask for you desired stake, which has to be a minimum of £2). This is useful as when you enter a figure it will also preview your overall profit should you wish to submit the amount. The bet will only be placed once you have clicked 'place bet'. The screen then displays a bet id reference number (this is also captured in your 'current bets' or retrospectively in settled bets).
Once the bet is placed the staked amount will be subtracted from your 'funds available' at the top right of the screen.
Betfair does differ in a, seemingly, negative way from most bookies in that it charges commission on your winnings. This is 5% and is not accounted for when they preview your profit. However, even with a 5% reduction the Betfair prices are so superior to the bookies that your payout/dividend is still significantly higher than theirs after this adjustment. Furthermore, there is a rewards programme where, if you continue to bet, especially at a high volume you can earn enough Betfair points to potentially reduce the % of commission you pay. To give an example of Betfair's superiority, all 40 runners in this year's Grand National were best priced at Betfair than at any other bookmaker.
You can bet on a rich variety of sports and even financial markets and oddities such as the Eurovision Song Contest. One of the benefits of Betfair is that you can pre-set back and lay bets. This means that in a tennis match you could anticipate a drift and back at a higher price than the sp (starting price) and then pre-set a lower lay bet to lock in a nice profit. Of course there is some risk involved but during the course of a match there are generally times when prices fluctuate when players are facing or holding serve. Within the football markets there is a very wide choice including half time score/result, full time correct score, first goalscorer / scorecast / wincast, time of first goal., under/over amount of total goals, and number of corners to new but a few. Bigger matches tend to have a bigger choice and also have better liquidity which helps the lay prices stay marginally higher than the back prices. I tend to stay away from more obscure fixtures as it can take an age for the lay prices to drop when there is just a trickle of money coming in. Poker faces are catered for and there is an extensive range of gaming opportunities.
Depositing funds is very straightforward. You will need to register a debit/credit card but once this is done you only need to enter the cvv number on the back and your Betfair password to process future deposits. As with most sites a deposit is processed instantly whereas a withdrawal can take days.
Despite the annoying time ratio for deposits : withdrawals, Betfair is one of the better sites for this in that they usually have funds back on my debit card within 2 days. I would recommend registering with an e-wallet which makes the process even quicker. I use Moneybookers (also now known as Skrill) which tends to take only 1 day.
Other information you can view are your transactions by means of a running statement. You can filter by time and even view your profit and loss. The latter is expressed overall and by individual markets (eg: horse racing, football, tennis). Furthermore the profit and loss can be converted to a spreadsheet.
Betfair is constantly coming up with offers and competitions. These frequently offer cash back and free bets subject to you staking x amount over a set period of time. To be honest these figures are pretty high and unlikely to be met by the casual trader. At the time of writing they are offering a free £25 matched bet or cashback after turning over stakes to a particular threshold.
Other Bells and Whistles
Providing that you place a bet on the required market then you can watch many sports events via Betfair's live streaming service. There's something quietly edifying about watching a Wednesday evening match from Sweden!
The site also has informative and exclusive insight by 'ambassadors' such as Lee Dixon in the football sphere and Paul Nicholls and Donald McCain from the world of gee gees.
Some basic trading techniques
There are some basic strategies that maximise the chance of you 'greening up' or locking in a guaranteed profit. There are varying degrees of risk attached to each of these, but nothing like that associated with outright gambling. The good thing about this is that once you have traded out, your stake is immediately put back in your available funds so that you can move on to another market.
Pick a football match which you think is pretty evenly matched. Before kick-off, back 1-1 in the 'correct score' market.
Sit back and wait for a team to score. When the first goal is scored you will find that the lay price will drop - this is the time to lay the 1-1 result. Therefore, if we backed the 1-1 correct score at 6 *(5/1) you may be able to lay it for 4 (3/1).
If we lay the 4(3/1) for £15 this gives us a guaranteed locked in profit of £5. Not massive, but a pretty good chance of it happening - remember it does not matter if the match does not end up 1-1 as we have also backed against this eventuality.
So with both scenarios:
1) The score finishes 1-1: We win £50 (£10 X the back odds of (6)5/1) minus the £45 liability from our lay bet (£15x lay odds (4) 3/1.
2) The score does not finish 1-1: We win our lay stake of £15 minus our back stake of £10.
Either way, we are in profit by £5.
The advantage of this strategy is that it is pretty low risk and can be done with a fairly small betting bank.
Time is the main enemy of this strategy. For instance, if a goal is scored very early in the match you may find that the lay price will not drop very much, if at all. In this case you can either exit the market at zero loss/very small profit, or sweat it out and watch the lay price drop as time goes on. Of course the danger here is that you will lose your entire stake if the leading team go 2-0 up!
You could enter the market after kick-off (say 15-20 minutes) to prevent this - of course the match would still have to be 0-0 at point of entry to bag a good price .
The first goal is scored in the last few minutes. You will find that it may be too late to lay 1-1 if this happens - in any case the price would not be profitable as the market sees it as being highly unlikely that the other team will equalize with minutes remaining (even though this does happen -remember Bayern Munich v Chelsea!)
You can place an insurance bet on the time segment of the first goal scored. The odds for this vary due to the match but are usually highest for minutes 81-FT - which is great because this is the time segment we need. So if we place £2 on this at 18/1 we get £36 back.
* Obviously the insurance bets will eat into your profit should they not be needed, so it's your call if you wish to use them. However, I think it's worth it as the odds are high (therefore the stake minimal) and give you that extra peace of mind.
No goal is scored and the match ends 0-0.
You can simply lay '1 or more goals'. That way you don't have to bet with the minimum £2 stake. That is because although the lay stake may be £15 your actual liability is only likely to be about £1 to £1.50. Therefore, you are effectively betting that no goals will be scored (against 1 or more goals being scored).
Lay the Draw
You would need more in your betting bank for this one as you will be laying (betting against the draw) first and then backing the draw (hopefully) after a goal is scored and the price increases. This is often favoured by high-flying traders and is good in that you can just sit back and wait for a goal to be scored.
The longer the game goes on without a goal the better (make sure you insure this bet by laying 1 goal or more or backing 0-0). A late goal gives the trailing team less time to equalize so therefore the draw price will rocket - giving you a much better profit when you trade out.
An early goal may not be such a bad thing if the team that scores is the red-hot favourite.
An early goal may cause the draw price to remain fairly static, so you may need to exit the market or sweat it out.
You can enter the market later BUT this leaves less time for a goal to be scored and the price on 0-0 will be worse. One advantage of entering the market later is that the draw price will be lower than at kick-off which leaves you with less liability and a much likelier bigger profit margin should a goal be scored.
You have layed the draw on a mis-match in which the massive underdog scores first. This throws a new complexion on things as then the draw price will definitely not move much - if anything it may even contract - as the favourites will be expected to equalize.
You could pick a match where the two teams are more evenly matched. Unless there is a very early goal then there should be a fairly significant drift in the draw price to enable you to trade out at a profit.
A great horse-racing money spinner
One technique is to back the Pricewise selections on a Saturday morning. The Racing Post's 'Pricewise' (aka Tom Segal) is widely regarded as the world's best horse racing tipster and is extremely influential on the betting markets. All I do is nip to the newsagent, read his selections and then place my bets at the relevant online bookmaker. Bookies will generally hold the prices for a short time and this tends to be from 8:30 am - just refresh your page and you will see the price revert to the higher odds. Now, you can trade this out for an equal profit by using a hedging calculator but I prefer to lay the selections off at the same stake. This means that should the horse/s win you will have a substantially bigger profit. If it/they lose/s then you would just suffer a very small loss (this is because Betfair will charge 5% commission on any winning bets (which of course it will be if the horse loses -as you have laid it not to win). If you can't stomach the thought of any loss at all then simply lay a slightly higher stake than your back bet to offset the commission. However, if you make the lay stake too big then the liability will eat into your profit should the horse win. The Pricewise selections are also frequently mentioned on Channel 4's The Morning Line -usually about 8:15am - which can save a trip to the newsagent.
Segal is never far from a winner. The only drawback with his tips is that, as his moniker suggests, the odds are quite high. This is great but it does mean that you often need pretty substantial funds in your Betfair account to shoulder the liability.
So, it would not be untypical for a Pricewise selection to start at 16/1 (17 in decimals) and for the lay price to shorten into 10/1 (11). This means that if you placed a £10 win in the morning and laid it nearer the off you could make £60 profit as:
10 x 16/1 = £160
10 x 10/1 = £100
If the horse wins, your profit would be the difference between the dividend (winnings) and the lay liability. Technically the only thing you are gambling on is the contracting price but I have never known a Pricewise selection not to shorten. Sometimes the price may not fall a great deal but in the long run this can provide you with some very handsome profits. Not bad for a zero risk bet!
Sports trading can be very rewarding and reliable and offers a nice, low-risk alternative to outright gambling. It can be fun trying new strategies or tinkering with existing ones. It does demand self-restraint and control however, and can get pretty addictive so may be best avoided by problem gamblers. That said, with a sensible approach and a dedicated betting bank you can have some very rewarding experiences on Betfair. Is it fair? Well, the enhanced odds and low risk opportunities make it much fairer than most bookmakers and is not so sinister as the anti-gambling lobby would have you believe!
hedging calculator: a good one can be found on the Oddschecker website under 'tools' from the drop down menu. Simply enter your back stake, odds and lay odds. It will then calculate exactly how much you need to stake on your lay bet in order to extract an equal profit irrespective of the outcome of your chosen betting event. There is even the facility to account for the 5% commission (this can be modified if you are lucky enough to be charged less commission or you use Betfair's main rival, Betdaq - they have lower commission rates but their odds are generally a bit lower). You can just paste the following link
into your address bar to navigate to the calculator:
* Odds on the site are always expressed as decimals rather than fractions. To convert to decimal just divide the top number by the bottom number and add 1, eg:
2/1 = 2 divided by 1 = 2 + 1 = 3 (decimal value).
*This review was originally posted on Ciao under the username FLOCKOFSEAGULLS.
Betfair is an exchange betting site which is unlike normal betting sites,it gives you the opportunity to not only back horses to win but also back them to lose!!
You can of course bet on loads of different sports such as horse racing,football,greyhound racing,tennis and many many others.
As well as all that they have exchange games,poker and casino betting so theres plenty for everyone.
The site is quite easy to navigate even for a newcomer although small bets should be made by a beginner as mistakes can easily be made.
I have been a member of the site for 8 years now and new members can get cash incentives on their first deposit.
The minimum stake is £2 with some maximum stakes being very high but as with most betting opportunities its best to bet within your means.
Betfair is by far the largest betting exchange on the net and both deposits and withdrawels are very secure.
For anyone wanting to try something different in the betting world Betfair is an excellent place to start.
Betfair is a bookmakers that is not actually a bookmakers at all- it is rather a 'bet exchange', or "betting as it should be" as the slogan goes, like bets between friends, but it takes 5% commission on all winnings something that really grated me. It can do this because it is internet only, and like most things the internet has bought us it is marginally better than real life (here represented by grotty betting shops), but still nothing to enthuse about.
It has a few main advantages: it claims to provide an average of 20% better odds (although it does not seem noticeable while you are playing it, and of course they take 5% of your winnings), they give you a free £25 bet (once you have bet £25), they will give you £25 (used to be £15) for referring a friend (dependent upon them fulfilling some criteria), in-play betting, and a loyalty bonus points scheme that gives you a discount on future bets (the points are very hard to come by, you have to bet thousands before seeing anything, and even then they depreciate over time).
The Site is perhaps most well known amongst hardcore gamblers, know-it-all whizkids (including some of the other reviewers here) and desperadoes as the home of the 'lay' system, allowing you to bet against an outcome. This actually works, you are much more likely to win using this-you can bet against Tottenham Hotspur winning the premiership, for example, but you have to lay more money, and the winnings are smaller. Still, it could work for you if you stick with it in the long run, or search around the internet for one of those betfair systems that promises huge profits. Very risky, but it could work out.
Finally, the most common accusation thrown at Betfair is that it is too complex and hard to understand. It certainly is more complex than other betting sites out there, and could leave you frustrated, but can quickly be adapted to. The interface is attractive and clear, but the navigation is annoying as you have to click through several different things to get to where you want to go. One final irritation is that I paid through paypal, and they took 1.5% of what I deposited, an annoyance I've never had with any other betting site. Still, you are more likely to make money with this site than any other I can think of. Good Luck!
Betfair is an online betting exchange. It allows the user to both back and lay outcomes of an event, which differs from bookies who only allow you to back an outcome.
This is a great advantage for a punter, as laying an event means (s)he is more likely to win. Backing Chelsea to win means the punter can only win the bet if Chelsea win. Laying Chelsea to win means that the punter can win if Chelsea lose OR draw.
The website has a nice layout, which is relatively easy to navigate. All your account information is easy to access, such as what bets you have placed, account statement, withdrawals and deposits etc.
Bets normally go through quickly and a big plus is Betfair allow you to bet in-play for most events.
Betfair sometimes shows live streams of events, which is also great. In addition they have live scores that update automatically, so you can follow everything that is happening without watching the event.
Deposits are instant, which is handy. I find that withdrawals are quick too, usually taking around 3 working days to get to my bank.
Betfair does charge commission when you win a lay bet (5%). This can be decreased if you bet frequently however. I see it as a small price to pay for the extra services that Betfair offer overall.
In conclusion, Betfair is an easy to use site with advantages over betting on normal betting websites due to the option to lay an outcome. Because of this there is a higher likelihood of winning your bet, what more could you want?
Betfair was launched in June 2000, and since has become the largest betting exchange on the internet.
So what's a betting exchange and how does it differ to your average high street bookmakers? A betting exchange is where you bet against other people rather than directly against the bookmakers. Aside from Normal betting to "Win" what else is different.....
- You can bet to "Lay" which means you are betting something to lose.
- Betting "In play" which means you can bet on something in real time, whilst the event is taking place, meaning the odds are changing all the time.
- Lay your bets in play if your odds decrease enough, essentially meaning you've a free bet. Rather than risking a last minute equaliser taking your bet out, but obviously not winning as much.
- Betfairs Odds are 20% better than High Street Bookmakers(However a 5% commission is taken on all winning bets)
SIGNING UP ......................................
Is simple your normal standard signing up forms, Pick a Username and your away. Betfair entices you in offering a free £25 in to your account once you have made £25 bets in your own money, my advice would be to but the whole £25 on one bet, as if you win on your first bet, you don't get the free £25 so you may as well take the chance!
One drawback if your not a seasoned gambler and only like to flutter with small bets, is the minimum stake per bet is £2.
WHAT CAN YOU BET ON? .....................
Betfair cover all normal sporting events football, horse racing etc. However you are supplied with a mammoth of activities to bet on some not so obvious sports as follows...
Mixed Martial Arts etc....
If betting on Sport is not your thing, you also have other markets to gamble on ....
Financial Bets - Stock Market
Special Bets ( Special bets can range from Weather - Reality Celebrity shows - Oscars)
EXTRA SERVICES ....................
- Poker (Integrated into Betfair's network is a popular online poker site Pokerchamps.com)
- Zero Lounge (Zero Lounge is a Casino within the website, games on offer would include Roulette, Blackjack, Baccarat, Crazy Eights and Jacks or Better.
- Tradefair (Offers you the chance to bet and trade in the financial world)
- Betfair Arcade (Like a normal Arcade, games including Monopoly, Cluedo and Deal or No Deal are available to take part in)
EXTRA FUNCTIONS ............................
In March 2007, Betfair Launched its own Radio service, available via there website. Which gives you commentary on live events and has a results programme.
In January 2009, Betfair acquired a licence to Televise certain sporting events, generally you have to bet on the particular market in order to watch.
Lastly, there is a Forum where you can air your views with fellow Betfair customers.
If your not a regular gambler then this website is probably not for you, as it's very addictive and pretty hard to understand initially. However that said i prefer it to any other online bookmaker, due to the interaction within the site its complexity, the better odds are an added bonus. If you have a compulsive disposition this is not for you, i would only recommend this to people who are sensible enough to know when to STOP!.
Betfair is my chosen betting website. You can bet on all the following sports:
Cross Sport Accumulators
Mixed Martial Arts
Now I don't simply want to list the sports for this review, so I am going to say why I prefer betfair to the other betting websites out there.
First off, when you look at the amount of sports on offer I think you will all agree that it's a great range of sports and you can always find one you are interested in. I also prefer the odds on the betfair site; they seem to give better odds than other sites. You can also bet on more things than sports on this website, for example you can bet on financial markets.
Betfair also offer bet in play options which mean you can bet on an event while it is happening. For example you can bet on a football match after 30minutes have been played, or 50, 0r 60 or so on.
Betfair also offer an online casino where you can do the same bet in play. So for example on poker you can place bets after certain cards are turned.
The website is quite simple and easy to use, even for those of you who don't have any betting knowledge.
The only problem with the website is the same as with all betting websites, the possibility of getting a betting addiction so I advise you all to use this site with caution.
Betfair is an online gambling site with a major difference, on here you can be the bookie. Betfair is what is known as a betting exchange and is the largest such site in the World. In betting exchanges rather than betting against a bookmaker with odds set by them you bet against other punters with odds either set by yourself or themselves. The Betfair site merely provides you with the means to do this and takes a commission (between 5% and 2% of winnings dependent on how much you spend on the site). The site taking commission, whilst annoying, is somewhat offset by you generally being able to get much better odds on it than you do at traditional bookies. Betfair claim that odds on their site are around 20% better.
The basic premise is that if you think an outcome of an event will happen then you can 'back' it whilst if you think that it will not happen, then you can 'lay' it. If you think say Arsenal will beat Manchester United next time they play them and you back this at 2/1 then you will win back twice your stake and get your stake back. However if you think that Arsenal will not beat Manchester United next time they play then you can lay on this and win the other person's stake whilst risking whatever they would win. In the case of £10 bets you would be risking your £20 to win the person backing Arsenal's £10 and they would be risking £10 to win your £20.
This may initially sound quite confusing and daunting, but trust me when I say that it isn't as complicated as it sounds. Betfair also have excellent customer service and should you have any questions or queries you can either use their online guides or call them up 24 hours a day and speak to a real and knowledgeable person. You can tinker with the odds if you wish and see if anyone will accept them and you can, of course, put limits on your liabilities.
Because of this ability to bet on an outcome not happening Betfair has had its critics and the most vociferous of these have been other bookmaking firms and some sporting bodies, both of whom claim that the concept leaves sport much more open to fixing. After all it is much easier to make sure a horse doesn't win a race than it is to make sure that one does isn't it? However I personally think that it is a brilliant concept and though most of my bets are traditional ones where I back an outcome, I do use the ability to lay quite often.
An example of the sort of thing that I lay on regularly is the team playing against Inter Milan at home. Jose Mourinho, the former Chelsea Manager and current Inter Milan Manager, has not been in charge of a team that has lost a home league game in well over 5 years now and so if you lay on whoever Inter Milan are playing (basically betting on any result other than an Inter Milan defeat), then you tend to win a lot as Inter don't tend to lose at home. You can also use the lay feature to 'hedge' other bets.
Away from my gambling habits and back to the site though and it offers the full range of markets to bet on. You can do your traditional sports like Horse Racing, Dog Racing, Football, Tennis, Golf and Boxing as well as pretty much every other sport that you can care to name and you can bet on other markets such as TV events like Big Brother and X-Factor, politics, the stockmarket and the currency exchanges. Domestic and international markets are available for pretty much all events and there are normally multiple markets available- with football there are about 30 things in a game that you can bet on or against ranging from correct score to first goalscorer to the number of corners in a game.
With most events, and especially the bigger ones, you can be sure of always having someone to bet against. As I said, Betfair is the largest betting exchange in the World and they claim that they had over £30 million worth of bets placed when Andy Murray played Roger Federer recently.
The layout of the site is very user friendly once you have taken a tour of it and got the gist of how it works but the basics such as depositing money and withdrawing it are a doddle. All major debit and credit cards are accepted and unlike any other gambling site that I know Betfair also allows you to keep track of how much you have deposited and how much you have withdrawn. I feel that this is a very responsible thing for them to do as it is occasionally very sobering and stops you getting carried away.
Betfair also run their own onsite casino with a full range of table and slot games. Several of the casino games claim to have zero house edge (meaning that they are completely fair) and the roulette wheel for instance does not have a Green 0 meaning that bets on Red or Black are actually 50/50 bets.
The site does have its flaws though. The first would be that it tends to run and update very slowly during big events. I presume that this is because of the amount of activity on the site and the number of bets getting placed and accepted but it can still be very frustrating. My other quibble with the site is that because of the nature of the exchange system you cannot place football accumulators in the same way that you can place single bets. You can place accumulators in a separate section of the site but it is not as good and it is against a traditional bookmaker and not other punters.
To conclude I would say that if you are a comfortable bettor who understands the general concepts of backing and laying or of you are keen to learn, then Betfair is a great site to use. However if you want to place a simple bet every now and then, there are better and more straightforward options out there. Personally I love it though.
If you are looking at signing up then hunt around online first and you will find special offers that give you £20 credit when you deposit £20 and the like. Every little helps and all that!
I have always enjoyed a bet on football or the horses whenever I get a chance and was always frustrated for years with betting sites as they say that a gambler never wins. That may be true in alot of cases but what annoyed me was that the bookmaker would always reap the rewards. Then along came Betfair which started as a very small idea and has now grown into something huge and used by thousands and thousands of people. What I like about Betfair is that that is one of the fairest sites around for betting. You don't give your money straight to the bookmaker but instead give it straight to another person. Therefore you may be losing money but someone else will be winning it. That may not be much consolation but I would recommend this if you want to gamble as you can also get better odds on events as you set your own. The way it works is that if you want to bet on a football game you can either bet of lay against a team to win for example. So if you think a team will lose you can wager some money on them losing and someone else will come along and match your bet if they think you are wrong. Essentially it brings betting back to just having a bet with a mate but is combined with the same excitement you would get from any normal betting website. Betfair take a small chunk of any winnings you make for themselves so they can keep going and maintaining the site. If you enjoy gambling then this site is for you in my opinion
Betfair is the UK's most popular gambling site, not very old in the betting game compared to some of the larger (mainly offline) bookmakers in the market. It's not what you can call a traditional bookmaker in any sense of the word either, first off its a betting exchange where you bet and lay (bet for and against events) and also there are huge numbers of markets not all sporting you can take part in.
There are only a few betting exchanges on the web you can use and Betfair is definitely the largest in two ways, the number of markets and the amounts staked. It has a simple to use platform that even amateurs can use and work out how to bet and lay markets easily. The bets that are made have to be matched to bets that are layed against them on the same market. You can see how much money is matched and unmatched at each price on each market. And give you an indication of what odds you will get, you can also place offers on the market so if the price gets to the one you offer you're bet will become matched and be bet. All unmatched bets when the event happens are refunded; you can undo any bets that aren't matched.
It shows markets in real-time as you get to the event and there are markets that are run in-play while the event is actually taking place. These are generally for the more experienced as markets in-play can change extremely quickly as the event unfolds, you do have a five second delay on bets placed.
Betfair markets cover all the normal sporting events and plenty of the foreign and not so normal sports! It covers other events such as Big Brother and other non pre-recorded TV events and political events. There are even some financial bets, you can bet on the movement of the markets.
Also if you haven't got enough to do on Betfair you can play Poker, Casino, and Games. You will need to download a separate program to play Betfair Poker, it's not the best platform for playing poker out there but it does have a large amount of different games and levels you can play.
I must say I discovered Betfair originally to get some cashback from a cashback site, as it was £25 cashback for a £10 deposit at the time. But I've played on all the betfair platforms and still play Poker occasionally. It is definitely a essential tool for any matched betters out there as well.
Betfair do take a 5% cut of any profit you make on any bet, this becomes their commission and is the only revenue source they take from the betting site. There are no other fees involved, if you lose you don't pay any commission. You can deposit via debit/credit card, PayPal, clickandbuy, and bank transfer. You do have separate wallets for sports, poker, and casino and have to transfer money between them when you want to play each. It's all fairly simple to use.
Gambling has always been a no no for me, I've never really got into it in the threat of losing money quite badly, but with free bet offers and cashback on various sites I decided to use a few to try and gain a little money for nothing...if there is such a thing.
The one website I got into was betfair, betting against other gamblers as play went on, I was able to get a free £30 bet with them after despoisiting that amount with my own money, not only that but I also got £20 cashback using TopCashBack...thus actually gaining £50 without a bet being place...all I needed to do was bet a sure fire winner and I'd have a free £50/60 surely...well, it worked.
Maybe what else that worked was me getting into betting on the website, before I knew it I was betting on roulette trying ti won a couple of quid more and more, betting plays of peoples greed, once you've bet once and won you want to do it again and again, well that was a problem with me, I ended up losing £100 overall, I eventually won it back and a little more and am in the process of self excluding myself from the website, I have a fairly good sense of control...but everyones greedy aren't they.
As for the site itself, it's very nice, as a amatuer it helps you out very well indeed, without knowing an awful lot about anything they'll tell you everything that is needed, perhaps not knowing much in the first place isn't a great thing though. The website is played out very clearly, along the top is the types of bets you can place, be it sport, football, casino, poker, finance etc. In the top right is your account section telling you the amount of money you have and whether you wish to desposit any money.
The main interface when betting is very easy to use, there are multiple bets on one page for you to pick your fancy along with the back and lay options, I get scared with these so just opt to show the backing odds...it's also very easy to do multiple bets, just go to that section of the website and click which you wish to add to the betting slip and it shows up on the right hand side of the screen.
So, betting is easy enough, how about depositing and withdrawing money, well depositing is very very easy, perhaps too easy, just add a card and away you go, I'm sure there's more ways to deposit money as well from paypal, bank transfer, netteller etc. As for withdrawing, Betfair asked me to confirm my age via a driving licence or documentation confirming my age, this took less than a day to come through and I was able to withdraw the money from my account within seconds.
Overall, this was the easiest site I was able to use, it was also the site that got me more winnings than any other (perhaps why I continued to use this site), it has the best interface, best odds, easiest methods to deposit and withdraw and everything just seemed so effortless using this website, maybe a bad thing in the long run however.
I definitely don't want to encourage anyone to gamble but if you do gamble you probably would be interested in Betfair. I use it occasionally according to the advice given in the Gambling Forum on Moneysaving Expert and I find I have been able to make a fair bit of extra income. If you do wish to use it I highly recommend you read through the forum on moneysaving expert, particularly the stickies at the top that introduce the topic.
Betfair is not a traditional bookie. Instead it is a betting exchange where punters bet against each other via the betfair web site. So you can bet on an outcome in the regular way, but what's different here is that you can also "lay" an outcome which is basically batting that something is not going to happen. So if you lay a team on a football game for example, you win if that team loses or if the match results in a draw. Basically if you lay a bet you yourself are acting as the bookie.
Betfair odds are usually very good because they are so reactive to the market as people are constantly betting for and against certain outcomes. The odds are constantly changing and if you don't like the odds at a certain time you can always come back anytime before the match and check them again. Betfair does charge a commission of 5% which is how they make their money, unlike bookies who make money when you lose.
If you sign up for Betfair you should definitely do so through Quidco (a cashback web site) or through the refer a friend scheme (I am happy to refer anyone who sends me a message on here). This way you will get some cashback for signing up. Betfair sometimes does special offers such as free £5 bets and money back on certain outcomes as well.
Betfair will sometimes call you on the phone to ask how you're getting on, find out why you haven't bet recently, or to offer you a bonus bet to come back. This is annoying and I do wish I hadn't given them my mobile number! Don't make the same mistake I did.
I have absolutely never had any problem withdrawing money from betfair. Bets settle within a few minutes of a match ending and the money appears in my bank account when I request a transfer as fast as any other transfer would (i.e. there is a delay of a few days but I believe this delay is down to my bank rather than Betfair).
There are other betting exchanges out there such as Betdaq but the odds tend not to be as good as on Betfair, even if the commission is a bit lower.
Again, I definitely don't advocate gambling and would not recommend getting started if you aren't interested or if you don't follow the advice in the moneysaving expert gambling forums! But if you are into betting, you should definitely try Betfair.
So Betfair is the new generation of betting, it is world where punter can take on punter effectively by betting and laying odds on outcomes from football to horse racing to the x factor. It really is an innovative and ingenious system of betting and often you do get the best odds available on most events or outcomes.
Also you can bet in-play on certain events which means you can put down bets on a football match or a horse race while it is actually still progressing - incredible. Other bookmakers do this but they don't appear to do it on the range of events Betfair does or with such competitive and inter-changeable odds. Obviously the whole 'laying' system is quite new where you are effectively betting against an outcome happening, this isn't offered on most of the well known bookmaking sites such as William Hill or Ladbrokes.
I would say the major downside to any online bookmaker is the ability to gamble with money which you can't actually see because you forget its value. It is too easy to load up money and place bets on Betfair especially and the constant barrage of markets available to gamble on and the in-play option only encourages more gambling. A definite need for restraint is needed and knowing your limits.
For those that like to bet and lets face it, many of us do whether doing it occasionally or as something we take a little more seriously, then it's important to get value for money. So what do I mean by that? well you can look at betting one of two ways, either you are backing an outcome to occur, in which case the higher the odd compared to the average odd, then the better value for money you are getting.
Now what makes betfair quite unique or did at the time of it's inception is that you have a choice of whether to back an outcome, or lay it i.e. bet against the outcome not happening on any kind of bet offered. Now a similar betting market also is offered sometimes at bookies but only with a much smaller range of markets and this is called double chance.
However what makes betfair much more attractive than the typical bookie, is that a typical bookie is not going to offer you particularly high odds because they need to factor in their profit margin. For example if a bookie calculated that the chance of the home team winning was 50% to represent fair odds, the odd would to be at least 2, well bookies might offer that for 1.9. Whereas at betfair, you are making the bet with another person and as a result, to secure the agreement, the person will look to entice you by offering substantially higher odds than the bookies.
What you will find at betfair is that as soon as you grasp the concept of laying something then it's quite plain sailing. There are dozens of sporting markets to bet on, these are broken down by category i.e. from American Football to Badminton, to Horse Racing etc. Navigating to the various screens is easy as everything is clearly presented and for those that are seeking extra help, perhaps seeking tips or just looking to chat to other people who use the site, there is a well maintained forum.
Betfair is an exchange site and while you do benefit from higher odds, they also seek to gain reward for the level of activity on the website. Now the way that they administer this is through charging a commission rate on winning bets. When you initially start the commission rate is set on 5% but depending upon the size of the bets you place and the frequency of betting, you can witness this commission rate reducing albeit not at a particularly fast rate.
What is also attractive to some people using Betfair is that they can either simply choose an outcome and stick with that outcome, or they can take a position on any given market and then look to trade on that position. They can do so either prior to the match, or during one of the many in running markets.
I don't though want to dress this up as something wonderfully and many making when there are of course two sides to these things. Firstly and most importantly you can potentially lose an awful lot of money from this and the ratio of winners vs losers is sided heavily on the side of the latter. You could have what you consider to be a wonderful system in place but at the end of the day this is still gambling whether you choose to consider it that or not.
Having said that of course, the art of betting is arguably no different to what people do every day when they invest in shares. The difference being that the outcome of your bet is dependent upon the performance or lack of the sports team or individual whereas a huge array of economic factor will adversely or favourably affect a share position. I could also of course factor in to that the rampant level of insider trading but that's a different story.
For those who do consider that they have a problem though, the site does provide a link which allows you to set how long you wish to be cut off from the site for. I think with all of these things it is important to put everything into context, gambling can be dangerous, it can be stressful it can also be exciting and potentially in a relative small number of cases profitable.
Those were the key features of it's core business activity but fairly recently they have now introduced a new casino section to. Now in this case, this is simply a lottery since the outcomes are predetermined. I am not a big fan of this type of betting because there is only one winner long term. The same can be said for sports betting to, but at least in that instance, you potentially do have a chance.
This is an excellent site for betting and there is nothing that really touches this. However you do need to weigh whether you can afford to lose x amount, if you can, then the decision is yours if you can't, then stay well away from here.
Betfair radically changed the world of betting when it appeared on the scene a couple of years ago. It revolutionised the way people can bet on the internet and, although it has a couple of problems, it is still a good site if your looking to place a cheeky bet.
Betfair allows you to bet against other people around the world, meaning that you can often get far more favourable odds than those you find where you are betting against a company such as skybet or bet365.
This also means that you can 'lay' games, meaning that you back a side to not win a match. This is a great addition to the world of betting as it means if there is a tight football match for example, you can still have a 2 in 3 chance of winning. Obviously this alters the odds, but its still a great addition to the world of betting.
Another great advantage of betfair is the massive range of sports that it allows you to bet on. Everything from football to floorball is covered and a wide variety of markets is also listed.
For example, if you want to bet on the Iraq football league, chances are, you can!
One of the few downsides of betfair is that you have to pay the website commision on everything you win. At 5% its not outrageous, but it still affects your winnings significantly which is something you do not get on the more generic betting sites.
The website is another point which i do not really like about betfair. I find it fairly confusing and you often find that some of the menus do not load and do not work correctly. This is frustrating when you are frantically trying to make a bet.
A good principle with a few problems but still a good site.