If you do bet, try Betfair (betfair.com)

Member Name: song_of_calliope

Product:	betfair.com
Date:	23/10/09 (23 review reads)
Rating:

Advantages: Allows you to lay bets, easy to use

Disadvantages: It could encourage gambling

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.

Summary: Be sure to read and understand everything you can about this before diving in