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Added to Your Shopping Cart. This is a dummy description. He has been a life-long punter and jumped at the chance to work at Betfair when offered a job there in He also works as a freelance journalist writing about horseracing and betting and won the Martin Wills Award for racing journalism in Permissions Request permission to reuse content from this site.
Table of contents Introduction. Part 1: Starting Out. Chapter 1: What is Betfair? Chapter 2: Starting Out with the Essentials.
Winning on Betfair For Dummies
Chapter 3: Managing Your Account. Chapter 4: Choosing Your Market. First, you must create your account.
This allows you to deposit funds, make bets, and withdraw your winnings. As with any betting service, you will need to provide evidence of your identity and age before you can use their site. You can choose to back or lay bets on Betfair Exchange. As you can see, there are three possible outcomes of the match which we can bet on; an England win, an Australia win, or a Draw. In the example, we have chosen to back England to Win, at odds of 9.
You can choose any odds and whatever stake you like, but you cannot guarantee your bet will be matched.
If your bet is not matched and the event ends, you are refunded your stake. These odds and the available money to stake will change over time as more bets are placed. The more people betting on the event the more liquid money in the market and therefore more chance of your bet being matched.
Once the event has finished, Betfair will verify the result before customers are paid out. This usually occurs very soon after the event ending.
Any unmatched bets will be cancelled automatically. To get used to using Betfair Exchange, it may be worthwhile to place a few small wagers as practice. It is important not to make any mistakes once we start placing larger bets! This is the simplest way to use Betfair Exchange. This is slightly more complicated but will be explained in the following example.
This is where we guarantee that whatever the outcome of a given event, we will win. Using the previous example where we backed England to win, our lay bet means we are betting on every other outcome than an England win; in this case either an Australia win or a draw.
As you can see, all of the odds have changed since we backed England to win. This is normal, as the odds and money available to stake will change as more bets are placed.
Essentially, when you place your lay bet, you are taking on the role of the bookmaker.
In the above example, we are laying England to win betting on everything except an England win. Of course, because we will have also backed England to win with another bookmaker, we will still come out ahead.
This is where a mistake can be very costly. This is why you must always be on your toes! Again, бук конторы на русском can place a wager at any odds and for any stake you choose, but there is no guarantee it will be matched.
Betfair make money and a lot of it! Whenever a bet wins, Betfair takes a certain percentage. This commission changes based on how much you use the service. Betfair has a handy graphic on their website to explain how much commission you will pay on winnings.
If you lose your bet on Betfair, you only lose your stake. However, you still gain points! This will help you build up your discount rate even if you lose. Worry about this when you start making more cash! It is also possible to lay multiples doubles, triples, and accumulators using Betfair. An accumulating bet is a bet on multiple events, where the total return from the first bet is automatically staked on the next bet, and so on for the total amount of bets.
One of the common offers from bookmakers we will be taking advantage of is accumulator offers, and may give you free bets for placing an accumulatoror if one part of your accumulator loses, for example. It is easy to place a regular accumulating bet using most online bookmakers.