is betting without the bookmaker. The advanced Betfair technology
matches bets placed by individuals. A range of sports including
horse racing are available.
YOU decide which odds you want to offer or consider acceptable to bet at.
This is not just another online bookmaker!
HOW DOES IT WORK?
Using your skill and judgement you decide whether you want to back or lay a particular
Backing an outcome.
This is similar to a normal bookmaker. You choose an event and are then presented with
the odds and amount offered by other individuals.
However unlike a traditional bookmaker, if you are not happy with the odds offered you
can enter the odds at which you would consider having a bet.
Imagine going into a traditional bookmakers shop and saying to the manager "
I don't like your prices. I will only back that horse if you give me 5/1"
Laying an outcome.
Basically when you lay an outcome you are the bookmaker!
Set the amount you wish to risk and enter the odds at which you wish to offer.
For example perhaps there is an over hyped favourite. You judge that it is totally
unsuited to the course, ground and distance and that the only reason it is favourite
is because it comes from a big name yard. Basically you think it will lose.
Simply lay it off on bet fair at your offered odds then cheer your selection on to
Remember that unlike a normal bookmaker you do not have to offer odds on every horse in
the race. Just the ones you are confident will not win.
Many bettors have loosing runs of 20 or more when trying to pick winners. How many
losers do you think you could pick in a row?
Do you see the potential yet?
THE BETFAIR SYSTEM
The advanced technology behind Betfair matches bets automatically. If your stake and
odds requested are currently available they will be matched immediately. If not they will
be displayed on screen for others to take up.
If 100 people wish to offer £100 at the same odds this will be displayed as £10,000
on available at these odds. If you only want to take £100 of this then you can. You do
not have to match exactly the amount of the opposing bet.
Similarly if you are laying a bet you may find that only a portion of the amount you
wish to lay is taken up.
SO HOW DOES BETFAIR MAKE MONEY?
The bet exchange takes a 5% commission of winnings. No commission or tax is payable on
For example if you lose you pay them nothing. If you make a bet and win £100 they take
If for example you put up £1000 on offer (lay) at odds of 10/1 you only pay commission
on your winnings of £100 i.e. £5.
WHAT HAPPENS IF MY BET IS NOT MATCHED?
If your bet is not matched before the official closure time of the bet, your stakes are
re-credited to your account.
No commissions are payable unless the bet is settled.
CAN I CANCEL A BET?
Yes. Any bet you make that has not already been matched may be cancelled with stakes
returned in full.
I recommend that you read the Racing-Systems guide for succesful bet exchange betting.
This contains strategies for making bets, stategies for laying bets, how to hedge bets,
a cunning technique for place only betting and more.