A Guide to Odds Betting at
Betfair
The most frequent form of
betting is odds betting, where you bet on something involving the odds of
whether something will occur or not occur. You place a bet on particular ‘odds’
that relate to the probability that the outcome will occur. The higher the odds
for something, then the less likely it is to occur. In traditional betting, the
bookmaker sets the odds, and the users take these odds. However, a newer type of
odds betting is emerging called exchange betting, with Betfair being the
foremost exponents of this betting type.
Betfair is revolutionary in
that you can both take odds and offer odds. You can bet whether an outcome will
occur or not occur. When you take odds in the traditional way, you back an
outcome occurring. When you offer odds then you decide the outcome. All the odds
are Betfair are in decimal numbers.
For example, if you back
England to win the World Cup at 3.1, then you place a bet on it for £100, and if
you win you get £310 back. If you lose then you lose the £100. Alternatively,
you could lay odds that England will not win the World Cup at 4.0. This is
basically saying you think England will not win, and you are offering 3/1
against it. So, you basically take bets from other people. If England doesn’t
win the World Cup, you get £100, but if they do then you lose £300.
Odds markets can be as simple
or as complicated as you want. There can be one winner or a large number of
winners depending on the complexity of the market. For example, Betfair offers
‘place’ markets on most horse racing events, meaning you can bet on horses
winning or just getting a certain place like 2nd or 3rd.
Betfair coupon display
Betfair has an excellent coupon display, which allows you to review various
markets at once and place bets without leaving the coupon display window. You
can place a number of bets at once, but only in one market. Each of the markets
is shown with the odds you can back or lay out.
For many bets you can
pre-select the amount you want to bet, which means you can bet the same amount
each time in just a few clicks. You can display the odds according to the amount
you want to bet or according to the odds on offer. Whatever you want to bet on
and for whatever amount of money, you will be able to find something at Betfair.
[Click here to bet with betfair]
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