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Betfair Betting ExchangeBetfair is the largest betting exchange in the world. Although you can trade on all manner of sports, here the focus is on the horse racing side of the Betfair empire. A betting exchange is a service where traders can back or lay selections against each other. For more horse racing terms see the horse racing glossary.
About BetfairCreated by Andrew Black and Edward Wray, Betfair was launched in June 2000 offering gamblers the opportunity to bet against each other rather than the traditional method of versus a bookmakers odds. Punters are able to decide whether they wish to oppose (lay) or back each horse and at what price they are willing to trade. If matched by an opposing punter(s) the outcome of the race will then determine how the money held by Betfair on the punters behalf is then split. Using BetfairIncredibly easy to navigate round, Betfair has links to each of the days horse races. By finding the horse race you are interested in you will then be presented with a list of the competing horses. Beside each horse are the options to back or lay. When doing so you can either take the price that is shown (the requested price) or alternatively request a price - of course requesting a ridiculous price way above what is on offer is unlikely to be matched! A more recent introduction is Betfair SP, this is particularly useful if you are unable to sit at the screen all day following the market. ChargesBetfair charge a commission for each winning selection you place with them. Starting at 5% you can reduce the commission paid as part of their Betfair Points scheme - effectively this means that the more you are trading, the less commission you will pay. |
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