Betfair Basics
Betfair are the world’s leading exchange betting website, dealing with over three million clients and a turnover in excess of £50,000,000 per week. Needless to say, everyone would like a piece of the action, but unfortunately not everybody knows how to begin. So where does one start? We have briefly explained what exchange betting is in our betting guide, so we’ll push on with what you need to begin. These are:
- A computer with an internet connection, the faster the better
- A Betfair account
- Money in that account
- A reasonable knowledge of the sport you wish to trade on
- Try to develop a system
Clearly the first two requirements are no-brainers; however, while you can use Betfair with a dial-up connection, it is not practical while trying to bet in-play. A faster connection makes for a more enjoyable experience and increases your chance of turning a profit. It also helps whene betting in-play on events happening elsewhere on the planet. That extra couple of seconds might be the difference between getting decent odds and turning a profit, or been beaten to the punch!
Creating a Betfair account is pretty simple. Simply click on this link, which will take you to the Betfair website. The link to sign up is on the right-hand side at the top of the page. Because on-line gambling is illegal for those under the age of 18, Betfair may independently verify your age. Occassionally Betfair also carry out Know Your Customers (KYC) checks. These are similar to checks carried out by banks and are generally only used when large amounts of money are passing through the account. Betfair also allow you to set a deposit limit and a loss limit on your account. This is extremely useful when one is worried about over-spending on Betfair.
With Betfair, you can deposit money into your account from a credit or debit card, a bank transfer or from Paypal. This is done from the ‘my account’ tab at the top of the page. The ‘deposit fund’ link is on the left-hand side of the page. Funds usually leave your bank account on the same day that you make the deposit. When depositing money, you can set a nickname for each card you use, which can make it easier to keep track of your money. When withdrawing money, click on the ‘withdraw funds’ link on the left of the ‘my account’ page. Designate the card you want to be credited and the money should be in your bank account within 2 – 5 days. Always ensure that you have enough money in your account to cover any bet!
As with any betting, it helps to know the sport you’re betting on. This doesn’t mean that you should only stick to mainstream sports, as opportunities can exist in more obscure sports. For example, Betfair offers a market on Bandy, which is a form of hockey played on ice. By doing your research and becoming acquainted with a particular sport it will give you a distinct advantage over casual gamblers who are less informed on the sport or event.
With any form of gambling, it helps to have some of system in place. If your system is ‘I’ll bet only on horses where the jockey wears red’, then maybe internet gambling isn’t for you. One punter we know of likes to bet only on the ‘over/under’ markets. He maintained that with his system he was able to turn a healthy 10% profit on his bets. Sadly, we’re not going to disclose his system, and once you develop your own winning system, keep it to yourself!