Betting with Betfair

Betting with Betfair is quite simple, but even so, we will start with the absolute basics. Every bet consists of four key elements:

1) The stake – the amount of money being risked

2) The odds – Betfair offers all its markets in decimal odds, but hovering over the odds boxes will display fractional odds

3) The return – the money returned to the backer, which includes the profit and original stake

4) The profit/liabiliaty – the amount the backer stands to win or the layer will lose

Backing

Every bet on Betfair requires both a backer, someone who thinks something will happen, and a layer, someone who thinks it won’t. We will begin with discussing how to back a bet. The easiest way to familiarise yourself with Betfair is to place a bet. This is easily done:

1) Go to your market of choice where odds for both backers and layers are shown; however, lay odds are only shown once you have logged in.

2) Click on the blue box displaying the ‘back’ odds. A little on-screen window will appear asking you to place your odds. You can choose any odds you like and Betfair will try to match your bet; however, this might not always be possible, depending on the odds you choose.

3) Place the amount you wish to bet in the ‘your stake’ box. If you’re starting out it’s best to keep the bets low. The minimium bet on Betfair is £2.

4) Once your happy with your bet click ‘place bets’. Betfair will then ask you to confirm your bets.

5) Click ‘confirm’ if you want the bet to be placed or ‘cancel’ if you don’t

Congratulations, you’ve just backed your first bet on Betfair!

Laying

While backing a bet can be done in any bookmakers on any high street in the UK, laying a bet can’t. This naturally makes it almost counter-intuitive to those new to exchange betting, but once you’ve placed your first bet you’ll realise just how easy it is. So let’s get started:

1) Once again, navigate to your market of choice

2) Choose the selection you want to ‘lay’ ~ the selection you think will not win the bet. For example, if Wales are playing England at football and you ‘lay’ Wales, you’ll effectively be betting against Wales to win

3) Click the pink ‘lay’ box beside your selection and a new on-screen box will appear

4) You can accept the odds in the ‘backer’s’ box or you can change them to suit yourself. By increasing the ‘lay’ odds you are increasing the odds offered to those backing the win. This will serve to increase your potential winnings or losses

5) If your happy with the bet click on the ‘place bet’ tab

6) Click ‘confirm’ if you want the bet to be placed or ‘cancel’ if you don’t

By now you should have placed your first ‘lay’ bet. Well done!