No Bookie
Betfair is a betting exchange not a traditional bookmaker. Betfair
acts as a broker and provides the technology to match bets placed by
individuals. All bets on Betfair have been placed there by users who
want to have a bet in the normal way (back), or "be the bookmaker" &
offer odds to other punters (lay).
- You can back or lay a bet
- You can choose the odds you want to play
- You only pay commission on winnings.
Back or lay
When you "back" a team, you are betting that the team will win. When
you "lay" a team, you are acting as bookmaker and offering odds against
them winning. If that team lose, then you pick up the backers stake,
just as a bookmaker would. If they win, then you pay out. You never
know who you are betting against, your privacy and the confidentiality
of your bets is maintained by Betfair's secure site.
Choose odds
With Betfair there is always a choice of what odds to accept. If you
want better odds than are currently available, you can place an order
for the odds you want, but be realistic because there has to be somebody
prepared to lay the bet at those odds, and vice versa. Take a look at
the odds before an event starts and you will see them change as visitors
back and lay their bets. The odds often improve nearer to the kick off,
as there are more people in the market.
