Betfair Exchange Explained: Bet like the Pros
Sports betting has been around nearly as long as sports themselves, with most of all bets in the modern time being taken and settled by various bookmakers. However, those looking to place bets are not constrained to betting with bookies, as betting exchanges such as Betfair Exchange allow another possibility.
Betting with Betfair Exchange allows users to bet against each others by backing a bet or laying the odds against it, taking the both roles of the bookmaker and the bettor. Betfair Exchange is one of the oldest betting exchanges, having been around since 1999 and it serves as a great replacement for even the best sports betting sites out there, often providing better odds and creating that competitive atmosphere that you can’t find anywhere else in the betting world.
Betfair Exchange Take Aways
- Users bet against each others
- Great odds offered
- Great looking and functional platform
- Mobile sports trading available
Top 3 in our Betting Odds Comparison
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The Ins and Outs of the Betfair Exchange
Users looknig to bet on sports who are unfamiliar with how betting exchange works may not notice much difference between the two. After all, upon first visit to Betfair Exchange, users are presented with a screen with upcoming games and odds for each of them, just like they are at any sports betting site. However, looking a bit deeper, one starts to notice that there are two options for each bet, the Back and Lay options.
Betfair Exchange thus allows users to actually take a position on bets, either supporting them or betting on them to lose. This way, users are acting as both the punters and the bookies, while the exchange itself takes a commission that can be anywhere between 5% and 1% from each bet made. Users can bet on or against anything they want, but in order to get the bet to actually be accepted, they will have to see the bet matched by the other side.
Betfair Exchange accepts bets on a wide range of markets, but most actual action happens for popular games in those sports that are popular among the UK punters, who make up the base of the site’s users. Betfair is one of the best betting sites in Nigeria and worldwide, so there is plenty of traffic to support this kind of action.
Still, before trying to bet on anything with the Betfair Exchange, one must understand that not all the bets will get matched and there is a real chance of no one wanting to lay you the odds you are asking for, in which case you will have to take lower odds or abandon the bet. On the other hand, a quick glance at our betting odds comparison will give you a clear idea of what odds are actually favorable and which are not.
Taking Your Position with Betfair Exchange
Betting with the Betfair Exchange is all about taking a position on bets. While a normal bookmaker only allows users to bet on a certain selection to happen, the exchange also allows them to bet against it and lay the odds for those users who wish to bet on it. This gives the role of the bookmaker directly to the users who are laying the odds, making things a lot more exciting and potentially profitable with the use of the right sports betting strategies.
To explain how Betfair Exchange betting works, let us take an example of an Over/Under bet on the number of goals in an English Premier League match between Manchester United and Chelsea. Let us assume that one user backs the Over option for EUR 100, with the odds of 1/1 or even money. In order for this bet to become active, other users will have to place EUR 100 on the lay option for the same selection, which will be paid out to the user who backed the selection if he wins.
If the odds on the Back option are higher, the users on the other side will need to put more money, the amount sufficient to cover the win in case it happens. For example if the odds were 5/1, users would have to put EUR 600 in escrow, so that the user can be paid if he does win.
The concept of backing and laying odds is pretty straight forward and is the same one used by the bookmakers like Betfair itself, who lay you the odds in traditional sports betting. We suggest you take a look at our betting tips section and check Betfair Exchange often for potentially better odds than those the bookmakers are offering for the selections we are tipping, for even better profits.
Live Betting at Betfair Exchange
While Betfair Exchange was first invented for pre-game betting only, as the time went by, Betfair introduced additional options and live betting is the most itneretsing of them all. While there are plenty of live betting sites in Nigeria [live betting sites in Nigeria] nowadays, betting live at Betfair Exchange can often result in better odds being layed by users than you could expect from the bookies.
The one thing to be mindful of when using the Betfair Exchange for live betting is that there is a commission to pay for every bet you place, so better betting odds could turn into a lower return in the end if the fee is too high and the odds not good enough. Do your calculations before placing any bets and make sure you are being layed the right price at all times.
Pick Your Side of The Medal
Betfair Exchange offers a new and innovative approach to sports betting that you may not have experienced in the past. If you are on the lookout for a change in your sports betting patterns and want to try this type of sports betting, register with Betfair Exchange now and do sports betting the way professionals do it on a daiy basis. Become a part of the largest sports betting exchange on the planet and back your side of any sports bet out there, profiting from maximum betting odds and endless betting opportunities.