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You are here: Home / Bettings School / Are you pro or con? For your choice: back and lay bets on Betfair

Betfair is the first betting exchange which contributes to the client winnings. So that creating all the conditions and prerequisites for customer success Betfair doesn't restrict him in his decisions and convictions. If Chelsea is your favorite team you can back them to win. Besides your doubts always can take place on Betfair. It means if you're not sure you can choose or offer small odds at which you're ready to bet. The minimum sum of money for doubting clients is alluring too – only £2 are enough for a bet. So if you're sure in the victory of your team, for example Chelsea, you need to back them. Back bets mean you wager on something to happen (Chelsea wins, a horse comes first, Rafael Nadale scores more than his competitor). It a regular bet which you can as well place at bookmakers with an exception that you may set desirable price on Betfair.
In practice it looks in the following way:
You find any market in the category Sports. Let it be Football and the match of Chelsea v Atl Madrid.

You can see two columns – back and lay bets. We need the first one. Let's bet for Chelsea to win.

 

When you click on the odd of 2.66 in the blue box in the Chelsea line, the menu of bet placing opens.

So you can place your bet if the conditions fit you. In the left hand column you can see your potential losses and profit.

After you have clicked “Place bets” and “Confirm” you should wait when another bettor takes your bet (don't forget that you're playing against customers) and this bet is matched and submitted. If you have some doubts whether this team will be a winner you can cancel your bet. Betfair gives this chance not to lose your money if you have grounds not to do it. But after it was submitted you have no way back. You have to wait for the end of the game to earn your money. In the case of your winning Betfair charges 5 % commission, the rest 95 % you take as your profit. If Chelsea doesn't win you lose you $10 and Betfair not to make its customers feel down doesn't take any commission in that cases. Besides if you're placing a bet while Betfair prices are improving and your odds aren't beneficial, Betfair will match it at the best available price (price is higher for back bets and lower for lay bets). This does credits to the betting exchange.

Although back bets are traditional bets at bookmakers and you can place them anywhere, on Betfair you have additional benefits like you choose preferable odds, you cancel bets if you doubt and you lose money because you're mistaken and not because someone wants you to lose.

In the very beginning a question “are you pro or con? was asked. In the case of Chelsea we were backers, but we can turn to the other side and become layers. If you lay a bet you suppose that this event doesn't happen. Angers aren't going to win, a horse can't come first and rugby match won't end in a draw. Some bettors say that' much more easier to guess who can't be a winner especially when if strength of one team and weakness of another are evident. Besides prices for lay bets can be short and a customer doesn't risk to lose much money. Then during the game after his bet is taken by the other bettor he can back the same selection. It is called trading and in any circumstances a customer gains profit. Not one bookmaker can allow you to do so, but Betfair can and allows.

The match Lens мы Angers is good as an example.

Lens team has shorter prices and it may be supposed to win a match. So Lens is some kind of a favorite of the match. But the difference between prices for Lens and The Draw isn't so high to count out Th Draw selection. If we lay Lens we earn Is Angers wins and or the match is resulted in a draw. Anyway if the state of things changes globally we have an opportunity to trade. So we lay Lens to win.

Price for Lens is very suitable, the shorter it is the less you lose in comparison with your reward.

Then click on “Place bets” and confirm your bet. After a while your bet will be matched and it can't be canceled if you wish. If you're still unsure whether these odds are permissible for your deposit you can reduce them to minimum. But understatement can lead to unmatched bets so find out a real price. When the bet status is matched you can bet on another selection on the same market or in other words start trading. How to trade and what systems of trading exist you can read in the article “Trading”.

Again all the opportunities are on the side of a customer. Betfair lets hem choose price and sum of a bet. He is in control of his risk and with trading he manages always to get profit. Could you say that a bookmakers give you so many ways to enrich yourself? Do you really believe that their analysts take care of your winnings if bookmaker's money is at hazard? Just the contrary, Betfair depends on your outcome. The more you gain, the more you bring to Betfair. The more you lose, the more you bring to bookmakers. Do you feel the obvious difference?


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