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Every business starts from idea, aim and action. You hear about sports betting, an idea occurs to you and you decide to earn your living by placing bets. But where? From time immemorial sports betting was tightly bound up with bookmaking establishments. Today you may come across them in the streets (in the counties where gambling isn't prohibited) in the form of betting shops and in the Internet. The most popular bookies of our time deliver their services via Internet and if you want to start gambling, you can make yourself comfortable in front of the computer and determine with your aims. Actually, it's evident, you want to profit from betting without a risk of being trapped by unfair bookies. For such goals you should pay attention to world-known bookies like Pinnaclesports, William Hill, Gamebookers, Ladbrokes and some others. Or you may choose Betfair.

Betfair is amazing and marvelous project of gambling industry. It's like Windows among different operating systems, Apple in the world of devices, Google as the most popular search engine. Cognition comes through comparison. An object of comparison in our case will be principle of operation of a bookmaker and Betfair. These two guys (bookie and Betfair) also want to gain some money. When you come to bookmaker's, he offers you some odds on which you can place a bet. You can wager on the first team, the second or draw. BUT! The odds for these three outcomes are determined by bookie's oddsmakers. And you can only accept them or find another bookmaker who offers higher price.
The higher price, the more you win. For example, you have $20. You want to double it, therefore the odd must be of 2.0. Thus you put $20 at risk to win $20 more. It's easy, but where'd it all come from? Any bookmaker adjusts odds in his favor to make a balance between outcomes (to get necessary amounts on each outcome) and guarantee a profit to its company. It means, when you bet on any sporting event at bookmaker's, he plays against you accepting your bet.
Betfair is another thing altogether, it has no reference to bookmaking business, if only they have the same sports events and odds as such. Betfair is called sports betting exchange. And as you know, at exchanges people are trading and choosing markets for trading while an exchange is a mediator. A mediator provides areas for trading. Betfair has a big area sectioned by various sports and the sports field is divided into markets according to a type of bets (handicap, total, standard bet). Players from around the world come to Betfair to offer different prices

PLAYERS, and NOT Betfair offers odds. Betfair is an exchange where bettors trade and compete against each other. Their merchandise is odds, some players sell odds, others buy them. Open any match at Betfair and you can see two columns “Back” and “Lay”. Back means you want to bet on a winning of the team, Lay means you're against the winning of the team. There are always three outcomes: the first team, the second and drawing. Of course, you may Back and Lay drawing. Back bettors are sellers and Lay bettors are buyers, both sides agreed on a certain odd. If you remember, bookmaker accepts your stake thus playing against you. Lay bet is the same action, so a common player assumes a role of bookmaker and again no interference of Betfair.

And what duties does Betfair perform? Duties of a go-between, who finds two suitable clients. Betfair is a big exchange, where prices are set by players. It means, that you come to Betfair and, for example, you back Barcelona in a match Deportivo vs Barcelona. You have $10 and want to win $30. No problem, you just insert the odd of 4.0 ($10x4 = $40, where $10 is your stake and $30 is your profit). Now somebody has to accept your bet by laying it. When another bettor lays it, Betfair's system finds him out and matches your bet.
When your bet is matched, you can't cancel it. You only have to wait for the match end. Then you get profit or take loss, it depends on your right or wrong choice. If you make a bet and doubt its correctness, you can cancel it until it's matched.
Let's go back to the interface of Betfair. Open any Betfair market. Then tick “Back&Lay” and “Market Depth” if they're not. Additional odds and amounts astride a violet Back and pink Lay made an appearance, what are they for? It's some kind of a queue or line of odds provided by players. Anyone on Betfair can offer a price he'd like to. Betfair sorts all the odds in the form of a line. Each odd has amount of money under it in both Back and Lay sections. These odds can move, and instead of 2.66 in violet Back box that you saw two minutes ago there appeared 2.64 that preceded 2.66 (it's just an example). That happened because amount under 2.66 was matched by the Lay side. So the bettors who wagered on 2.66 got their client or sold their price or had their bet matched. And if one of odds in the line is accepted, here comes the turn of another odd. It's the process of trading or odds move.
Markets on Betfair are very liquid, and odds are moving very fast. Amounts range from $5 to 1 million dollars and more, such conditions seriously imply on odds move, rather on fall and rise. If your stake is large enough (like $10 000 - $100 000 or more), it is accepted partially. Several players will have to make bets to compensate your one. And those who wager after you will have to stay in a line until your sum is matched.
Nothing could be simpler than to bet on Betfair. Make up your mind and choose a match, than select marker, after think over an outcome you're going to stake and decide whether you are backer or layer. When you're determined, click on either violet box or pink one. You can't click on others, because they are waiting for their turn. As we've told you, you are the one who decided on which odd he wants to bet. When you click on a colour box, on the right you may see bet menu. With the help of arrows you may choose a desirable odd. In neighboring odd you indicate amount you can risk. If you Lay an outcome, in Backer's stake you put in a wishful money reward while Liability displays money that can be possibly lost. It's one of the particular features of Betfair. A good thing about Betfair is that it's very visual. While picking up an appropriate odd and stake, you see how your profit and loss change depending on what you set. Green numbers under a name of a team is your winnings, red - loss. In this way Betfair enables you to keep your account currency in check.

After you finish with placing bets, you look at the market and notice an interesting thing, sum that you used on Back bet is placed in the Lay column and vice versa. It's again one of the Betfair features. Stakes under Back odds were made by layers, and stakes under Lay odds are placed by backers. They are already matched.
Betfair as a mediator has to guarantee that a winner gains his money. That's why the exchange holds your stake and sum of liability (in a case of Lay bet) till the end of a match. These funds aren't available on your account, until a match is over. After a match stakes are calculated (a matter of several minutes) and a lucky man is happy at his winning and loser makes conclusions.
We've mentioned above that Betfair doesn't take a part in a process of odds forming. Evidently, you ask a question How Betfair earns? Betfair just charges 5% commission from customer's winnings and the more a bettor wins, the higher profit comes to Betfair. Compare with bookmakers. When a client wins a lot at a bookmaking company, it means that a bookie is going to pay out much money; it's inadmissible for a bookmaker so he cuts winnings of a client.
Have you already found a vast gap between Betfair and any bookmaker? There are a lot of bookmakers and not less will be launched in future, while Betfair is a unique and genius project. Bookies will always be on one step behind Betfair, because they compete against players and when it comes down to payments, a conflict of interests arises. Guess who is stronger: a bookie or a bettor? Betfair doesn’t intrude in bettor’s affairs, it receives 5% which is enough to be well-to-do. Betfair is the most popular establishment in contemporary gambling, gamblers trust the company, because they are successful here and don’t fear being deceived.

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