You have probably seen this logo a lot of times, but have never ever checked what it is? Well I will try to pretty explain everything there’s to know about Betfair! First I would recommend reading my articles on “How does you bookmaker calculate its odds” or else you might not get the whole difference!
What is Betfair?
Betfair is the biggest betting market exchange online. Although they seem similar to an online bookmaker, they are NOT! Betfair does not make up odds but it runs a script that lets player define the odds and bet against each other! So what’s good about that? Higher odds for you to play, because there’s no profit calculation in your odds!
How does Betfair earn money?
While a regular bookmaker, makes money from your losses, Betfair makes money from your wins! They charge 2%-5% fee from your wins! This is why Betfair wants and needs serious gamblers that can actually win money frequently! That’s why they also don’t care if the games seems shady or fixed! That’s why they give you such tools as “Where’s the Money” to see the flow of the staked money, something your bookmaker will never ever show you. Be sure to read my article on that tool here!
What else does Betfair offer?
Here’s one unique thing that Betfair offers, that no online bookmaker offers! You can bet on, what’s NOT going to happen! Say an example game of Arsenal and Chelsea is up on the TV, you have no idea how the match is going to end, but you wanna bet that it’s NOT going to end with a Chelsea win! How cool is that? That’s like betting against your friend, if his favorite team will win or not, it’s pretty much the same here!
What’s the catch? Why isn’t everyone switching over to Betfair?
Well first, Betfair may see a little confusing at first, since whatever you bet, has to be matched versus someone that’s betting against you. So let’s say you are betting on the example above, 10,000$ on hmm let’s say 3.00 that Arsenal would win. If no one on the other side would wanna bet against that, your bet will just stay unmatched and will not be taken after all.
Second, a lot of bookmakers offer great bonus rewards, as well as Live streams that you can watch your games at. It’s much better to be able to watch the game and bet live, instead of just bet live, without being able to see what both teams are doing. Although they do offer some live coverages, bookmakers like Bwin, have the rights to show for example Primiera Division live on their site. Bet365 has the right to show Serie A, so I doubt Betfair would have a lot of choice when it comes to cover live games.
The third down side, is that when you bet against something to happen, you have something called Liability! This means that Betfair will take some of your money as a down payment, or a deposit, and if the game turns your way, you will get them back plus the profit. If not, you loose your deposit! Not everyone is willing to take such a risk!
If you have more questions about Betfair, or would like to give them a shot click here, read and watch their beginning tutorials and have fun betting.
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