If you want to learn more about Betfair Exchange, continue reading the Betfair Exchange review below.
What is Betfair Exchange?
Betfair Exchange is a unique betting feature which allows players to bet against each other, rather than the traditional bookmaker. The odds and prices are set by bettors themselves, while Betfair takes a percentage commission as their profit for providing the service. Betfair Exchange betting differs from the traditional betting in a way that players will be able to lay their bet, along with backing them up.
Disclaimer: The daily specials, referral codes, and registration links are not aimed at players from the NSW region, in tune with the new NSW regulations. The NSW players are not eligible for the same.
Understanding Betfair Exchange
In this section, we’ll try to have Betfair Exchange betting explained. When placing a traditional bet, you’ll see the three possible outcomes of the match: Team A win, Team B win and a draw. When you pick an option and place a bet, you cannot guarantee your bet will be matched. If the bet is not matched and the event ends, you are refunded your stake. The odds on the event will fluctuate as more people place their bets. The more bets on the market, the bigger the chance of your bet being matched. Once the event is finished, the bookmaker will verify the result before customers are paid out. This traditional style of backing your bet gives better odds and greater profit.
When it comes to lay bets, you are taking the role of the bookmaker. If you backed Team A to win, your lay bet means you will be betting on every other outcome than a Team A win. This way, every outcome is fully covered. However, it is important to understand that for laying bets, you must always be on high alert. If your backed bet does not go through for some reason, you risk losing a lot. Always be on the lookout for liability. It is the amount you could lose in the worst-case scenario. Your return is effectively your stake, minus the commission Betfair takes. For example, if you lay a bet at 1.50 odds for $10, you are liable for $5 and will win $10 if the bet lands. But if you lay a bet at 3.5 for $10, you are risking $25 for the chance to win $10.
Even though this type of betting is between players, Betfair still gains a profit through commission whenever a bet wins. Betfair Exchange rate changes based on how much you use the service. This way, Betfair can reward the frequent users. If no bets are made for a prolonged period of time, your commission will stand to increase or move towards the base rate. Market base rate is set at 5%. Over time, you can build up to a 60% discount rate. And even if you lose a bet, you will still gain points that will help you build up the discount.
How to use Betfair Exchange?
If you’re wondering how does Betfair Exchange work or how to use Betfair Exchange, we’ll try to simplify things. When you visit Betfair, be sure to click the Exchange tab on the main menu. Once all sports and events are listed, click on a match of your interest. We’ll use an example of a soccer match between Australia and England. Once you’ve selected this event, you’ll see the match odds. All markets are split into two halves: a blue half and a pink half. The blue column represents the best available back odds for each selection. The pink column shows the best available lay odds for each selection. The monetary value below the odds is known as the liquidity.
Placing a lay bet on the Betfair Exchange is pretty straightforward. When you find the selection you want to lay, simply click the pink button. Once it has been applied to your bet slip, you need to enter the amount you wish to lay in the Backer’s stake box. Afterward, just click the yellow Place bets button. Once the lay bet has been placed, your potential profit or loss for the possible outcomes are shown on the left-hand side.
Betfair Exchange App
Betfair Exchange app is an excellent tool to have if you’re serious about using this feature. Befair Exchange mobile offers some really great features such as Cash out, live streaming, in-play and bigger odds. Apple users can get the app directly from the store, while Betfair Exchange for Android is available for download on Betfair official site. To do this, make sure you allow downloading and installing apps from third-party sources. Once you click on download, you’ll be asked if you want to download Betfair Exchange apk. After pressing yes, you will be able to install the app and use it wherever you are.
Tips for Betfair Exchange
- Be patient – placing bets without much thought will often result in lost bets.
- Focus on a certain market – by focusing on one or two markets at a time will increase your chances of becoming an expert. For example, if you’re on Betfair Exchange horse racing market, stick to it until you’re confident enough to move on other markets.
- Only trade what you can afford to lose – it is important to remain calm and have a clear head in the Exchange. Avoid getting too excited, as this emotion can lead to disaster when trading.
- Research pays off – preparation is half the job. If you want to go into Betfair Exchange greyhounds, you better learn everything there is about this market beforehand.
- Don’t chase losses – if you happen to lose a bet, don’t dive straight back in thinking you can win it back. It almost always ends in another failure, which might cloud your judgement for future.
Conclusion: An Excellent Tool
Betfair Exchange Australia brings fresh insight into online sports betting, and instead of playing against a bookmaker, you play against other bettors. It gives the possibility to increase your winnings significantly. The more you play, the better you will become, and the less commission you’ll have to pay.
But at the same time, it may give you a lot of headaches if you’re not careful. Always be mindful of liability and never go above what you can pay. Try sticking to only one market, do a lot of preparation and research, get to know the players and always be active in case things go wrong.