Betfair User Guide
This Betfair Punters Guide is intended for anyone who wants to use Betfair for online wagering.
Betfair offers thousands of markets on a range of races and sports around the globe. Some of these markets may be obscure and lack enough participants for matching wagers, but for all the major sports and events, Betfair has enough offerings to satisfy every punter completely.
The unique aspect of the company is that it acts as a matching service between punters. It is not a bookmaker in the traditional sense. Punters can both back and lay events.
Anyone familiar with currency exchange speculation will see the similarity between Betfair and an Electronic Clearing Network foreign exchange provider, with one major exception.
The exception is that unlike foreign exchange providers that charge a commission regardless of the success or failure of any transactions, Betfair charges nothing for losing wagers.
The total amount of the loss is limited to the amount wagered. Winning wagers will have the company’s commission deducted. The commission varies from a low of five percent to a high of eight percent, depending on the market. Betfair In Detail.
Sport is at a five percent commission and racing varies from five to eight percent. Punters can earn a reduced commission percentage based on the number and size of their wagers.
Betfair’s Australian website, www.betfair.com.au provides a comprehensive education section that gives a simple, brief overview of what, who and how the company operates.
How Good Is Betfair
Betfair has done everything in their power to ensure that wagering on any market is simple and intuitive for everyone from the punting novice to the seasoned professional.
For anyone completely new to online betting, the Betfair site may appear overwhelming at first glance. The betting screen is jam packed with information about different markets, upcoming events and odds.
You don’t need to feel intimidated, however, because it takes only a few minutes to learn to select a market, find an upcoming event and place a bet. It is best to concentrate on one or two of your preferred markets until you gain some familiarity with how the site functions.
You are asked to confirm any selection you make, so it is essentially impossible to make a mistake in placing a wager.
You will soon get the hang of customising the site to your preferences so that you see only the markets that are of interest to you.
Once you have gained some proficiency, you can proceed to taking advantage of some of the more advanced features of the site. These include things such as in-play wagering and laying. Practice in-play wagering on longer events, such as rugby and tennis before progressing to short duration events such as racing.
When it comes to laying events, be careful to learn what type of odds you need to offer in order to generate interest from backers, but exercise caution so as not to be too generous.
Acting as a matching service as opposed to the role performed by the traditional bookmaker, Betfair has changed the wagering game in a fundamental way. The effort and attention to detail that went into designing the website is nothing short of phenomenal.
Constant enhancements are made based on feedback from punters.
The ability to wager on thousands of markets, the ease of use of the betting interface, multiple account funding options and the ability to earn reduced commission rates are just some of the factors that have led to many traditional bookmakers crying “foul” as they see their customer bases being eroded by Betfair’s innovative approach to online wagering.
Mobile Betting is Here!
Mobile betting has arrived in a big way. All the major bookmakers support mobile betting through your mobile device and so do we !