Betfair Offer Better Odds Than Traditional Bookies

Chapter 9. Meaning Of Terms Used At Betfair

Below are the basic terms used in Betfair online betting before the punters start betting;

Bet
This is where you risk money on predicting the outcome of an event, where two people or parties with opposing opinions on the outcome of an event making a bet to happen online.

Odds
This is the likelihood of an outcome occurring or a selection winning. The odds are expressed in decimal figures which is normally on top and in bold. The selection with the lowest odds is considered the most likely to win and as the odds gets higher each outcome is considered likely to happen.

Stake
This is the money you bet on an outcome occurring and if the outcome you predict does not happen, then the stake is the amount of money you lose.

Matched Bets/Unmatched Bets
Matched bets mean the bet is on. An unmatched bet means the bet has not been taken by another punter, you do not need to place the bet again. Once another punter accepts your bet, it become matched.

Return
The return is the total sum of money that is paid to the punter when you correctly predict an outcome of an event. In getting the return, you multiply the odds by the stakes.

Profit
The total amount of money you win after correctly predicting an outcome. Profit is arrived by subtracting the stake from the return.

Liability
Liability is the amount of money you stand to lose if your prediction is contrary to the happening of the outcome.

Back
When predicting an outcome and your selection wins, is backing a selection to win. This reflects to receiving of the returns.

Lay
This is simply taking the other side of a back bet. When laying a bet you are staking money that an outcome will not happen.

Telbet
It is the Betfair’s telephone betting service.

Helpdesk
This is the point you seek assistance and help of any aspect from the day you think to join, to signing and even in any process or stage of betting. It helps punters to get clear understanding and direction to answer the unknown or be educated. The helpdesk number is 1300 238 324.

My account
Once you create an account and log in, my account section can be found at the top left of any Betfair page. It contains all the customer personal information as well as betting history and all funding and withdrawal methods plus any trend of events since my account was created.

AUS/UK Wallet
The introduction of “wallets,” in Betfair allows the punter to put money in separate pools that he can use to bet on either Australian or non-Australian markets. To bet in an Australian market you must have sufficient funds in your Australian wallet to cover your maximum stakes or liability. A transfer between wallets can be done by going into my account and click on ‘Transfer funds.” The Australian flag symbol in the rules tab identifies the Australian markets.

TAN
Telephone account Number, is necessary for telephone betting. It is located in the profile section of my account and when placing a bet through telbet you will need to give the number.

Market base rate (MBR)
Every market has MBR and it is the starting point for calculating any commission you pay. The MBR can be found in the rules tab on the right-hand side of any market.

Commission
This is the amount charged by Betfair on the net winnings made by the punter. If you lose, you pay no commission. Betfair commission varies from a low of five percent to a high of eight percent, depending on the market. Sport is at a commission rate of five percent and racing varies from five to eight percent.

Discount rate
Discount rate is issued to all Betfair customers and it is determined to the number of Betfair points you earn. The more you use Betfair, the more points you earn and the greater discount rate you entitled.

Chapter 10. Responsible Gambling


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