Trading At Betfair: Chapter 5
Chapter 5. Trading At Betfair
The punter can guarantee him possible profits before an event has taken place either start of the match or a race has been run. Prices often change on betfair such that by backing a selection at high odds then laying it at low odds guaranteeing a winning position at all levels. All you need is some small funds in your account to start you trading to make potential profits in the market.
In the Tennis Australia Open, you may back Rafael Nadal to win by investing$20 at $8 before the start of the tournament, if Nadal wins your profit is $140/ in the same tournament, Nadal makes a great start advancing to the quarterfinals, while the favourite Roger Federer is knocked out. This means the chance of Nadal winning the tournament are very high. Nadal’s odds on Betfair will shorten considerably and you can now back him at$2 to win the tournament.
Bets can be matched later by another Betfair punter if the initial stake for betting were not matched completely. The punter requests a bet that will be matched by someone at the later stage in the same event.
Example if you want to put $100 on Roger Federer to win Wimbledon at $1.50 but there is only $40 available at this price. In this scenario, you get the first $40 matched and then get to the in front of the queue for the next $60. If a fellow punter decides to lay Roger Federer at this price, then your bet will be matched. If the bet never get matched as in other cases, then your $60 stake will be returned to your account. You can also cancel unmatched bets anytime in your account by checking their status. In your account, you will click on my Bets on the right side of the screen where you are looking for a market and cancel them.
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. Losses in a market are not subjected to any commission. Betfair has incentive schemes to his customers by receiving discounts rates that are off the market base rate. The more you bet, the greater your discounts rates and hence the lower the commission liable.
Calculating the commission a punter pays in a market, you will start by reducing the market base rate by your discount rate earned.
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 !