Many centuries after Newton got an apple on his head and realized the concept of gravity, Andrew Black and Ed Wray got their fair share of having a great idea that can change the world. The world of betting in our case. Their innovative though was quite simple as a matter of fact, but still no one tried to make it real. They developed a platform that will work as the middle man between the bettors. When the platform was launched in early 2000, everything in online betting entered in a whole new era. Sports betting in Betfair was much different than in the other bookmaker. In this Betfair review we will try to examine the fundamental elements that helped the exchange revolution grow and why it quickly became a solid establishment in online betting.
Features of Betfair betting exchange
We mentioned before that the general idea behind the betting exchange is that the punters can create their own odds and offer them to another willing punter. But also place a bet like in a regular bookmaker. Only with better odds. Lets see now the most significant features of Betfair sport exchange.
Back betting: It is like a normal betting action. You decide which is the team you want to back and simply place the bet on the amount of money you want to invest on that. For example Liverpool are hosting Manchester United at Anfield. Their current run makes you feel very safe to bet on a home win. You believe that Liverpool is going to win, so you should click on the “back” indication, which comes with a certain price. In the odds box you may also see the amount of money another punter have invested in that selection. In other words, this other punter acts like a bookmaker and estimates the value of Liverpool’s win. You can match his offer simply by clicking “back” and then putting the amount of money you wish.
Lay betting: This feature is what distinguishes the betting exchange from any other boomaker typ. The “Lay” button gives you the chance to become a bookmaker. Your job is quite simple actually. Especially if we will take as a fact that you know the basics of sports betting. You have the chance to evaluate the true value of a game and the odds in every market. For example Barcelona might be considered as one of the most high-scoring teams in Europe this season. But the game at Madrigal against Villareal is not going to be tailored on Barca’s playing style, we expect quite the contrary to happen. So you pick the “Lay” option, form the odds in an attractive manner and put the amount of money that you are willing to give if your prediction goes south. And as all your job is done, you can sit back and watch the match. Hoping of course that both teams will give their best on the defensive part.
Advantages of Betfair sport betting exchange
In the above paragraph we explained the main difference between the traditional bookmakers and the betting exchanges. Being able to become a bookmaker is the most attractive option for the most sophisticated punters and is also the main reason they look for a betting exchange to place their bets on. Luckily, the reason of why everyone must have an account at a betting exchange is not limited to that.
No limits for winners
A regular bookmaker will set limits to your account as long as you win in a row, or win big. Those include restrictions on odds, on amount of money you may place on a bet or even a closure of your account. Especially if the bookie will realize that you are specialized on a certain area (a sport, a league or live betting). But being a Betfair member simpy means that there is no need to worry about that. And that you can enjoy your betting activity without any concern.
Guaranteed winnings
Have you ever win a bet without the event you bet on being held? No? Makes sense unless you already have a Betfair account. Being a member of a betting exchange means that you can leverage your bet. In more simple terms you can take advantage from the uprising or the fall of the odds during the week. Bookmakers usually set their initial odds on Monday.
But since then and until the start of the game a lot of things can be changed. From the weather conditions to players absences, the factors that will seal the fate of a game are quite a few. And a well-informed bettor will seek for them. After that all he needs to do is take advantage of the falling or rising odds (depends if he has chosen the Back or Lay option) and then when the odds will settle in a more proper value make his move and “sell” the bet.
In that case he already has a profit and now he can move on to the next bet. This strategy works better with long-term bets or in high volatility sports – in term of odds – such as tennis.
Better odds
Have you ever placed a bet on a betting exchange? If you do you probably have notice a significant different with a regular bookmaker. It is called the vig. Or else what the bookmaker wins regardless if you win or lose. The regular bookmaker will normally reduce the odds frοm 2% to 8% and thats its guaranteed winnings. Betting exchange have no need to do that. Only a – small – commission and that’s all. If you ever have placed even one Betfair sports bet you can tell the difference.
Conclusion
First of all you don’t have to be a professional bettor to have an account on Betfair. The online betting evolves in so many ways, but some things remain stable. Such as the everlasting quest for better odds, or the needed trust to your operator. Betfair provides all that. .
In addition they offer a more than fair promotions and bonuses policy and many ways to do your transactions. Betfair is not just the pioneer of betting exchange, but even after 22 years in the market and with many others to compete with, is still industry’s leader. For a reason. And that reason cannot be said, but only experienced.
