Betfair

Betfair is the world's biggest online sports betting exchange and was the first betting exchange established on the internet. Betfair is a licensed gambling operator in the UK, Australia, Malta, Italy, Austria and Germany. The Betfair online betting exchange matches over one million bets a day and has a weekly turnover of over £50M. Betfair have received the “Queen's Award for Enterprise”, which is one of the highest recognitions for companies in England.

How to bet with Betfair

What is a ‘Back’ Bet?

A ‘Back’ bet is a bet on something to happen – a horse to win a race, a football team to win, a person to be evicted from Big Brother etc. It’s just like the bet you’d regularly place with a traditional bookmaker or tote, or even with your mates. With Betfair, you can bet on something to happen – Backing, or not to happen – Laying, so we have to change the terminology slightly.


In the example above, you want to back Portugal for €10 at a price of 1.79. If the bet is submitted and matched, you stand to win €7.51 (€10 at 1.79) less commission (generally 5% of the gain), plus your stake back. You stand to lose €10 (your stake). You can change the price you’re looking for by typing in a different price or clicking the arrows next to the Your Odds box. Take note though, Betfair markets are dynamic, the prices can move at any time. Also if you change your price from what is currently available, you take the risk of not having your bet matched. If the Betfair price improves whilst you are in the process of placing your bet, you will be matched at the best available price – higher for backing, lower for laying.

What is a ‘Lay’ Bet?

Laying a bet means you are betting on something not to happen – a match not to end in a draw, a horse not to come in first, a rugby team not to win by over 7 pts etc. It might sound new, but you’ve probably been doing it unconsciously for years. Have you ever had a bet with a mate? It might have been over a game of pool, or on a football match on TV. Two opposing sides, two opposing opinions. He’s backing his team – if they win, he wins. If they lose, you win – you’ve effectively layed his bet by betting on something not to happen. With Betfair you can not only lay any selection, but also choose the price you want to take, and how much you are prepared to risk. The shorter the price you wish to lay, the less money you have to risk compared to your potential reward. Laying the Turkey in the market below at 5.8 might sound safe, but for every £10 you want to win, you have to risk £58 - high risk and low reward. The market says Portugal at 1.82 are much more likely to win, but to win £10 by laying that outcome, you only need to risk £8.2.


In the example, you’ve chosen to lay the Portugal at the current odds of 1.82. Note that your potential loss (liability) is shown as £8.20.
There are all sorts of reasons why people lay bets. Some people find it easier to pick a horse that won’t win, than one that will win. Some people lay a bet because they think the price is too short. Others will lay first, then look to back the same selection later in-play – that’s called Trading.
Laying need not be scary – you are in full control of how much you wish to risk and how much you could win. In a lay bet, you always stand to win the stake of the opposing bet (e.g. £10 in the example above). You could be betting against one person or several. As mentioned above, your liability is £8.20.

What is Trading?

Trading is one of the best and most unique things about Betfair. Trading is having more than one bet in a market; seeking to improve your position or lock in a profit on all possible outcomes.
In the example below, you have layed a selection first, and then backed the same selection soon after at a higher price, guaranteeing a profit whichever result occurs. This is what most customers call a Green Book because all possible outcomes show a profit (displayed in green below each selection). On top of that, your liability is now zero, meaning there are no funds tied up from your account, so you can place more bets on other markets.


When trading, you want to lay at a low price and back at a higher price. Use the Predictive Profit & Loss (P&L) or ‘What If?’ function to do the calculations for you. Think of it like buying a house at one price, then selling it later at a higher price. Live sport is perfect for trading, this is why many events at Betfair match far more bets in-play than before the event began.

Betfair - Bonus for new customers

Sign up for you FREE £10 Bet. To claim your free £10 bet, open a Betfair account below using the code BFB425. Make a deposit (min £10) to your account and then bet at least £10 in one bet or in a series of bets. You'll receive your free £10 within 24 hours, whether you win or lose your bets!

Betfair Banking information

DEPOSIT METHODS		Minimum	Time	Fee
CREDIT CARD		£10/€10	Instant	1.5%
DEBIT CARD		£10	Instant	1.5%
WIRE TRANSFER		£10	3-10 Days	Ask your bank
MONEYBOOKERS		£10	Instant	Free
CHEQUE		£10	7-10 Day	Free
FAST BANK TRANSFER		£10	Some Days	Ask your bank
PAYPAL		£5	Instant	1.5%
CLICKANDBUY		£10	Instant	Max 1 hour
WESTERN UNION		£10	Max 16 Hours	Free
NETELLER		£12	Instant	Free

WITHDRAWAL METHODS		Minimum	Time	Fee
CREDIT CARD		£10/€10	2-5 Days	Free
DEBIT CARD		£5/€5	1-2 Days	Free
WIRE TRANSFER		£10	2-10 Days	One Free every 28 days
MONEYBOOKERS		$£1	Within 24 Hours	Free
PAYPAL		£1	Max 24 Hours	Free
CHEQUE		£10	Sent next day	Issued Free
FAST BANK TRANSFER		£10	1-3 Day	£6
NETELLER		£2	1 Hour	Free

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