Submitted by: Borisjh Khan
It is fairly likely that you have by now come across Betfair? Nowadays it is the primary betting exchange in the world, having steadily grown since 2000 when it first established in the comparatively early days of the World Wide Web.
At the time it dramatically changed the community of online betting by introducing options that were previously never available to the betting public. Ever since it has been innovating and building a range of products and functions that now mean it is an totally fundamental tool for anyone wanting to use an online betting website.
What is the key difference between Betfair and the established bookmakers?
It adds a much increased depth to your sports betting, particularly by allowing you to bet on picks to lose. Until Betfair came along, the odds were set, and you agreed to them if you wanted to bet on something to win.
The chance to play bookmaker is what makes Betfair entirely special, suddenly you can bet on selections to lose. To explain, to lay a selection is to set the odds of a bet for something not to occur, i.e. for something to lose.
It is the opportunity to place bets to lose on Betfair that totally changes the betting landscape, it allows for expert strategies such as those used in the financial arena. A subsequent article will talk about these in additional detail.
Making use of a Betfair free bet to get started with exchange betting.
For the newbie, the best way to get up and running with exchange betting is to take advantage of a sign up bonus offer, generally known as a free bet. This is where new clients will be given a free bet to assist them get started with their new account. Normally, this free bet will be a match of their first deposit, up to a specified amount. At the time of writing, with Betfair this is currently 30, which is more than adequate to help you get going.
The initial thing you would typically do is find a betting market that is of your own interest. Betfair covers every sport you can think of, and you will discover that with the favorite sports there are a great range of markets for just a single event. Typically on a football match you will find you can pick and choose from 50 or more markets, including every facet of the game. A good way to start would be to pick a familiar market, such as match odds, i.e. who will win the game?
One excellent aspect of Betfair is that they automatically run tutorials for new accounts, so once you have set up your account and deposited, these will give you a nice intro to how the exchange functions. Keep in mind that at any time you can also pay a visit to the comprehensive help and support section, which explains everything from the basic principles right through to the more advanced features.
So its time to get stuck in, practise makes perfect. So the important suggestion here is that you get stuck in and see for your self how it works, but in the beginning, do this with the lowest possible stake of 2. After all, you don’t want to fritter away your Betfair free bet figuring out how it all works. Once you have placed a bet, notice the P/L (profit/loss) indicator, which easily shows you your position in the market.
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