BETFAIR:
What it is and Why it is Revolutionising the Betting Industry
Have you heard of Betfair?
Betfair is the world's No.1 online betting exchange.
A betting exchange is an online market place where punters can place a bet set at odds by other punters, rather than by a bookmaker. This is a concept which has revolutionised the betting industry.
The best way to understand Betfair is to think of it in similar terms to a stock exchange. Buyers and sellers of shares come together in a stock exchange to transact on shares at a mutually agreed price. With a betting exchange backers of a horse (i.e. buyers) can place a bet on a horse with odds that have been set by another punter (i.e. a seller).
It means that punters are no longer bound by prices that are set by bookmakers. Ultimately this gives you a lot more flexibility and more options on how to turn a dollar from a horse race or any other sporting event.
Let's look at it more detail.
Backing a selection on Betfair is just like placing a bet on the tote or with conventional bookmakers. But with Betfair you bet against other punters, not a bookie and the odds you back are what you get - unlike the tote which doesn't have fixed odds.
If you fancy a particular horse and your local bookie is offering odds of $2.50 but with Betfair you can better odds at $3.05, then it's an easy choice - you take the Betfair odds.
On the other side of the equation when you offer odds (known as "laying a bet") you are not taking the place of a bookmaker, but simply backing an outcome not to occur.
When you lay a bet you are taking the other side of the bet and offer odds for another punter to back that selection to win. If the selection doesn't win, then you collect that punter's stake.
So far, so good. We can see that by being able to deal with other punters and not just bookies or the tote - we have more flexibility in being able to get or offer the odds that we want.
But it gets even better than that because you have the ability to guarantee yourself a profit before a race has even been run, or a match started - by trading. Prices constantly change on Betfair which means you can guarantee a winning position by backing a selection at high odds, then laying it at low odds, or vice versa. And you don't need to be a big punter - this can sometimes be done with relatively little money in your account.
As with any new method of making money, it helps to have a guide who intimately knows his way around the method who can help you avoid the pitfalls that he has already made.
I'd recommend that you take a very close look at Easytrader Pro which is the definitive guide for making big dollars by trading on Betfair. You can look at Easy Trader Pro by clicking on the link below.
http://www.bet-on-horse.com/easytrader.html
