Bet Exchange – If you are new to the world of matched betting, trying to understand gambling concepts can be a bit like learning a new language.
Usually, it’s the shift that strikes the newcomer better. Terms like “lay” and “guarantee” can also be written in hieroglyphs if you are only used to placing “back” bets through a traditional sportsbook.
With this in mind, I’m going to take you through the landscape of matched betting, starting with the place that seems most unfamiliar to the newbie: the Betfair exchange.
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Take a pen. Pull out paper. And by the end of this short guide, I promise you’ll feel much more confident about navigating the markets, placing bets and taking responsibility.
Instead of setting bookmaker odds, members bet against each other. When you “behind” or “block” an outcome (more on these terms later), it corresponds to someone who believes the opposite will happen. Simply put, it’s punter to punter. Mano-a-mano.
Think of yourself as a bettor when you log into the Betfair exchange. You choose the odds – but whether they match depends on the market.
For example, if the current price for a team win is set at 2/1 and you offer an even (1/1) on the platform, it will not be fulfilled – because people can earn more than before.
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It’s the same if you want to compare odds from different bookies. You will choose the one with the most potential profit, right? This is no different on the Betfair exchange.
Betfair adds commission to winning bets. Commissions are usually set between 2 and 5 percent, but can vary depending on the type of rewards program you choose. It may seem pretty unnecessary, but it’s an important part of a good match.
I recommend choosing “Betfair Rewards” as soon as you get an exchange account. This feature lowers the commission you pay based on how many Betfair Points you earn. For example, if you regularly use the platform to back or place bets, you will soon accumulate points that can reduce the commission level below five percent. This is Betfair’s way of rewarding frequent users.
You can read more about Betfair’s market base rates on their website. Here you see an example based on a net win of £400 plus a commission rate of five per cent – minus a 40 per cent discount.
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Luckily, if you’re matching bets, Oddsmonkey’s free calculator has a dedicated line for entering commission. This means you don’t have to worry about calculating your winnings.
You will see all back bets highlighted in blue. Back betting is something you’ve no doubt done with traditional bookmakers, such as Paddy Power or Bet365. It is the process of choosing an outcome to occur, such as a team or horse to win. If the said outcome does not win, you lose your share.
Take the match between Liverpool and Leicester City as an example. As you can see, all back bets are highlighted in blue and set as extra odds.
If we’re predicting Leicester City to beat Liverpool away from home, we want to focus on midfield. Here we see the odds of 4.0 (3/1) in blue – ie. back.
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You will see an image of £165 below the odds. It relates to the total amount of cash available in the market to participate in these odds.
Therefore, if you wish to bet more than £165 for this pick, it will not match the total of 4.0. There is not enough money in the market. This is why you can sometimes get a “partial” when placing a bet.
However, if you want to back Leicester City at 3.95 (you can see this to the left of the 4.0 odds box), you can bet up to £478.
This makes more sense when we consider stakes. Basically, we need enough people who have already selected us to match our bets with these odds.
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What’s more, the more money that comes in, the more the market will move. So, don’t be surprised if Leicester City’s odds go up to 4.2 or 4.4 if people start putting more money on Liverpool.
Once you’ve clicked on the chosen odds, a pop-up window on the right will allow us to insert our stake — in this example, £20. The guarantee is our share of £20 (the amount we stand to lose) and the profit (£60) is the amount we will earn if Leicester City win.
It’s worth reiterating that you can choose any odds you want, but your bets are not guaranteed to match. For example, if we choose the odds of 5.0 (4/1), and the game ends, we will only get our £20 stake back.
The more money there is in the market, the more likely we are to call the bet. At the time of writing, £389,665 is available in matched betting on this particular market.
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The minimum bet on the Betfair exchange is £2.00 So it may be worth placing a few small back bets to get used to the platform. Who knows, you might profit in the process!
A straight bet is the opposite of a back bet. This means that when you bet, you are betting that an outcome will not occur.
This type of bet is the lifeblood of matched betting and mimics the role of a bookmaker. When we place a bet as a back bet on the same market, we guarantee a refund regardless of the outcome. The straight odds are above or below the back odds you choose based on how much profit you make. But we are getting ahead of ourselves.
As you can see, a £20 bet on Leicester City results in a 4.1 in £20 profit if there is a draw or Liverpool win. We’re basically betting on everything but Leicester City to win.
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Well, you proceed with the assumption that you are a bookie. Imagine someone betting £20 with you on Leicester City to win at 4.1. If Liverpool win or the game is a draw you win £20.
However, if Leicester City win, you have to pay 4.1 against their initial stake of £20. This payout is known as your ‘guarantee’ — in this case, £62.00 (£20 x 3.1/1).
Of course, if you simultaneously bet £20 on Leicester City to win in our ‘backed’ example, you won’t lose £63, as we also make a profit for the outside team to win. This is the process of matching bets.
The important thing to remember when betting is that you need enough money in your account to cover your obligations. For example, if we want to bet £20 Leicester City at 4.1, we will have at least £82 available. If you do not have enough funds in your account, Betfair will not accept bets
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As we mentioned earlier, the chart below the odds shows us how much money is in the market. For the Leicester City player market £1056.00 is on offer to 4.1 – plenty to match our £20 stake.
An accumulator is a bet that consists of multiple selections that combine the odds to offer a larger payout. I’m sure you’ve hit the spot before. All selections must come up to win the bet – it can be doubled, tripled, quadrupled or even tenfold if you’re lucky.
You may recognize the location of football “acca” on Saturday, a trip to the possibility of laying a savior perhaps unknown. Betfair Exchange offers the option of placing predetermined collectors – again, putting you on the bookmaker’s side.
It is very simple. Using the search facility at the top of the page, just search for ‘acca’ or ‘accumulator’. You will then see a list of ready batteries ready to install.
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Markets for Acca are usually limited and usually occur when Betfair raises prices. However, it can be profitable in the uniform betting country, especially if you need to place acca as an eligible bet.
This Betfair Exchange guide is written by Mr. Matched Better, which has over 12 years of industry experience in reaching bookmakers. He now spends his time teaching matched betting techniques to other people. Betting exchanges do away with traditional sportsbooks, letting bettors bet against each other instead of a bookmaker by setting their own odds and markets. This article will focus on these best systems available for Indian bettors, credible Betfair alternatives in India and the best betting apps for the exchange.
Let’s say you are betting on one of the best cricket betting sites in India at a sportsbook. Here, regardless of the market, you can bet on only one outcome. For example, you can bet on Ireland beating England.
Because traditional sportsbooks don’t have that option. of course,
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