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Betfair oddsHorse racing master > Betfair > Betfair odds
A good understanding of how to use the Betfair odds in your own favor is essential if you want to develop as a seasoned online gambler. Why would you want to do that? Well, if not for the thrill of it, then maybe for the income that this activity can bring you, which can easily represent a second income. Betting to win is the most widespread form of betting in the world. You basically bet that a certain event will happen, and in the event that it does, you make a profit. This profit is directly proportional to the odds that the respective event had. The odds are established based on the probability that the event will happen. So, the lower the odds are, the greater the probability that the respective event will happen is. The event which has the lowest odds is commonly referred to as “favourite”. In a standard manner (and by this I mean offline and through a bookmaker), the betting is made one way only. The bookmaker sets the odds for specific events, and you, as a gambler, decide to take an event or not, and bet a certain amount of money on it. However, this is not the case with Betfair. The Betfair odds are unique because the company gives you the possibility to either take or offer odds. Is this getting a little bit confusing? Well, as a matter of fact, it is very easy. Basically, you have the opportunity to bet that an event will happen or will NOT happen. For example, if you think that Andy Roddick will not win at Wimbledon, you can bet on that, a procedure which is called laying by the way. By lay betting you get to play the bookmaker, and you let other people to back that specific event (backing is the standard betting to which you got used already, betting that an event will happen). Betfair uses decimal odds, as opposed to standard fractional odds. Although the company is British and fractional odds are specific to the UK, Betfair decided to work with the decimal odds, which are the standard throughout the rest of Europe. Decimal odds differ from the fractional odds in that they include your initial stake as an integral part of your total return. Let’s say you place a £10 bet on an event which has the decimal odds 5.0. If you win, your total return is £50 (including your initial stake). In fractional odds, this would be represented as 4/1, and you would get £40 which represents the profit and £10 which is your initial stake. Yes, the profit is the same, but decimal odds are preferred by a lot of players because they are simpler. The fact that you have the opportunity to play the bookmaker is practically what makes Betfair such a success and it represents a breakthrough among the online betting community. The simple fact is that if you play your Betfair odds right, you might be in for the surprise of your life. |
