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Betfair systemHorse racing master > Betfair > Betfair system
The Betfair system is actually the world’s most important betting exchange, a company and a site that offers you the opportunity to place bets against millions of other punters from around the world, and without ever having to meet those people face to face. And this is all on a very large scale, covering many different markets from cricket to horse racing or from soccer to events like Big Brother. One important aspect that distinguishes Betfair is that the betting process is different to the traditional bookmakers. If you set a bet in a traditional manner, with a bookmaker, you practically place a bet against him. If you accurately estimate the ending of a specific event, you win money from the bookmaker. However, if you don’t, it’s only obvious that you lose money. All the money exchange is done between you and the bookie, no other parties involved. So here’s where the first major difference between Betfair and the all the traditional bookies comes into place. The company doesn’t take the bets, acting like a bookmaker. It is a simple intermediary, you can look at it as a marketplace where punters from almost anywhere in the world have he opportunity to come and bet one against the other.
Betfair’s job is to provide the interface and to keep track of the records (who owes money to whom and how much). This actually results in a very fluid market, with odds that change by the second because different punters place new bets all the time. The second major difference (and also a major advantage) that Betfair has over the traditional bookmaker resides in the fact that Betfair gives people the possibility to bet againstan event occurring. This is called lay betting, and it is a unique feature of the relatively recent emerged betting exchanges. Many people would tell you that if you master the skill of laying, you can make a fortune from online betting. This is true. Well, maybe not a fortune, but you can certainly make a very decent tax free second income from it. Many people see lay betting as a difficult process, but it is entirely not true, actually quite the opposite. You basically take the role of a bookie, and you bet that an event will not occur. Also, you can always back an event to happen. This is the traditional way of betting. If you think that a certain event will happen and it does, you will collect a profit, and its amount will depend on the odds that were placed on the particular event.
As a conclusion, if you back an event, you bet that the respective event will occur. If you lay an event, you bet that it will not occur. This small difference between the two betting options is essential in your understanding of the Betfair system.
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