Last updated on June 14th, 2022
If you’re new to matched betting, you’ve probably noticed that using a betting exchange, such as Betfair Exchange, is an advantage.
But how does a betting exchange differ from a traditional bookmaker? And how can you make the most of a betting exchange? This comprehensive guide will answer your questions on how to use Betfair.
Betfair Exchange is not the same as a regular bookmaker. Instead of the bookmaker selecting the odds, users can set the odds and bet against another bettor.
The good news is that you can access Betfair on VOdds sports betting site! Sign up with us to access Betfair.
Typically, you will ‘lay’ your bets on Betfair Exchange and ‘back’ your bets on the bookmaker.
These terms will be familiar to you by the end of this guide.
How to bet on Betfair Exchange?
On Betfair Exchange, you may execute back or lay bets. Today, you will learn to place a typical back and lay bets.
As an example, we’ll take Liverpool vs. Real Madrid football match. As you can see, there are three possible outcomes for the match that you may wager on: the team Liverpool will win, the team Real Madrid will win, or a draw.
In this case, you’ve selected to back bet Liverpool to win with 9.4 odds. Your bet is £50. There is £30 available to wager at these odds when placing your bet.
If you chose the odds of 9.0, you have a total of £155 to bet. You can also select any odds, but there is no assurance that you will match your wager.
It may be helpful also to try using Betfair Exchange by placing small wagers. However, when you start putting larger bets, you must be careful not to make any errors!
This is the most basic method of using Betfair Exchange. You may discover that placing standard ‘back’ type bets provides better odds and a higher profit than using a traditional bookmaker.
‘Laying’ bets on Betfair Exchange are the bread and butter of matched betting. This is where you ensure that no matter what happens, you will still earn.
In the preceding example, if you supported Liverpool to win, your lay bet indicates you are betting on any event other than Liverpool’s winning; in this case, either Real Madrid will win or a draw.
However, all odds may change since you backed Liverpool to win. This is normal since the odds and the amount available to wager vary as more bets are placed.
Why are lay bets important?
When you place a lay bet, you are acting as the bookmaker. Assume you are the bookmaker, and a punter wagers £50 on Liverpool to win at odds of 10.0. If Real Madrid wins or draws, the punter loses, and you retain their £50.
However, if Liverpool wins, you must give the punter £450 plus their £50 investment. Of course, you will still win since you bet on Liverpool to win with another bookmaker.
For example, £74 is available to lay at odds of 10.0, while £904 is available at 10.5. Again, you may put a wager at any odds and stake you choose, but there’s no guarantee you will match it.
How to set lay accumulators on Betfair?
Betfair lets you lay multiple bets like doubles, triples, and accumulators. An accumulator bet is a wager on many events in which the total return from the first bet is automatically put on the next bet until the total number of bets is reached. Be careful because If one loses, the entire stake is forfeited.
However, an accumulator is a regular offer from bookmakers that may reward you with free bets. Most online bookmakers like VOdds make it simple to place a standard accumulating bet. But how can you put a lay accumulator on Betfair? Simply type ‘acca’ into the Betfair Exchange search field to view all accumulator offers.
How to Trade on the Betfair Exchange
Trading is another unique feature of Betfair that allows knowledgeable bettors to generate guaranteed gains! This is because the odds on Betfair fluctuate as the market changes and more bets are made.
Assume that you bet on Liverpool to lose a football match against Real Madrid. Before the game begins and the teams are announced, the odds will change depending on which players are selected for the contest.
For example, Real Madrid may be greatly favoured because a specific player is in excellent form. If this player gets injured right before the game, the chances may shift in Liverpool’s favour.
If the odds shift in your favour, you may now bet Liverpool to win and ensure a profit because you’ve covered all of the match’s outcomes.
Trading on Betfair is similar to trading on a stock market in that you need only to buy low and sell high.
To be successful in trading, you must foresee which price will move in your favour. Remember that you need to bet on numerous sports events on Betfair in-play, where the price will vary before and even during the event.
We hope that these suggestions help you with your next betting career. Try to visit VOdds and sign up to take advantage of our bonuses and offers.
VOdds also offer many betting guidelines and strategies to assist you in building momentum in your betting account. It is now your chance to explore and discover the different sports offerings through VOdds.