How to use the Betfair Exchange

Betfair offers a radical new product to all its users: the Betfair Exchange. Instead of betting against a bookmaker, you bet against your peers. Instead of taking a risk itself, Betfair matches customers who back the bet (predict it will happen) with customers who lay the bet (predict it will not happen).

1. How does it work?

The Betfair Exchange is the largest betting exchange in the world. It acts in a similar way to a stock market. Instead of trading share, it trades betting odds on various events, including sports, politics and entertainment. This works by matching players who are willing to accept the same odds an even to happen. This removes bookmaker’s margins with fixed odds and allows for better odds than on the regular sportsbook. You pay a small commission instead of a bookmaker’s margin. Luckily, this is on winnings only.

2. How to use the Betfair Exchange

To use the Betfair Exchange, all you need to do is follow these easy steps. 

1. Create an account at Betfair

2. Open the Betfair website or exchange app

3. Choose a market to bet on

4. Select the event you wish to bet on

5. Every market has two sides of the bet: one side will have backers, who think the event will happen, the other side will have layers, who think it will not happen.

6. Place your bet. 

The bet is accepted once both sides, backers and layers have agreed on the price. 

3. Setting your own odds

There are no fixed odds at the betting exchange. You set your own odds. It is up to other players to accept them. If you do not like the fixed odds you are getting, you can ask for better at the exchange. 

The market will show you the prices for any offer at any time. Blue is for back, while pink is for lay. If you want a better price, submit an order. Click on the price to alter the odds manually. You can use the arrow keys. The bet will be placed if another bettor accepts them. Of course, there is no guarantee someone will and there is no point in asking for outrageous odds. 

Still, with odds constantly fluctuating, there is a good chance you can get a better offer than the fixed odds offered by various other betting sites.

4. The exchange bonus

Betfair offers all new players at the exchange a free bet. Place a wager of £20 on horses and you will get a £20 free bet, which you can use for any sport. Learn More about Betfair UK on FreeSpinsNoDepositNoWager.com