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This review does not cover every minute detail of Betfair, just the essentials followed by a guide on what I do on Betfair every day.
Now the majority of people in this country enjoy a flutter and I was no exception, that was until Betfair put me off gambling for life.
No I place thousands of pounds worth of bets on Betfair everyday, so you may be thinking that I am gambling, but you could not be further from the truth...without wanting to sound like a Betfair advert, they have revolutionised the gaming industry (They launched in 2001). Later on in this review I will reveal some of the tips and tricks I use to enable me to make a nice little income in addition to my job.
The reason that they have changed the face of gaming forever is that as well as having the traditional bets - i.e. - £5 on a horse to win (horse wins you win, any other horse wins you lose), you can also put £5 on a horse to lose (horse wins you lose, any other horse wins - you win)
Now doesn\'t that sound interesting...
Betfair is a betting exchange and they offer a marketplace where members of the public can bet against each other...one
of you backs an outcome (you think a horse will win) and one of you lays and outcome (you think a horse will lose).
The person who lays a particular outcome, is in effect acting as the bookmaker and offer odds accordingly. So I could offer odds of 5-to-1 on a horse losing at £5. If somebody matches my £5, then the most I could lose and they can win is £25 (£5 x 5-to-1)
Betfair make their money by taking a commission on the net winnings. The commission rate is 5% although this can be lowered by earning Betfair points (you get these for placing bets on the site - bit like a Tesco Clubcard - lol)
I have used Horse Racing in my examples above, however Betfair have markets available on everything and anything you could ever think of. As well as the usual suspects, Football, Rugby, Tennis, Cricket etc there are many niche markets to be bet on - Bandy, Handball, Pelota, Water Polo etc
That\'s the sportsbook side of things taken care of, but once yo have an account you can also play their casino games and on their poker software (which is superb).
All the odds on Betfair are in decimal format which takes a bit of getting used to. 2-to-1 on Betfair simply shows as 3.00 (2 divided by 1 then add 1). 15-to-2 is 8.50 (15 divided by 2 then add 1).
One other final point is that the minimum stake is £2 (you can place bets for lower than this is if you know how - contact me through Dooyoo and I\'ll gladly tell you)
HOW TO MAKE MONEY ON BETFAIR
1. Visit Betfair and open an account 2. Enter this code 6L6JUJXNU during the signup process and they will give you £20 when you have place bets totalling £20
TRADING ON BETFAIR
This is how I make hundreds of pounds on Betfair each and every month.
All you have to do is back a result at a higher price than you lay the same result
Example Manchester City vs Birmingham City
BET 1 30 minutes before the match kicks off , you back Manchester City with £10 to win at 3.00.
This means if Man City win you get £30 back (£10 x 3.00), however if it is a draw or Birmingham win you will lose you £10 stake
Now for the clever bit. Odds are constantly moving up and down on Betfair and the closer an event is to starting the shorter the odds become.
BET 2 It is now 5 minutes before kick-off and the odds on Man City winning (back) are 1.90 and the odds on them not winning (lay) are 2.00
You put £10 on Man City to not win (lay) at odds of 2.00
This means if they win you will lose £20 (£10 x 2.00) and if they draw or win you will win £10.
OVERALL RESULT Now you have had 2 bets on this particular game - 1 back bet and 1 lay bet.
Lets add them together (potential losses shown in brackets)....
..........................................BET 1.....BET 2 Manchester City Win..........£30.......(£10) Draw or Birmingham Win...(£20)......£10 .................TOTAL RESULT....£10.........£-
So as you can see, you have got yourself a free bet. If Man City win, you win £10, if it is a draw or Birmingham win you don\'t win anything but more importantly you can\'t lose anything. (You could do this on every football game every Saturday like I do)
Most online gaming sites offer free cash for signing up, but Betfair only do it if you have a valid code.
So what are you waiting for, get £20 by entering the following code 6L6JUJXNU during signup
Remember you have to place £20 of bets to get your free £20 - follow my tips and you won\'t have a problem.
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I spend around 2 hours per day performing trades and my speciality is Horse Racing. I enter the look at the race 10 minutes before the race is due to begin and look at the weight of the money waiting to matched. Depending which way I think the market will move, depends on whether I back or lay first.
The prices always move up and down, the fluctuations are incredible. So you would have to have some serious bad luck to lose out. Occassionally the market does move against me and I quickly get a bet matched to scratch the initial bet I made.
I actually use a piece of software, heres's the link
and this enables me to place bets with 1-click and also has a hedging button, which lays a bet so that you are guaranteed the same amount of profit no matter which horse wins. This software can also be used with any other Betfair market.
I hope you enjoyed the review and don't forget, if you do decide to sign-up, make sure you enter code 6L6JUJXNU during the sign-up process in order to get £20. If you do not have a code, you get nothing, I know which I'd rather do
kirkytracy 20.10.2007 21:26
I don't think I would trust myself to get this right! But handy tip.