Betfair has taken the concept of regular betting and turned it on it's head! Now you can become the bookie, backing and laying odds with other punters, essentially cutting out the middle man. Giving you on average 20% better odds than high street bookmakers offer.
The idea is that you don't just back winners but you also ‘Lay' losers. For example, if you decide to lay a horse in a race you are, in theory, backing that horse to lose the race. Statistically this makes far more sense, in a six horse race there can only be one winner so the chances of picking a loser are far great than your chances of backing a winner.
Here's an example: You look in the sporting post and see that a real donkey is running in the 3.30 at Newmarket, you login to Betfair, click the tab for Horse Racing, find the Newmarket race, you then see all the runners in the 3.30, next to the horse that you think has got no chance of winning you'll see two buttons, one to back and one to lay (bet against it winning) you click the lay button, enter your stake and Betfair automatically matches you with another person who thinks this donkey is gonna romp home in style.
If that donkey goes onto win ;-( you pay out his winnings at the odds you've agreed and if the horse loses you get to keep the other guys original stake. Simple! You can do the same with football matches also, If you think your team are going to beat Arsenal, then why not ‘Lay' Arsenal instead of backing your team. By laying Arsenal you'll still win your bet even if the match ends in a draw!
Free £25 Bet Offer From Betfair
Sign up with Betfair, deposit cash and make a bet up to the value of £25, if the result of your first bet is a loss, your Betfair account will be credited with the free bet up to a value of £25.
Betfair is a brilliant site and if you can get your head around it then you are most definitely on to a winner. The site is clear and easy to navigate around and registration for an account won't take more than a few minutes. And if you thought Betfair only catered for the horses then you'd be wrong. There is a whole host of games that can have a bet on including Cricket, Rugby, Baseball and Greyhound racing to name but a few.
Betfair has a number of sections designed to help new players along including demo's and free practise screens so you can really try it out before risking any funds. The site is fun and more importantly very profitable if you give it a try!