Opening A Betfair Account
There are numerous ways you can open a Betfair account. If you are a football betting person, the most basic way to do this would be by claiming the new accounts free bet offer though this link.
If you prefer, you can choose from one of Betfair’s many ad hoc sign up offers instead. These run every week and can vary, but they are predominately enhanced odds on a particular football match. An example of such an offer is enhanced odds of 4/1 on Chelsea to beat West Brom at Stamford Bridge, when the normal odds are 1/5.
We have a page with a list of Betfair Promo Codes to choose from, where you can check these links to see if there are any good sign up offers available.
The Betfair Free Bet is only available on their Sportsbook (fixed odds) website, not the Betfair betting exchange, but you can still claim the free bet and use the Exchange – which brings us nicely onto our next topic.
How Does Betfair Work?
When people google ‘How Does Betfair Work,’ I believe they are generally looking for information about how the betting exchange operates. Before moving onto that, there are some Betfair basics to run through.
Betfair have a number of strings to their bow, making them a very rare and complete gambling package. There are not too many companies out there that give you access to a number of betting platforms, such as their Sportsbook, Betting Exchange, Casino, Live Casino, Poker, Exchange Games, Arcade, Vegas Slots and Bingo.
All these services are accessed through one Betfair login (which you will set up when you open your new account), and also one wallet – meaning no swapping money from one platform to another (this is why you are able to claim the Sportsbook free bet, even if you are only looking to just use the Betting Exchange).
The only time you will need to transfer money within your Betfair login, is if you are betting on an event that is governed by the Australian Licencing Authorities, such as the Australian A League, or Aussie Rules Football, etc. To bet on an of these events, you simply have to transfer money into you Australian Wallet.
This can be transferred out of your normal wallet that you use for your Sportsbook and/or Exchange Betting. It is a hassle free process that costs you nothing, and doesn’t involve currency rates or anything. If you want to place a £20.00 bet on an Australian event, you simply transfer £20.00 to your Australian Wallet, simple as that.
Betfair Betting Exchange
The Betting Exchange appears to be fairly daunting to some gamblers who seem to take one look at it and think to themselves, I don’t understand how that works. I know quite a few gamblers, and nearly all of them don’t get the Betfair Betting Exchange.
There is a simple reason for this, and that is because they have never tried to use it. It really isn’t daunting, it is very easy.
The best thing I can advise to do, is too stick a tenner in your account. Then go to a popular football match, or sporting event, and place a couple of quid on a Back bet, and also place a couple of quid on a Lay bet on an odds on favourite football team.
As Betfair shows you what your position will be at the end of a match (ie, how much you stand to win or lose), you will see what you stand to win or lose, and therefore it should quickly dawn on you how the whole process works.
If you click on the below picture, you will see a Back Box which is Blue, and a Lay box which is Pink.
The whole process is really simple, if you wish to place a bet on a team to win, you just click on Back – it’s exactly the same as placing a bet with a normal bookmakers.
Where the Betfair Betting Exchange really differs is when it comes to laying. To place a lay bet, click on the lay (pink) button.
To Lay, is to oppose, it’s exactly what a bookmaker is doing when it takes your bet. So if you think Manchester United won’t win on Saturday, you simply Lay them. This removes the need for having to place bets on the other team to win, and another bet on the draw. Which is what you might of had to do if you wanted to bet on Manchester United not to win, pre Betting Exchange.
The biggest thing to bare in mind here, is that if you are Laying Manchester United for £10.00 at 2/1, it will cost you £20.00 to lay them, should they win. If Manchester United don’t win, you keep the tenner.
After you place a bet, your liability (what you stand to lose, should your bet lose) is frozen in your account, and you can’t withdraw that money. This prevents people from Laying a bet, and then when they see it is going to lose them money, quickly withdrawing it.
As the Betting Exchange is effectively a trading room, you can get some or all of your money back before a match finishes by trading out. If you back Manchester United (for £10.00) to win at 3/1, and they then go 2-0 up, you would be able to to Lay Manchester United for your tenner at much shorter odds, such as 1.25 (1/4).
In this instance you are Laying Manchester United for £10.00 with £2.50 liability. But you have already backed Manchester United for £10.00 at 3/1, so you stand to win £30.00. In Laying Manchester United at 1.25 for £10.00, you are removing your tenner liability, at a cost of £2.50.
This means that if Manchester United carry on and win, you would win £27.50, while if the other team came back and got a 2-2 draw, you would break even as you placed a Lay bet of £10.00 on Manchester United, which negated your £10.00 Back bet on Manchester United.
You will also find on the Betting Exchange that you can’t place accumulator bets. If you wish to place an accumulator on the football, you simply access the Sportsbook part of your Betfair account, and place the bet there. Again, it all works through your one login, meaning no transferring money, etc.