Betfair Basics - Trade on the Betting Exchange
Welcome to the Basics of Betfair Tutorial.We will start with main the betfair screen. Navigate to Todays Horse Racing on the left hand side of the screen, then choose a horse race you want to look at. When you go to your chosen horse race, you will see this screen.On the left side you have the odds available if you were to back the horse, and on the right hand side you have the odds available if you were to lay the horse.The £'s below is the amount of money waiting to be matched by a backer or layer.If we wanted to bet this horse to win, we would click on the back box and enter our stake on the bottom right of the screen, this will then show the profit we will make if the horse wins and the loss we will make if the horse loses.The current best odds are shown in the coloured box, with the next best odds in adjacent boxes.If we clicked on the lay side, we would be laying the horse to lose the race and the profit or loss would be shown in the box on the bottom right hand side of the screen.Please note: You do not have to accept the money on offer. If you want to back Ben Hur at 3.25 instead of 3.15, you could click on the 3.15 button, and change the odds on the right hand side of the screen to 3.25 or 3.3. When you submit your order, your money will move over to the lay side of the screen and will stay there until a layer has accepted your odds and matched your bet, this will also work the other way around with laying a horse.Play around with the Betfair interface until you are familiar with it. Click a few buttons and enter mythical odds, and stakes but dont press the submit button unless you want to place your bet. When you do finally decide to bet, use £2 stakes until you are happy with what you are doing.Trading on Betfair - Back High, Lay Low for Guaranteed ProfitsNow you know how to back and lay on Betfair, you can now put the two together to create risk free bets. The strategy for this is to back at higher odds than you lay at, this way you will create a spread in the difference in odds.Lets say you backed a horse in the morning at the odds of 3.0 on betfair for £50 and just before the race, the odds had shortened to 2.0, you are now in a position to lay the same horse for £50 to create a £50 free bet if the horse wins and a no-loss situation if it loses!This is known on the exchanges as trading. It is the same overall strategy that stock market traders use, they sell (lay) their stock at a low price and then buy (back) at a higher price, thus pocketing the difference in the spread.Take a look at the example below.If we backed Glasson Lodge for £50 at 8.2 we would win £360 if it came 1st. Now look below at the market 10 minutes later.Glasson Lodge has shortened in price, you can now lay this horse at the odds of 6. This will give a no risk profit of £110 if this horse wins. Back Glasson Lodge for £50 at 8.2 = £360 profitLay Glasson Lodge for £50 at 6.0 = £250 LiabilityTotal profit = £110 if it wins £0 if it loses.Once you get the hang of this kind of trading, you can take it one step further and lay more money than you backed. Lets use the Glasson Lodge example as above, this time we will back the horse at 8.2 for £50 and when it shortens to 6.0 we can lay it for £68. This will create a win-win situation no matter which horse wins. We will win £20 if Glasson Lodge wins, or £18 if he loses.Word of caution: Be careful when betting on higher priced horses expecting the odds to shorten, as the odds can also drift in the other direction, leaving you with a big loss on your hands.I recommend you use a second betfair account for trading, dont mix up your regular betting with your trading as you may get confused.Make sure you follow our Staking and odds plan, this will help you maximise your profits and minimise your losses.This is a great way to make money from trading on the betting exchanges, only problem is, how can you spot which horse is going to shorten in price?Back with a Bookmaker and Lay on Betfair to Create a Free BetThis is a strategy I use from time to time and you can usually find 2-3 opportunities like this per day.Odds checker sometimes has a delay before it is updated, so I suggest going to the actual bookmakers website before making your decision.Sign up to as many bookmakers as you can in advance of using this strategy, this will ensure you can log in to their site, quickly place your back bet, then log in to Betfair and quickly place your lay bet, sit back and relax as you have just made a free bet!For a list of bookmaker accounts please Click here. You will also get some special free bets when opening up the accounts. I really appreciate you opening up Bookmaker accounts using our links as they pay us for referring you, helping to keep this site free and you also get FREE bets with them.How the strategy works:Take a look at Odds Checker and navigate to a race card. Open up Betfair and find the same race.Have a look at the example above, this is the price the bookmakers are offering for Leo. There are not many prices available but Sportingodds are offering 4 or 3/1.Now take a look at Betfair and you will see that you can lay Leo for 3.75 which will give you a free bet. Obviously you will have to take Betfair's commission into consideration.Here are the sums:Back Leo at Sporting Odds for 4 or 3/1 for £100 giving you a profit of £300 if he wins or - £100 if he losesLay Leo on Betfair at 3.75 for £100.If Leo wins = Profit £300 from Sporting odds - £275 for your lay on betfair. No commission to be payed at Sporting Odds. = £25 profit. If Leo loses = Lose £100 stake at Sporting Odds - Win £100 at betfair - Commission. You will make a very small loss after commission. - £4 If you layed a little bit more money at betfair, so you broke even if Leo loses and didn't win quite as much if he won.eg.Lay him for £104 on betfair. This will protect you if he loses as the extra £4 will pay for the commission and you will win £14 if Leo wins.This is just a small example, sometimes you will see a big difference in prices between a bookmaker and betfair especially in Ante-Post markets where to bookmakers dont check the prices as much. Have a look this week to see how many you can spot!Click here to get your free bets with the bookmakers, you never know when you might need the accounts. I have accounts with most of the major bookmakers as the above opportunities dont stay around for very long.Good luck!Amazing Lay ProfitsLearn how to make a lot of money using Betfair/Betting Exchanges! http://www.amazing-lay-profits.co.uk
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