If you already have a Betfair account then you’re already aware that it’s the world’s biggest betting exchange with more than 3 million customers.
To explain what a betting exchange is in simple terms, you could say it’s where you can be the punter or the bookie. You can bet for something happening like a normal ‘back’ bet, or you can bet against something happening which is known as a ‘lay’ bet.
Here is a very simple example lay betting example –
Imagine that Phar Lap is even money ($2.00) favourite for the Melbourne Cup but you are convinced it can’t win the race. Traditionally you would have to try and find something to beat it and back that horse or horses. But with Betfair you can just bet that Phar Lap won’t win the race and so you have the entire field running for you against your lay bet. You can place a lay bet with a stake of say $50 and you will win that amount (less a small commission) if Phar Lap finishes 2nd or worse. If Phar Lap actually won the race you would lose $50.
This is an exceptionally simple example but hopefully you get the message.
Lay betting allows you to be the bookie, win a huge percentage of your bets and make excellent profits.
Betfair provide plenty of education on how to get started and you will find that once you have used your account for a day or two, it’s actually very straightforward to use Betfair and place your lay bets. So if it does seem slightly overwhelming at first just push through that early phase because it won’t last long and the rewards for following our lay betting advice are huge.