Betair – Backing, Laying and Trading
Betfair is a popular online betting exchange that allows users to bet against each other rather than against a bookmaker. Unlike traditional bookmakers, Betfair allows users to both back and lay bets, as well as engage in trading. In this blog post, we’ll take a closer look at what Betfair is, what backing, laying, and trading are, and why Betfair has become so popular in Europe.
What is Betfair?
Betfair was founded in 2000 and quickly became one of the leading online betting exchanges in the world. The company is based in the UK and is licensed and regulated by the UK Gambling Commission. Betfair allows users to bet on a wide range of sports and events, including horse racing, football, tennis, and more.
Unlike traditional bookmakers, Betfair users can back or lay bets, as well as trade them. This means that users can bet on the outcome of an event (backing), bet against the outcome of an event (laying), or buy and sell bets (trading) in real-time. Betfair acts as the middleman, taking a commission on each bet placed.
What is backing?
Backing is the traditional form of betting, where users bet on the outcome of an event. For example, if you back a horse to win a race, you will receive a payout if that horse comes in first. The amount of the payout depends on the odds of the horse winning, which are set by other Betfair users.
What is laying?
Laying is the opposite of backing, where users bet against the outcome of an event. For example, if you lay a horse to win a race, you will receive a payout if that horse does not come in first. The amount of the payout also depends on the odds of the horse winning, which are set by other Betfair users.
What is trading?
Trading is a more advanced form of betting, where users buy and sell bets in real-time. For example, if you back a horse at odds of 4.0 and the odds then decrease to 3.0, you can sell your bet for a profit. Similarly, if you lay a horse at odds of 4.0 and the odds then increase to 5.0, you can buy your bet back for a profit.
Why is Betfair so popular in Europe?
Betfair has become so popular in Europe because it offers users more flexibility and control over their bets. Traditional bookmakers set the odds and take a margin on each bet, meaning that users often receive lower payouts than they would on a betting exchange like Betfair.
In addition, Betfair’s exchange model allows users to bet against each other, which can lead to better odds and more competitive betting markets. Finally, the ability to trade bets in real-time allows users to lock in profits or cut losses before an event has even finished.
Overall, Betfair is a popular betting exchange that offers users a range of betting options and greater control over their bets. Whether you’re a seasoned bettor or just getting started, Betfair is definitely worth checking out.