Not all people know the term betfair, even the professional bettors are still not much aware about betfair and how does it work. Betfair is actually a term used in betting, sportbook and casino in which bettor exchange their bets with each other and also create and improve their odds. Studies has shown that betfair can increase the odds up to 30% so do your winning chances. In betdair we can see how much money is staked on different team this is why betfair is practiced and preferred by bettors to improve their bets.
The concept of betfair was first used in horse racing only in 2000 but when bettor seen lot of benefits of betfair they implement it on other different sports like football, soccer, tennis, car racing, cricket, golf and basketball etc. The concept behind betfair was quite simple but amazing in term of increasing odds, people bet against each other bet which was not possible before, they can also sell and buy the bets of each other to earn commission.
Betfair is mostly known or divided in to two terms:
- Lay betfair in which you bet for something to happen
- Back betfair: where you bet against something to happen
In both cases lay or back you offer your odds to other bettors. Let’s understand these terms with an example. Suppose there is a football match between two teams A and B, you had bet that team A will be win while someone somewhere else bet that team B will be win in other words team A will not win in this case your bet is lay while the bet of other person is back because it is against your bet.
Betfair gives lot of possibilities like increasing odds, creating your own odds and betting on same odds multiple times to improve your winning.
You can use betfair as bookmaker as well, specially this will the newbie to understand how does the betting world works.
Bets shop provide you free access to betfair including real time update of different events around the world, betfairs and changed in odds.