Betfair markets itself as the “World’s biggest betting exchange.” Find markets available and the features Betfair UK has to offer.
Betfair UK markets itself as the worlds biggest betting exchange. So what does this mean in a world of online betting and bookmakers? Read on to learn more.
Betfair uk is a betting exchange? What is that
A betting exchange is different to a bookmaker. It is a “peer-to-peer” network where you bet against other individuals. Betfair is just the platform that facilitates the wagers.
What can I bet on with Betfair uk?
Short answer – more or less anything.
Betfair offer markets from horse racing, greyhounds, all major and a lot if minor sporting events to politics.
That’s right. At the time of writing this review, you can currently bet on the next UK party leaders and even the next MPC announcement on interest rate movements.
If there is something you want to bet on, you can be quite confident that it will be offered by Betfair.
I’m looking at the odds. They look different to other bookies?
Unlike TOTEs or bookmakers, betfair runs on a simple supply vs. demand system. As a result of this the markets are quite dynamic and offer better value for customers. This means that consumers are able to directly influence the odds of their bet and the person who is taking on the other side, should only do so if they are happy with the suggested odds.
If it is an exchange, how do they make money?
Betfair UK will take a small commission off winnings. This may not sounds great, as with other bookies if you win, you win the full amount. However, other bookmakers can close your accounts if you win to much.
The business model Betfair implements means that they are on your side. The more you win, the more they earn. As a result there is much less of a chance of your account being closed down. With that being said, please always gamble responsibly and do not chase your losses.
You don’t just have to bet on the outcome of a sport. You can place a bet on the outcome of a bet not to win. This is a unique feature of betfair – called a lay bet – that not many, if any, other bookmakers offer.
If you are confident a bet won’t win, but don’t know where it will land. You can bet that the other punter won’t win.