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What is Betfair?
All bets on Betfair have been placed there by users who
either want to have a bet in the normal way (back), or offer
odds to other punters (lay).
Bets are matched between people with opposing views.
Differences between betting with Betfair vs. a conventional
bookmaker:
• You can back or lay a bet.
• You can choose the odds you want to play at
• Commission and Tax.
• You can bet whilst the game is in play.
Back or lay
When you "back" a selection (be it an individual, a team,
horse, dog or other), you are betting that it will win. This
is just like betting with conventional bookies.
When you "lay" it, you are betting against it winning. For
example, if you're betting in a market on which team is
going to win the Premiership and you lay Man Utd, you offer
odds to other punters who wish to back Man Utd. If Man Utd
don't win, then you pick up the backer's stake. If Man Utd
win, then you pay out. This is what free bets bookmakers
traditionally do.
You never know who you are betting against, your privacy and
the confidentiality of your bets is maintained by Betfair's
secure site.
Choose Your Own Odds
With Betfair.com there is always a choice of what odds to
accept. If you want better odds than are currently
available, you can place an order for a better price, but be
realistic because there has to be somebody prepared to lay
the bet at those odds, and vice versa.
Take a look at the odds before a game and you will see them
change as visitors back and lay their bets. The odds often
improve nearer to the off, as there are more people in the
market.
Commission
You do not pay tax at Betfair, and commission is only paid
on your net winnings on each market. This is particularly
beneficial if you have multiple bets on a single market such
as the Premiership Winner market. Some of your bets may win,
some may lose, however you only pay commission on your NET
winnings. If your bets in a particular market amount to a
net loss, you do not pay commission.
We offer a customer incentive scheme. Your commission rate
is set according to how much you use Betfair.
Fees for transferring funds to and from Betfair
To reflect Betfair own charges, there is a 1.5% fee for all
credit card deposits. There is NO fee for UK debit card
deposits or withdrawals to any card. Deposits and
withdrawals can also be made by cheque and bank transfer -
there is a small fee for bank transfer withdrawals only.
These fees are made by our bank and are not retained by
Betfair.com. |
