TUTORIAL 2 - BETFAIR INTRODUCTION
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- Betfair are currently the only licensed betting exchange in Sweden. A betting exchange is integral to Matched Betting as it allows us to bet against (LAY) a particular outcome. For every sign up offer, we will place a bet with tbe bookmaker and a corresponding LAY bet with Betfair. It is important to understand the concepts of LAY bets and LIABILITY and LIQUIDITY. Once you fully understand these concepts, matched betting is easy.
- Betfair are also a traditional bookmaker who accept standard bets. When you go into the site, you will see menu options for ODDS and SPELBÖRSEN. Make sure you go to spelbörsen as their Odds site will not allow you to lay bets.
- LAY BETS. LAY bets work differently to BACK bets. With LAY bets, the most you can win is your stake, but the liability is how much you could lose. Remember however that if your LAY bet loses, your BACK bet with the bookmaker will win so you won't lose anything. We always place 2 corresponding bets. If it wins, all the money goes into your bookmaker account and if it loses, all the money goes into your Betfair account.
When you place a LAY bet, ensure you always place a bet on the right-hand (pink) side. The blue bets are for backing a team. If you accidentally place a bet on the BLUE side, you could end up backing the same outcome with both the bookmaker and Betfair which can potentially lead to big losses if it loses. You can find more information on LAY Bets here.
- LIABILITY. Before you place a LAY Bet, make sure you have enough in your account to cover the liability. When you place a BACK bet you can lose your stake but your potential return will be the stake amount multiplied by the odds. If your LAY bet wins, you will win the stake amount, but you could potentially lose the liability amount which is why it is with-held by the betting exchange when you place the bet. The liability amount is shown automatically in the calculator when you enter the stake.
- LIQUIDITY. The liquidity amount can be found directly under the bet. This needs to be at least the same as the amount of your BACK bet otherwise the bet may not be matched. The liquidity is the amount available for you to bet with. It is the amount that other people have placed at the specified odds but are as yet unmatched. The liquidity can is shown on the oddsmatcher (under the Avail. column) and under the odds on Betfair. These figures can change quickly.
- Occasionally, you will place a lay bet and all or some of the amount will not be matched. If this happens, don't panic! It's easy to remedy if you follow this guide.
- Sign up with Betfair now, but do not deposit any money yet. When depositing, make sure you enter this promo code as you will then receive a 450 kr refund if your first bet loses.