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Since the launch of the Betfair Betting Exchange at the end of 2000 the whole face of betting not only on horses but most other mediums has changed. It opened up total new opportunities such as laying horses to lose and to bet in running or in play. Non of the Betting Exchanges actually take bets themselves but act purely as go betweens for backers and layers. They make their profit from the 5% commission that is charged on winning bets. Some people would have you believe that it is easy to win on Betfair but that is not exactly true. Because it is a case of punter versus punter for everyone who win someone else loses. Before you begin using Betfair for real you should spend some time looking through the site and becoming familiar with the various options available. There is also a very good book available “The Definitive guide to Betting Exchanges” published by the Racing Post and available from Amazon. When you first begin it is a good idea to simply paper trade in the first instance until you become confident. If you are used to typical bookmakers fractional odds it can take some time to master the decimal odds system used on the exchanges. Before you begin betting for real you will need to deposit a betting bank with the exchange. To do this you will usually use a debit or credit card. IT is worth noting that if you use your credit card some companies will not allow you to do this if the money is going to a betting site. Others treat it the same as a cash advance and charge up to 3% on the transaction and set it at a higher interest rate than normal purchases. If you use your debit card there are no additional charges. Although on a couple of occasions after transferring money to Betfair I have had my card blocked until I confirm the transaction with my bank by phone. When you do begin start small and feel your way. It is very easy to quickly lose money on Betfair especially if you start laying horse to lose. Odds on the exchanges tend to be better than those offered by bookmakers but you should always remember that winnings are subject to a 5% commission charge. Betfair offers punters an opportunity to bet on a wide range of sporting events around the world on a 24/7 basis. However, it is important to remember that you should never gamble more money than you can afford to lose.
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