Betfair's Back Bet - How does it work?
This week, we take a look at the Back Betting option with Betfair
Betfair is Australia's only Betting Exchange (Photo by Vince Caligiuri/Getty Images)
What is Betfair's Back Bet?
Back betting is what you might have done with any corporate Bookmakers or the TAB, and is essentially the traditional bet. Back betting is betting on an outcome to happen.
Simply if you place a Back bet on a horse, you are betting on that horse to win the race. If it doesn’t come first, you will lose your stake. If your horse places first, you win.
Benefits of Back Bet with Betfair
This means that the price is a true reflection of supply and demand (the market), rather than one entity managing the price like traditional Betting Shops do.
Set Your Own Odds - When you place a Back bet you can take the current price on offer, or enter in the odds you choose.
You aren’t guaranteed to get it matched if you set your own odds but if the price of the selection you want changes to meet the price you want, it will be fully matched provided it meets the same stake amount you entered.
Markets are constantly fluctuating just like a Stock Exchange, the market depth will provide you with the best guide as to whether or not you will be matched.
You can be matched without having to constantly monitor the market.
The Betfair SP - Put simply the Betfair SP is a price that is automatically generated at the start of an event and is calculated based on the bets placed by both backers and layers in any market.
There is no margin built into the price, meaning you will get a true reflection of the market.
How does the Betfair Exchange work?
The Betfair Exchange profits through charging commissions rather than by including a profit margin like a regular bookmaker does.
A betting exchange provides members with opportunity to bet against each other rather than a bookmaker and Betfair take their clip only off winning punters.
Betting exchanges allow users the flexibility to find odds and markets they want rather than risking a bookmaker who can dictate the stake and price for a selection.
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