Betfair Education

Asking for a price

RSS / BF Education / 21 March 2011 / Leave a comment

At Betfair, we try to match up punters with different opinions. One customer bets on an outcome to happen (backing), another bets on an outcome not to happen (laying). Think of it just like buying and selling property. The buyer offers one price, the seller might ask for a higher one. But there will be more than two people bidding on the market.

If you don't like the odds on offer, select a price you are willing to back or lay at. This is a great way of getting better value on the bets you make. You choose the price that you think is fair - no more being forced to take the price a bookie tells you to.

To ask for a price, make your selection and click to back (blue) or lay (pink). Using the up and down arrows, adjust to the odds you wish to back or lay at. In the following example you feel that The Draw price is too high. You wish to lay at lower odds, so you use the arrows to adjust the price before you submit the bet. You are now looking for someone to bet against you - a backer.

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This bet will then enter the Betfair system as an offer to other customers. If someone likes that offer, they can back at your price of 3.6. If no-one likes your offer straight away, it will remain as an unmatched bet until it is taken by someone else, or the market is closed or suspended. If nobody matches your bet by then, you will get your stakes (risk) back. The closer to the current odds you ask for, the more likely your bet is to be matched.

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