/ Jack Houghton / 10 April 2010 / 2 Comments " class="free-bet-btn" rel="external" onclick="javascript: pageTracker._trackPageview('/G4/inline-freebet');" target="_blank">Free Bet

Jack Houghton, author of Winning on Betfair for Dummies, tells you how to place your first bet on Betfair -- in five easy steps.

So, it's Grand National time. You've considered all the information you have at your disposal -- the learned opinions of your newspaper tipster; your own detailed analysis of the form; the fact that one of them has the same name as your dog -- and you are now certain of this year's winner. What next?

You've probably heard that punters get better odds on Betfair. In other words, if you put the same £5 on a horse with Betfair and a traditional bookmaker, you're likely to win considerably more with Betfair. In fact, at the Cheltenham Festival just gone, punters won, on average, 25 per cent more with Betfair than with traditional bookies. But how do you go about taking advantage of these better prices?

The first step is to open an account. The best way to do this is by using one of the many free bet offers around. For example, click here for a free £25 bet. All you have to do is open an account, deposit £25, have a bet with it and, if you lose, Betfair will refund the £25. At that point, if you're not impressed, you can withdraw your £25 and walk away, no hard feelings. Just remember to send a postcard.

But how do you actually place a bet?

First, go to the Betfair homepage. On Grand National day there'll be a big banner you can click on to go straight to the Grand National market. Otherwise, click on Sports, and then use the menu on the left-hand side to find the Grand National -- it's in the Horse Racing section.

Second, find the horse you've decided to back. You'll notice there's a section on the screen with advice from Timeform. They're a bunch of horseracing experts who spend far too much time with their computerised formbooks than is healthy.

Third, click on the blue square which says Bet, to the right of your horse's name in either the win or the place market (betting to be placed in the National means you win if your horse comes home fourth or better). A blue screen will appear showing the horse you have selected. It will also say BSP next to it. This stands for Betfair Starting Price. This means that, should you win, you will get the odds available on Betfair when the race starts. It was the Betfair Starting Price that punters did so well out of at Cheltenham. In fact, in nearly every race, every day, Betfair Starting Price outperforms the starting prices used by traditional bookies.

Fourth, enter the amount of money you want to stake.

Fifth, press Place Bets. A screen will appear with the details of your bet. If you are happy that the details are right, press Confirm.

Congratulations, in five easy steps, your bet is placed.

Now sit-back and watch how Rover's Bone gets on.

Comments (2)

1. Mr Anonymous | 10 April 2010

   Do you really think people would be accessing the Betfair blog if they didn't know how to place a bet?

2. Mr Sanctimonious | 10 April 2010

   If someone places a bet in the betting jungle, and nobody sees them, do they actually place a bet?

   They're both important questions.

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