Can I bet each way on the Betfair Exchange? It sounds like a daft question, but it’s one I get asked often. The quick answer is YES, you can, but it may not be obvious to new Betfair customers how to place the bet.
Betfair is slightly different from traditional bookies. There are essentially two different ways that you can bet.
There’s the more common SPORTSBOOK section with fixed odds, and there’s the EXCHANGE. This is where you can ‘Back or Lay’ your selections. Basically, it allows you to bet ‘against’ something.
This article is about the Betfair Exchange. Here, odds are separated into WIN BETS and PLACE BETS.
The confusion arises because Betfair split these two bets into different markets. To get your each-way bet on with Betfair EXCHANGE, you must look for the ‘TO BE PLACED‘ link; this is usually directly under the main market (see example video).
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The advantage of the Betfair Exchange place bet is you’re not forced into making two bets, as a traditional bookmaker would require. The normal bookies ‘Each Way‘ bet is actually two bets, that’s why it costs double.
A £5 each way bet will cost you £10 (£5 win, £5 place). Unless your selection actually wins, you can’t win both bets, so you always risk losing a portion of your stake.
This doesn’t happen with Betfair Exchange’s ‘place’ bets. The downside is that Betfair Exchange place odds may be shorter than traditional bookies to reflect this. But it could still be more profitable than a traditional each-way bet.
The Betfair Exchange Platform – How It Works?
The Betfair Exchange is an online betting platform that functions differently from traditional bookmakers. Instead of betting against a bookmaker, you are betting against other punters on the platform. This model allows for greater flexibility and often better odds because you’re betting in a marketplace of other bettors. Here’s how it works:
- Backing and Laying: In the Betfair Exchange, you have the ability to back a selection (bet that an event will occur) or lay a selection (bet that an event will not occur). For instance, in a soccer match, you can back Team A to win or lay Team A, which means you are betting on Team A not to win (i.e., either draw or lose).
- Setting your own odds: One of the unique features of the Betfair Exchange is the ability to request better odds than are currently available. You can propose a price and then wait to see if another user wants to match it. However, there’s no guarantee that your requested price will be matched.
- Market depth and liquidity: Unlike traditional bookmakers, you can see how much money is waiting to be matched at different prices (the market depth). The more money waiting to be matched, the more “liquid” the market is, which means there’s a better chance your bet will be matched at your desired odds.
- Commission: Betfair makes money by charging a commission on net winnings on a market. This means if you have a net loss on a market, you won’t be charged a commission. The standard commission rate can vary depending on your location and other factors but typically ranges between 5% to 7%.
- In-Play Betting: Betfair Exchange allows for in-play or live betting, which means you can place bets after an event has started. The odds fluctuate as the event unfolds, based on the state of play.
- Trading: Some users of the Betfair Exchange engage in ‘trading’. Which involves placing multiple bets on a single market to secure a profit regardless of the outcome.
Overall, the Betfair Exchange offers a more dynamic and potentially profitable form of betting. Users are given the opportunity to take either side of a bet, set their own odds, and trade positions.