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A Guide to Betfair
Betfair Introduction
When you first log on to Betfair, it can be a confusing site with all
the numbers and amounts. It's really very simple once you get into it,
and here we'll try to explain exactly how everything works for the beginner.
Types of market available
Odds Betting
Coupons
Asian Handicap Betting
Line Betting
Range Betting
In-Play Betting
Decimal Odds
All Odds quoted on Betfair are 'Decimal' Odds. Decimal Odds differ from
the Odds traditionally quoted in the UK in that they include your stake
money as part of your total return. If you place a bet of £10 at
Decimal Odds of 4.0 and win, then your total return (including stake)
is £40. In the UK this would be quoted as 3/1, returning to you
winnings of £30 plus your original stake of £10.
Decimal Odds are simpler to use than Traditional Odds, and are the most
common form of Odds quoted in countries outside the UK. In addition, for
the mathematically minded, Decimal Odds relate more closely to probability:
in a race with four equally-matched horses, the probability of each horse
winning is 25%. Each horse will have Traditional Odds of 3/1 or Decimal
Odds of 4.0. Hence, the probability of an outcome equals 1 divided by
its Decimal Odds (1 / 4.0 = 25%).
Odds Conversion Chart
The Market View
The stake money that you see available in the market view at each odds
increment can be a combination of one or more different users' unmatched
bets. When you match a bet you will always be matched with the first bet
that was placed at those particular odds i.e. first come first served.
There is therefore an incentive for users to offer odds early or to offer
better odds than those currently available.
You can bet all or part of the total stake amount shown. If the required
stake is not available at the best odds, you can adjust your odds to the
second- or third-best and place the full stake amount. The system will
automatically match the stake available at the best odds first and then
the stake at the 2nd best odds and so on down to the minimum odds acceptable
to you.
http://betfair.free-money.co.uk/?p=howtouse