Bet Star Exch

Bet Star Exch – If you’re new to the world of matched betting, trying to decipher gambling terminology can feel a bit like learning a new language.

It’s a trade that usually makes a rookie better. If you’re used to placing “back” bets through a traditional sportsbook, terms like “fix” and “liability” may be spelled out in hieroglyphs.

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With that in mind, I’m going to take you out of the landscape of matched betting jargon, starting with the most unfamiliar place for beginners: the Betfair Exchange.

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Hold a pen. Pull the paper. And by the end of this short guide, I promise you’ll feel much more confident navigating the markets, placing your bets, and managing your liabilities.

Instead of a bookmaker, exchange members bet against each other. When you “target” or “position” an outcome (more on these terms later), it’s compared to someone who believes the opposite will happen. Simply put, it’s a player for a player. Mano-a-mano.

When signing up to Betfair Exchange, think of yourself as a bookie. Chances are yours to choose, but whether they match or not depends on the market.

For example, if the current price is fixed at 2/1 for the team to win and you offer a lottery (1/1) on the platform, it will not be done – because people can earn more money than before.

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It is similar to comparing the odds of different bookmakers. You would choose the highest potential income, right? Betfair is no different.

Betfair adds a commission to winning bets. Commissions are typically set at 2 to 5 percent, but can vary depending on the type of rewards plan you choose. This may not seem like much, but it is an important factor in getting a better match.

I recommend choosing Betfair Rewards as soon as you have your Exchange account. This feature reduces the commission you pay based on how many Betfair Points you earn. For example, if you regularly use the platform to return or place bets, you will soon accumulate points that will reduce the commission level below five percent. This is Betfair’s way of rewarding more users.

You can read about Betfair’s base rates on their website. Here you see an example based on a net profit of £400 combined with a five per cent commission rate – minus a 40 per cent discount.

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Fortunately, Oddsmonkey’s free calculator has a separate line to enter any commission you want when you place a bet on a match. This means you don’t have to worry about calculating your winnings.

All reverse bets are highlighted in blue. Placing a back bet is something you can do at a traditional bookmaker such as Paddy Power or Bet365. It is the process of selecting an outcome such as a winning team or horse. If the said outcome is not a win, you will lose your bet.

Take Liverpool and Leicester City as examples. As you can see, all reverse bets are highlighted in blue and marked as decimal odds.

If we predict that Leicester City will beat Liverpool away from home, we want to focus on the midfield. Here we can see the odds of 4.0 (3/1) in blue – ie. back.

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Under the quote you will see a figure of £165. This represents the total amount of money available in the market to bet on these odds.

So, if you want to bet more than £165 on this selection, it will not match the total at odds of 4.0. There is not enough money in the market. Therefore, you will sometimes get a “partial match” when placing bets.

However, if you choose to back Leicester City at odds of 3.95 (which you can see to the left of the 4.0 odds box), you can bet up to £478.

This makes more sense when you consider the stakes. Basically, we need enough people submitting our picks to match the bet with these odds.

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What’s more, as more money comes in, the market moves. So don’t be surprised if Leicester City’s odds go up to 4.2 or 4.4 if people start betting more on Liverpool.

After clicking on the selected odds, a pop-up window on the right allows us to place a bet – in this case £20. The liability is our £20 (the amount we could lose) and the profit (£60) is the amount we will earn if Leicester City wins.

It is important to note that you can choose any odds, but there is no guarantee that your bet will break even. For example, if we choose odds of 5.0 (4/1) and the match goes through, we will simply receive a £20 bet refund.

The more money there is in the market, the greater the chance of breaking our bet. At the time of writing this market has £389,665 in matched bets.

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The minimum bet on Betfair is £2.00. So, to get used to the platform, you need to put some small back bets. Who knows, maybe you can make money doing it!

A lie bet is the opposite of a reverse bet. This means that while you are lying down, the results will not be bet.

These types of bets are the lifeblood of matched betting and mimic the role of a bookmaker. When we place a bet on the same market as the reverse bet, we guarantee a return regardless of the outcome. How much you earn depends on whether the outstanding odds are higher or lower than the final odds you selected. But we are getting ahead of ourselves.

As you can see, a £20 bet on Leicester City at odds of 4.1 will win £20 if the match ends in a draw or Liverpool win. Basically we’re betting on everyone but Leicester City to win.

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Ok, let’s proceed with the assumption that you are a bookie. Imagine someone bet £20 with you on Leicester City at odds of 4.1 and win. If Liverpool win or the match ends in a draw, you will earn £20.

But if Leicester City win, you have to pay at odds of 4.1 – plus their initial stake of £20. This payment is called your ‘duty’ – in this case £62.00 (£20 x 3.1/1).

Of course, if we were to place £20 on Leicester City winning at the same time, we would not lose £63 as we would not have made any money on the away team winning either. This is the betting process.

An important thing to keep in mind when betting is to have enough money in your account to cover your commitment. For example, if you want to bet £20 on Leicester City at odds of 4.1, you will need at least £82 on hand. Betfair will not accept bets if you do not have enough funds in your account.

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As mentioned above, the image below shows how much money is available in the market. Leicester City have £1,056.00 in the market, a difference of 4.1 – enough for our £20.

An accumulator is a bet consisting of several selections that combine odds for higher payouts. I’m sure you already have it installed. All selections must come in order to win a bet – it can be double, triple, quadruple, or even ten times if you’re lucky.

Even if you’re familiar with the football ‘acca’ on Saturday, the chance to put batteries is perhaps a journey into the unknown. The Betfair exchange offers the option of placing pre-set accumulators – again putting you on the side of the bookmaker.

It’s very simple. Just search for “acca” or “batteries” using the search facility at the top of the page. You will then see a list of pre-built batteries ready to be installed.

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Like markets for Accas are usually limited and usually only appear when Betfair raises prices. However, it can be useful in a match betting landscape, especially if you need to place an acca as a qualifying bet.

This Betfair App Mr. Matched Better has more than 12 years of professional experience in the art of shaking bookmakers. He now spends his time teaching others how to match bets. Get a global perspective from the US and beyond with curated news and analysis from 600 journalists from more than 50 countries covering politics, business, innovation, trends and more.

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