Understanding the Betfair Markets

Welcome to the second instalment of our Betfair strategy articles. In our first piece, we looked at the difference between ‘backing’ and ‘laying’ a bet, and when it’s the best time to do so. Click here for our article on Understanding Back and Lay Betting at Betfair if you haven’t already familiarised yourself with these terms.

Now, for article two we’ve focused on understanding the Betfair market and how to place back and lay bets, as well as knowing when your bet is matched or unmatched.

Understanding the Market

Firstly, let’s see what a typical AFL market looks like. The image below is for the 2019 AFL Round 19 fixture between Collingwood and Richmond at the MCG.

betfair strategy 1

What do all these numbers mean?

When you’re starting out, the only numbers you really need to focus on are the ones that are highlighted in blue and pink.

The blue highlighted numbers are the best current prices you can ‘back’ either Collingwood or Richmond, depending on who you think will win. Currently, $2.54 is the best price someone is ‘laying’ Collingwood for you to back, and $1.60 is the best price someone is ‘laying’ Richmond for you to back.

The pink highlighted numbers are the best current prices that people WANT to back either Collingwood ($2.68) or Richmond ($1.65) at. The pink $2.68 figure is the shortest odds that someone currently wants to back Collingwood at, that is yet to be matched by someone prepared to lay those odds.

What if I don’t like the odds currently available?

If you fancy Richmond’s chances against Collingwood but believe someone will match better odds than the $1.60 currently available, you can enter in the odds you’d like to place a wager at and wait for it to be matched by someone prepared to take you on. This leads us into phase two, which is knowing when your bet has been matched or is still unmatched.

betfair banner

Matched/Unmatched Bets

Once you’ve decided on how you want to play a specific market, it’s time to place your wager. Lets’ take a look at the 2019 US Open market on Betfair as an example for when your bet has been matched or is still unmatched.

betfair strategy 2

Matched Bets

A matched bet simply means your wager has been accepted by a peer who is happy to lay the odds you’ve presented. Both the backer and layer are now liable to payout at the completion of the match/event.

‘Back’ example: You’re really keen on Novak Djokovic winning the US Open and believe the $2.34 currently available to back is good value. You click on the $2.34 and enter your stake. Your bet is now on and it’s time to grab some popcorn.

‘Lay’ example: You don’t like how Novak Djokovic has been playing in the lead up to the US Open and believe the $2.40 odds on him to win are too short. You click on the $2.40 and wager how much you’re willing to risk. Remember, if you lay $2.40 odds at a $50 stake, you’re liable for $70 if Djokovic wins ($2.40 x $50 = $120 - $50 = $70).

Unmatched Bets

When your bet is ‘unmatched’ it means no one is currently prepared to take you on at the odds you’ve proposed.

‘Back’ example: You believe Novak Djokovic will win the US Open but believe the best current backable price of $2.34 is too short. In this instance, you would type the odds you’re prepared to back him at, say $2.45, and wait for someone to match (lay) your bet.

‘Lay’ example: You believe the field is strong and Djokovic is unlikely to win the US Open. You want to lay a bet but believe you can get someone to back in Djokovic at shorter odds than the best available ($2.40). In this instance, you type the odds you’re prepared to lay him at, say $2.25, and wait for someone to match (back) your bet.

betfair cta

If, after some time, your back/lay bet is still unmatched, you’ll need to reconsider your proposed odds and perhaps offer your back/lay bet at odds that are more likely to be matched by someone in the market.

That concludes our second Betfair strategy article. Be sure to check back soon to see more ways to use the Betfair exchange to your advantage, and click on the banner below to create a Betfair account today!

 

 

 

TIPS

2019 Caulfield Cup Preview & Betting Tips

The first of the big three races in the Melbourne Spring takes place this Saturday with the Group 1 Caulfield Cup. The $5million feature has attracted a strong contingent of international runners, along with the best of our local stayers in what should be a terrific race. Get our runner-by-runner guide here! read more

2019 TAB Everest Preview & Betting Tips

A red-hot field has been assembled for the $14million TAB Everest this Saturday, with 12 of the country's elite sprinters set to line up over 1200m at Royal Randwick. Check out our runner-by-runner preview and betting tips for the race here! read more

Horse Racing Tips: Friday, October 18th

Our final weekday of racing sees us focus on racing at Warrnambool, Taree and Bathurst, before a blockbuster weekend featuring The Everest and the Caulfield Cup! Check out Luke Krahe's best bets for Friday's racing here! read more

UFC ON ESPN 6 Preview & Betting Tips

The UFC returns to ESPN for its 6th event in TD Garden, Boston, Massachusetts, headlined by a UFC stalwart in Chris Weidman up against a potential title prospect, the undefeated Dominick Reyes read more

ARTICLES

Understanding Betfair Staking Plans

In the third instalment of our Betfair instructional series, we take a look at understanding staking plans and how they can be used to stay in control of your bank roll read more


Understanding the Betfair Markets

In our next strategy guide for the Betfair platform, we take a look at understanding how the Betfair markets work and what different types of backs and lays you can place with Betfair! read more


Understanding Back and Lay Betting on Betfair

Unlike your ‘normal’ betting agency where it’s you versus the Bookmaker, Betfair is a peer-to-peer wagering platform. Betfair allow you to both ‘back’ and ‘lay’ bets, which gives you complete control and a totally unique betting experience. View how full guide to backing and laying here read more


Major Harness Races in Australasia

There are approximately 90 Group 1 level harness races in Australia and New Zealand each year; we've highlighted some of most high profile races on the annual racing calendar here. read more


BLOGS

Sportsbet Launch Brand New Same Race Multi

Sportsbet have launched a brand new racing product just in time for the Spring Carnival! Check out more info on their new 'Same Race Multi' feature here read more


2019 Cox Plate Odds

The Group 1 Cox Plate is the Australasian weight-for-age championship, run over 2040m at Moonee Valley on Saturday, October 26th. With $5million prizemoney on offer, the race attracts the best local and international middle-distance and staying horses. As we enter the post-Winx era, this year's race shapes as an open betting race; check out the latest odds here! read more


2019 Caulfield Cup Odds

The 2019 Caulfield Cup is one of the biggest races on the Australian racing calendar and will be held at Caulfield on Saturday, October 19th. Check out the latest betting odds for the $5million Group 1 courtesy of Palmerbet here! read more


The Everest 2019 Odds

The TAB Everest is set to be run at Royal Randwick on Saturday, October 19th, with a $14million prize purse up for grabs. Check out the latest betting odds for the world's richest race on turf! read more


PlayUp