Betfair Trading Essentials For Beginners
What is Betfair trading, you ask? Only one of the most prominent online gambling sites. They operate the world’s biggest online betting exchange. You won’t be stuck without a choice.
Betfair provides its punters with an impressive sportsbook, which it chose to include from s2012 onwards. Alongside the exchange are Betfair’s casino, live casino, and classic gambling favorites like poker.
Fulham football fans will be impressed to know Betfair was the first bookie to sponsor an English football team, that being the one. Betfair hosts it’s own radio show and owns the TVG Network adding to its ever-expanding empire.
Can Betfair trading be profitable?
This is probably the first thing that any punter wonders, is Betfair trading profitable? Of course, it is! Like any bookie, it provides many opportunities for you to take advantage of and even win. You need to know how you can start by learning about the bookie itself. Does Betfair software meet industry standards? Are the odds provided on Betfair fair and competitive? Does Betfair have any additional features over its competitors like weekly promotions and welcome deals?
Becoming a profitable Betfair trader will require a few things from you. Firstly you need to be aware of the relevant market you’ve chosen to bet on. Familiarize yourself with the teams, players, and sport.
Take the initiative to learn about the odds, what they mean, and how Betfair calculates their odds. Are there any odds boosts on Betfair that can be used as well? Betfair claims to provide 20% better on their odds than traditional bookmakers, understanding how these are calculated can be helpful when placing your bet. Of course, this is in combination with a variety of accompanying factors as well.
Betfair exchange offers you £20 for every £5 you bet on its sportsbook, an offer like this is practically giving you money for nothing. Taking advantage of bonuses as such could see significant payouts, provided the wagering requirements allow it.
If sports betting isn’t your thing, you can look to the casino offerings at Betfair to try your hand. A variety of online casino games, tables and slots are also available, providing you with the most lifelike casino experience from the comfort of home.
How do the markets function?
Starting your online gambling journey can be daunting at first, especially if you’re a total newbie. A whole host of new jargon and hundreds of betting sites and markets to choose from don’t exactly make it easy either.
One of our best tips for you when starting with Betfair trading is to familiarize yourself with the markets they offer and how they react and adapt during wagers.
Know your sport
You’ve likely got a particular sport in mind that you’re keen to start wagering in sports betting. Next is to understand the different factors that come into play when you want to start betting. What type of bets do you want to play, for example?
What is in-play versus pre-event trading?
The name gives away the difference between these two types of wagers. In-play allows you to bet while the sporting event is happening live. Pre-event trading, on the other hand, is done before the game starts. Both strategies are popular amongst sports betting punters.
Markets vary depending on what sport they are associated with. Baseball markets will vary significantly from football markets. To make it easier when you’re just starting, it’s advised you just stick to one sport. That way, you won’t get confused between different markets.
Why managing your bankroll is important?
Like any responsible punter, you want to wager within your means. Managing your bankroll responsibly and betting values you’re confident you can afford will save you in the long run. You don’t want to get too big for your boots and place a risky bet, lose, and be back at square one.
You can even start keeping a small record of all your bets, the odds you wager on, and the outcome. This is an excellent way to control and track your betting. But importantly, you can also make a note of anything that affects the odds and learn from this for your future sports bets.
Our essential tips for newbies
1. Make use of any weekly promotions or welcome bonuses
So seeing as you’re a total newcomer to Betfair, you’ll navigate to the site and hit ‘Join Now’ on the top right. Right away, you can see Betfair wants to assure you of its reliability with a £20 free bet. You can use this £20 on the exchange, and if you lose, you’ll be refunded. You just need to use the free bet within a week of opening your new account.
Betfair’s casino and arcade have also got a sign-up bonus if you’re a new user. After creating your online account, you’ll be given 30 free spins, and if you deposit and bet £10 in Betfair’s arcade, they’ll give you 50 free spins.
2. Know your sport and market as well as you can
Knowing how the markets operate is your best friend in sports betting, alongside patience and time. The more familiar you are with your sport, the more informed your bets will be.
3. Read blogs
There are so many forums and blogs out there—all dedicated to the nitty-gritty, the ins and outs of sports betting. You can find anything you want to know in every detail necessary. Once you’ve decided upon your sport, you can dive into some research head-first. Seeing what strategies have worked for others in the past, such as gambling-for-dummies guides and general sportsbook reviews, will equip you with everything you possibly need to know.
Betfair trading may seem like a mountain when you first stand in front of it, but rest assured, if you follow our tips, you’ll soon be on your way. Navigating the sportsbook seems like a task in itself, so knowing what you’re looking for is helpful. Keep up to date with your markets and sports, and with perseverance and time, you’ll be an expert yet.