Winning on Betfair For Dummies
Use this basic information as your essential guide to Betfair.co.uk and find out how to get started and get winning! Print out and pin up these handy tips, useful to both newcomers and seasoned Betfair punters, in order to maximize your returns.
What Is Betfair?
Betfair.co.uk is a unique online betting site where thousands of people bet against each other every day. (Country restrictions do apply.) Betting against people online means you can get better odds, and it opens up many new options that haven’t been possible before.
Betting against other people means you can choose whether to back (bet for something to happen) or lay (bet against something to happen) by offering odds to other bettors. This gives you lots of different possibilities, such as choosing the odds at which you bet at, betting during an event (in-play), and making multiple bets on the same selection to try and guarantee a profit (trading).
Five Key Principles to Become a Winning Punter Using Betfair
Follow the five useful pointers below to help increase your chances of success when betting online using Betfair.co.uk. These handy tips will help you to:
Change your view of betting: Taken seriously, betting is simply another kind of investment. Betfair has levelled the playing field to put the punter in control. You can choose the odds you bet at, you can decide whether to bet for or against, and you can make long-term profits.
Find the right information: Information is what you base your bets on and it’s key to winning on Betfair. So whether the information is your own knowledge, a tip from a reliable source, statistics or form that you use from a form website, or a strategy that you’ve developed from scratch, make sure that you’re making a bet that you believe in, and that you think the odds are in your favour.
Determine the value of your bets: Value is the most important factor in understanding what it takes to be a successful punter. Simply put, if you only bet when the odds are in your favour, you’ll be profitable. If you bet when the odds are against you, then you’ll surely lose in the long run. You don’t need a math degree, but a basic understanding of probabilities means you can make judgements on when the price is right, when the price is wrong, and when you should bet.
Stick to a winning strategy: Everyone’s looking for an edge. Understand what your edge is; anything from your own knowledge to a detailed statistical analysis. What’s important is that you understand how that strategy affects the value of the bet you’re considering.
Be disciplined: Discipline and specialising are two traits in all the successful punters we know. They know what they’re good at, they know where their edge is, and they stick to it religiously. Be aware of your strengths and weaknesses, and be disciplined in knowing when to place a bet, and when to keep your powder dry.
Betfair.co.uk Betting Odds Converter
Betfair.co.uk uses decimal odds. Simply put, this means the odds you get are written in a decimal format (such as 3.4) which includes the stake. To convert fractional odds into decimals, simply add 1!
Converting Traditional Odds to Decimal Odds: Traditional Odds (x to 1) plus 1.0 = Decimal Odds
For example: 7/1 = 8.0, 1/2 = 1.50
|Fractional Odds||Decimal Odds|