The screenshot above is taken from the leading betting exchange Betfair. It shows 4 of the 15 runners in a win market for a race at Ballinrobe. Betfair is a betting exchange - an online marketplace for punters to bet Let's start by looking at an example and explaining what it all means. Betfair the betting exchange is now an established way to bet on popular sports. Initially Betfair turned the betting world upside down. Traditional bookmakers. You would need to be a heavy user to get that low. You are taking the betting stake and hoping the selection loses. Betfair made lay betting possible. Learn Before You Earn Start Football Trading the Right Way. According to Betfair, only around 0. Tdxs June 19, at 9: Learning to Trade on Betfair with our Beginners guide The concept of trading, with its associated language and different types of specialized software can be quite intimidating for novices. You can access the betting exchanges and place your bets through the normal web interface, most also have their own mobile apps, but for the more technical among you, a betting bot will help you gain an advantage over other users. Because of the nature of a betting market. Everyone should have at least one betting exchange account, but it seems that some people find it easier to bet with a traditional bookie. The concept of trading, with its associated language and different types of specialized software can be quite intimidating for novices. One thing's certain though, Betfair will only let you risk as much as is in your account and at the best available odds. What is a Place or Show Bet? The vast majority of bets are placed with betting exchanges online but telephone betting is also possible for existing customers who have an account with the exchange. And if you have bet to win a certain amount, then backing at 2 will cost you more if the selection doesn't win. Chances of winning - one Chances of losing - five The true price of this bet is five to one , or in decimals, 6 potential profit plus your stake. Bet — Best Euro App. Monthly Archives March February Lay Betting is the option on Exchanges such as Betfair where punters can play the role of a traditional bookmaker but offering odds to sell a bet instead of the usual odds to back a bet.