We will look a little more in-depth at the specifics of the Betfair USA exchange and give our Betfair ratings. We will also explain how the Betfair USA exchange is a totally different platform compared to sports betting. Although it contains similar markets, the odds offered are offered by other bettors. This is where a thing called “liquidity” comes into play. We have a paragraph about Betfair liquidity, below. We will also shed some light on the spectacular in-running options that not many people are aware of.
To truly appreciate the power, versatility and depth of the Betfair exchange, one must first understand how this revolutionary machine works. Because you are betting against other people, the model works very differently to a standard sportsbook platform.
After reading this page, you will be fully equipped with enough knowledge to explore for yourself. We will discuss liquidity, graphs, explain why the odds are great, show you the in-running betting, customizable settings and more!
Currently, Betfair USA are only offering betting on their horse racing markets. This is believed to be a temporary thing, as Betfair USA are still in very early stages, compared to the European version. So, for this Betfair review, we will base all writings on the horse racing markets that are available within Betfair USA.
Please note, most of the information given here will still apply to all other markets, such as Soccer, NFL, NBA, Golf, etc. When these markets are eventually added, this information will apply the same as even if the sport is totally different, it will still share the same market design on the interface; so, it will still be of use to learn.
As mentioned earlier, Betfair comes in two products: the exchange, which allows users to be a bookmaker and the option to be a normal bettor who places bets, just like a usual betting website. The other Betfair betting option is the sportsbook, which acts in the same manner as a normal betting sportsbook. It has fixed odds, where you bet on the moneyline for Team A or Team B to win, for example.
Betfair were originally only an exchange product; however, they did see a gap in the market and realised that they were missing out by not providing a sportsbook. Therefore, they subsequently went on to design this sportsbook, which is a good service in its own right.
The sportsbook does offer good odds, you can often find good value prices on a lot of the selections. The oddsmakers at Betfair sportsbook have also been known to be willing to take a chance, which is a quality that we really like, when it comes to online bookmakers. More and more bookmakers nowadays fear making mistakes and being “caught-out”. Due to this fact, this leads to value prices not being so abundant in the world of sports betting, and many believe it is because traders are not given the amount of discretion that they used to have years ago.
When it comes to having good odds, it is a known fact that the betfair exchange will have better odds than any betting sportsbook 95% of the time, as a mean general average, it has been proven.
The reason for this is the standard bookmakers somehow need to work-out how they are going to profit from taking bets. They ensure this is a possibility by offering odds that do not equate to a 0% “house edge”. Instead, they make sure they have a % of “house edge”, to ensure they profit overall. In the states this is often referred to as: “Vig”, short for Vigorish, juice or under-juice, margin, or house edge. They all mean the same thing.
Put simply into layman’s terms, this means that if you did bet on every single horse, in each horse race and there was a 10% vig on every market, then the bettor would generally lose 10% of your money if this was run infinitely. 10% is probably quite a generous vigorish percentage and it is likely to be more sometimes, depending on which type of betting market you’re betting in.
Zero House edge with Betfair exchange
However, with Betfair exchange there is no vig taken! Betfair exchange makes its money through another form of charge. Instead, the exchange takes a commission percentage from winning players only. This model has proved a massive hit in eurozone, and other countries, where Betfair is already established and even considering this percentage of Commission charge (which runs from 2% to 12% overseas), punters have generally widely-reported that they have the best odds still.
Live betting & streaming
Live streaming is found on almost all horse racing. The only time you won’t find a live stream on a horse race is if it is a horse race that is streamed from an obscure country overseas. The live stream runs well, has minimal lags, and pops-up in a separate viewing window that can be customized in size, which is great.
You can also have multiple windows open, if you wish. Sometimes, especially on a busy period over a weekend, races can become delayed and therefore clash, which can result in races running at the same time. This is a perfect time you may wish to opt for multi-screen. There is, however, a qualifying criteria, as to whether you can view each race. Depending on where you are viewing from. For Betfair USA, it is usually $2.00 per race.
Have you ever had a bet on a horse that is leading the race right up until just before the finish line, only to get beaten by a very slim margin? It is heartbreaking to say the least.
Welcome to the in-running betting option of Betfair exchange. You will need to pay attention to the settings instructions carefully. In-running betting is not exclusive to Betfair exchange only. You can often bet in-running with a general betting sportsbook, however, it is often hard to find in-running on horse racing races.
The reason for this is that with sports books the odds have to be created by the odds maker who works at the sportsbook company. Therefore, it is quite hard to be able to update these sports odds in real-time while the race is running. This is why it is a lot rarer to find in-running betting on horse racing, unlike other sports that have a longer duration to the event, such as NFL or soccer, for example.
In running functions
You do not have to wait until the race starts before you can place your in-running bets on horse racing. We mentioned earlier, the vast number of customizable settings that can be found in the Betfair exchange markets. When placing a horse racing bet, you can tick a box called “keep”. This is found on the betslip when you initially attempt to place your back or lay bet on the Betfair USA exchange. The default setting when placing an exchange bet is not keep, the default setting is set to what is called “cancel”. What this means is that if the bet has not been matched i.e., taken by the time the race starts the bet will be canceled.
If you wish to place an in-running bet on a horse, you simply press the option of “keep”. This ensures that the bet will still be remaining in the market while the race is running, and if the odds do touch the odds that you are requesting for it to be backed or laid, it will get matched, providing there is enough liquidity being offered. Liquidity is mentioned further down his page.
Sometimes horses are even matched at odds 1.01, in-running, which is the lowest odds that you can find on Betfair exchange sometimes but very rarely these can still be beaten. A typical example of when this would occur would be if a horse was clear and suddenly fell for an unknown reason.
There are not many times you can say this when it comes to sports betting. Betfair exchange is limitless. Providing, of course, you have the balance to bet with. Also, there needs to be enough “liquidity” for the horse, or selection you are betting on.
If you are unfamiliar with betting exchanges, you most likely do not know what this means. Because Betfair is basically betting against other people, unlike a sportsbook, other people need to be providing you with these betting odds. Sometimes, there may only be $300 available to bet on a horse selection.
Therefore, in this instance, $300 would be your limit until further liquidity was added. It is rare for liquidity not to be added somewhat “quickly”. The general rule of thumb is the bigger the race, in terms of status and prize money, the bigger the liquidity will be. Liquidity is not really an issue a normal bettor needs to worry about. This is more of a concern for real serious professional players. But, even then, Betfair has a solution for this very rare problem. Betfair do, from time to time, employ services called “liquidity makers”, these guys ensure that markets always have ample liquidity to make sure markets rarely run dry.
We think Betfair exchange is a revolutionary part of betting that will serve a purpose for every bettor, from advanced to complete beginner.
We like the fact there is no “vig”, as we explained earlier, this creates value prices 95% of the time. We like the fact that data is readily available, and we can watch race replays at the click of a button. We like the interface for its simplicity, yet surprising depth of functions.
We also recommend the Betfair sportsbook, for having value odds on sports. We like how the clear interface is easy to navigate around and there is a good choice of events to bet on.