A type of bet in which you promise to pay a fixed amount (bet size) to the counter party if the selection you are backing never wins.
On the other hand, if it wins, you will receive a payout in the amount of your bet size multiplied by the price of your bet. So your net profit will be amount*(price – 1).
Example: if you back £10 at 2.44, your profit will be £10*(2.44 – 1) = £14.4 - 5% commission = £13.68. Your loss (in case the bet does not win) will be -£10.
Backing is the kind of bets every bookie accepts from customers. People often back on favourites, but they get low prices, so their winnings can be small.
BetFair is an online betting exchange which our products are designed for. It is said to be the most popular, versatile and convenient online exchange.
An exchange is different from a bookie in that if allows you not only to back an outcome, but also to lay it (betting against its happening).
BetFair supports betting in all major sports events, with horse racing, Greyhound racing, football, tennis and cricket being the most popular markets. Millions of pounds get matched on BetFair every day. The exchange offers excellent, fast support and a wide variety of tools to equip you with the best betting techniques.
Learning to bet on BetFair only takes about half an hour, and you can try your hand at it with test accounts in products such as MarketFeeder Pro.
A bet is a transaction between you and the other bettor in which you agree to pay each other depending on the outcome of the event you are betting on or against.
There are two types of bets on BetFair:
Bets are placed on selections in markets.
Bets can be real (if they are made with real money in your balance) or test (see Test Mode).
Bets have such attributes as price, amount and persistence.
If your bet is accepted by some other bettor, it is called a matched bet. If it is not yet accepted, it is called an unmatched bet.
In MarketFeeder Pro, a bet can have a lifetime at the expiration of which the bet will be automatically cancelled if still unmatched.
Here is how bets are displayed in MarketFeeder Pro:
A betting bot is a program that, once configured, is designed to automatically pursue a certain betting strategy, without any significant input from its user. Betting bots can come pre-programmed by their designers/sellers or they can be furnished with settings and tools to set up customised betting strategies.
For instance, a betting bot can run a certain staking plan, such as a Martingale or the multiple-step loss recovery plan.
While MarketFeeder Pro is often called a bot, this is not technically correct. It is a bot designer – that’s closer to home. It allows creating, testing, running and controlling various betting bots for both backing and laying.
BetFair offers a selection of betting bots.