Betting on the exchange is very easy and understanding Betfair terms is essential to make your online experience a more enjoyable one. Whether you're an inexperienced punter or novice online bettor, we have made it a bit easier for you by providing some of the most commonly used Betfair terms.
Having a good understanding of the basic Betfair terms will make it that much more easier for you when navigating the Betfair site for yourself.
The most common Betfair terms used for betting on the world's biggest betting exchange can be found below.
A bet is where you risk money on predicting the outcome of an event. On Betfair, a bet takes place between two people or parties with opposing opinions – one who thinks an outcome will happen and another who thinks it won’t.
The odds represent the likelihood of an outcome occurring or a selection winning. With Betfair, the odds are expressed in decimal figures. If you bet $100 on a selection at $4.25, your total return is $425, of which $100 is your original stake. Therefore, your profit is $325. The selection with the lowest odds is considered the most likely to win. As the odds get higher, each outcome is considered less likely to happen.
The stake is the money that you bet on an outcome occurring. If the outcome you predict doesn't’t happen, the stake is the amount of money you lose.
The return is the total sum of money that is paid to you when you correctly predict an outcome. You can calculate the return by multiplying the odds by the stake.
The profit is the total amount of money you win after correctly predicting an outcome. You can calculate the profit by subtracting the stake from the return.
The liability is the amount of money you lose if the outcome you predict does not happen.
Backing a selection to win is the same as predicting an outcome. And if your selection wins, then so do you.
When laying a bet you are staking money that an outcome will not happen i.e. Collingwood will not beat Geelong. You are simply taking the other side of a back bet.
Betfair’s Telephone betting service.
Your first point of call if you need assistance with any aspect of Betfair from opening an account to explaining bet types and navigating through the site. Call the helpdesk on 1800 644 738.
Once logged in, the My Account section can be found at the top left of any Betfair page. My Account houses all your customer information including Telephone Account Number (TAN) and betting history as well as all funding and withdrawal methods.
Betfair has introduced “wallets”, which are separate pools of money that you use to bet on either Australian or non-Australian markets. To bet on an Australian market you must have sufficient funds in your Australian wallet to cover your maximum liability. Australian markets are identified by an Australian flag in the rules tab. To transfer money between wallets go to ‘My Account, ‘Transfer Funds’.
Your Telephone Account Number, located in the My Profile section of My Account. You will need this number to place a bet through Telbet.
Betfair charges you a commission of between 2% and 5% on your net winning position in any market. If you lose in a market you pay no commission. For a detailed explanation visit Betfair Help at their website.
MARKET BASE RATE (MBR)
Every market has a MBR and is the starting point for calculating any commission you pay. The MBR is set at 5% for most markets and can be found in the rules tab on the right-hand-side of any market.
DISCOUNT RATE (DR)
All Betfair customers have a Discount Rate. The Discount Rate is determined by the number of Betfair Points you earn. The more you use Betfair, the more Betfair Points you earn.
Betfair is where serious punters bet, and if you're still betting at your local TAB then you're taking the worst of the odds. We highly recommend you Test Drive Betfair for Free here now to see for yourself how much better their odds are compared to the TAB.
Learn more about how to bet on the exchange with our Betfair User Guide below. Find out how to open a Betfair account, Back or Lay selections on the exchange, utilise in-play betting and more.
Take advantage of much better odds than the TAB at Betfair.
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