BetFair
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What is Betfair?

Bets on Betfair have been put there by members who either want to bet in the normal way (ie back), or want to offer odds to other members (lay).

Bets are pulled together between people across the Betfare network.

This means that:
You can bet that something will happen (back) or that it won't happen (LAY).
You choose the odds you want to play at
You can bet while  the game is in play, is there is someone acros the network willing to take your bet.

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To Back or To Lay

If you back an outcome (for example an event, a team, a horse, or whatever), you are placing a bet that it will win. This is like conventional betting on the high street.

If you lay it, you are betting against it happening. Eg, if you are laying a bet on which football team will win the Premiership,  you offer odds to other betters who want to back a particular team, say Newcastle United. If Newcastle Utd don't win, then you pick up the stake. If Newcastle Utd win, then you have to pay out. It is what book makers do.

You will never know the details of the individual that you are betting against, and your privacy and the confidentiality of your bets is maintained by Betfair's secure site.

Choose odds

On Betfair you always have choice of which odds to accept. If you want higher odds than are available, you can advertise on the site for a better price, but you will need to be realistic because you will need to find somebody who is prepared to lay at those odds.

Make sure you look at the odds before a game and you will see them go up and down as people back and lay their bets. The odds often improve nearer to the start of the event (or end), as more and more people come into the market.

This is BetFair. It is the ultimate fair betting exchange, because you have complete transparency and choice over your bets. Because it is an Internet exchange, it is highly efficient meaning that you will generally achieve more favorable odds at Betfair than at tradional bookies.

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You Do Not Pay Tax at BetFair

Commission

You do not pay tax at Bet Fair, and you only pay commision on your net winnings on each market (eg football, dogs etc). This is particularly good news if you have multiple bets on one market such as the Premiership-Winner market. You may win some bets and some may lose, however you only pay commission on your NET winnings. You won´t pay commision if your NET is less than 0