What is Back betting?
Back betting is what you might have done with Bookmakers or the TAB, and is essentially the punters traditional style of betting. Back betting is betting on an outcome to happen.
An example is if you place a Back bet on a horse in the Melbourne Cup, you are betting on that horse to win the race. If it doesn’t come first, you will lose your stake. If your horse places first, you win.
Why Back bet with Betfair?
Better Odds – On the Betfair Exchange you are betting against other Betfair punters from all around the world, just like you. This means that the price is a true reflection of supply and demand (the market), rather than one entity managing the price like traditional Betting Shops do.
Set Your Own Odds – When you place a Back bet you can take the current price on offer, or enter in the odds you choose. You aren’t guaranteed to get it matched if you set your own odds but if the price of the selection you want changes to meet the price you want, it will be fully matched provided it meets the same stake amount you entered. Markets are constantly fluctuating just like a Stock Exchange, the market depth will provide you with the best guide as to whether or not you will be matched. You can be matched without having to constantly monitor the market.
The Betfair SP – Put very simply the Betfair SP is a price that is automatically generated at the start of an event and is calculated based on the bets placed by both backers and layers in any market. There is no margin built into the price, meaning you will get a true reflection of the market. Find out more on the Betfair SP.