10 Commandments of Sports Betting
- Have several betting accounts to search for value
- Always be informed, knowledge is power
- Never bet on your own team
- Not every day is a betting day – pick your spots
- Have a staking plan to control your urges
- Never (ever) chase losses
- Follow your sportsbooks on social media sites (they have specials)
- Avoid adding big favourites to parlays/accumulators
- Don’t get tempted by casino games
- Enjoy it!
Betting exchanges are fast becoming one of the best ways to maximise your profit on your sports betting. Because the odds are provided by you, and other bettors, the odds are normally more generous than those offered by online sportsbooks because there is no margin required in the traditional sense. The exchange operator (for example Betfair) simply takes a small percentage of the winnings to cover their costs. Always factor this commission in when looking at the odds.
Betfair has become the market leader in terms of betting exchanges and have filled a vacuum that existed for online bettors. Customers choose their odds based on what other users are offering, as a ‘lay’, and in return for a whole host of advantageous odds users pay a commission on any winnings made on the exchange, between 2 and 5 per cent.
On Betfair and other betting exchanges, every bet has a backer and a layer. Once a bet has both, at an identical price and stake, the bet is matched. Here’s a quick video to break-down exactly what backing and laying mean on online exchanges:
As you bet with Betfair you build up a discount rate, which reduces the amount of commission you pay on your net winnings from the market. More frequent punters will get a reduced commission which scales all the way down to 2%.
If you’re still unsure on how an exchange works, sit back and watch this brief video from Betfair which shows all the additions they have made to their service in October 2012. They now offer fixed odds as well which means more options on accumulators/parlays and a whole lot more.