Trading Basics – Betfair Settings
Knowing what is available in your Betfair settings will help you understand the betting exchange platform better.
One of the major benefits of betting exchanges from a backing point of view is that you can obtain better prices, than the betting with traditional bookmakers.
That said; what confuses punters is the commission structure on platforms such as Betfair, this leaves then a little unsure on what they will win if their bet is successful.
Let us take show you can always know what you will win!
Knowing Your Commission Through the Betfair Settings
In the settings on the Betfair you have to check two boxes to display your potential winning minus your commission before you place a potential bet.
- Display Net of Commission
- Display 'What If' Figure
You only have check these boxes once and every time you login Betfair you see your potential winnings after your commission has been added.
In the screenshot above of the 1:20 Plumpton shows the actual profits after commission if you were to back the favourite (Baron Alco) at 2.42.
You can see the profits will be just over £136.00.
This means that you're effectively backing the horse at 2.36 and this price can be your measurement against the bookmakers prices.
In the screenshot below taken from Oddschecker you will see that Baron Alco is available at 2.38 with quite a few bookmakers.
What this means; if you wanted to back the favourite in this race, then you're getting slightly better odds with the bookmakers than on the exchange.
You will notice that all the bookmakers prices are blue on Baron Alco.
This an indication that price of the favourite has shortened or is continuing to shorten in price.
If you see a bookmaker with a better price than the exchange, it's worth actually visiting that bookmaker to see if the price is still on offer.
Sometimes the price you see is not the price that is actually on offer due to a delay in the odds feed, so always double check that you can get the bigger price.
Lets say you wanted to place a £10 bet on Solatentif in the race, the best price on offer is 10.0, meaning that you will win £90.00 if the horse wins.
Placing £10 on the horse on Betfair you will collect £91.10 if the horse wins, which is slightly higher than with the bookmakers.
Also you will notice that their is no money available at 11.0 and in the original screenshot of the race (scroll up) there was £14.00 available.
This means if you ask for 11.0 on Betfair there is a good chance that you will be matched.
You will be first in the queue and through Oddchecker there is a strong indication that Solatentif has been drifting in price (all pink).
If your bet is taken at 11.00 then your winning would increase to £95.90, meaning that you would make £5.90 on Betfair than betting with the bookmakers.
At odds of 11.50 would take your potential winning just over £100.
Ensuring that you obtain the best prices when having a bet will have a major impact on your overall profitability.
It doesn't take to long to cross-reference prices and you only have to check the display net of commission and display 'what if' figure boxes once in your settings.
Remember the 'Best Odds Guaranteed' that you get with some bookmakers.
So if you see a price with them that is bigger than the exchange price and you can secure this concession as well then it's happy days.
Not only have you obtained the best price you can get at that moment, but if the price is bigger at SP then you will get that price.