Gambling has been part of our society from day one. This pastime has seen its fair share of controversy over the years and yet it has taken on the online world with such fever that it is accessible from anywhere and at any time. The sports world itself has been a huge contributor to the world of gambling much like the casinos. However, sports betting in many countries around the world is illegal. This is an attempt to eliminate match-fixing and other illegal activities which have plagued the sports industry over the years.
As human nature is, though, with the introduction of many online sports betting Bookmakers, sports fans now have the ability to bet on games, matches and races anywhere in the world without the threat of legal action. This is because the betting is done outside of the specific country where sports betting is treated as an illegal activity.
Like with every other online activity, online Bookmakers have been making a lot of money from not so savvy gamblers. And as a result, in 2000, two young guns – Andre Black & Edward Wray – launched a website called Betfair which as the bookmaker’s sites, works on the principle of bet trading. Sports Bet trading is the process of buying and selling and it doesn’t rely on choosing a winner. It is somewhat similar to stock trading where you buy in at lower prices and sell at higher to make a profit. In bet trading, buying is known as backing and selling is known as lay.
Sports betting vs Sports trading on Betfair
In sports betting, you are placing a bet for your chosen odds to happen. It’s the bookmaker that calculates the odds and you are relying on your odds to eventuate in order for you to gain a winning, depending on the odds calculated.
Sports bet trading, though allows you to do both, you may place a backing bet once again depending on odds to be realized. However, you can place a lay bet which means that you also bet against yourself if you were to lose. So, in this bet trading instance, you actually make a profit regardless of whether you have the winning odds or not.
Market odds movement charts
By using a sports betting exchange service like Betfair, you have access to advanced trading charts which give you detailed information on history real-time odds movement and even across many different markets. This means more than one country and many different sports.
If you were to go through an online bookmaker website or your local sports bet franchise, you would only have limited information on the given odds for the upcoming games, and most importantly the odds are controlled by someone else. It’s important to know that once you place a bet your job is done, and you cannot control your buyout.
One click betting and user experience
One-click betting, in this particular instance both the sports betting sites and Betfair have quick one-click betting access on all types of platforms, PC, tablet, mobile. No matter where you are, so long as you have access to the Internet, you are able to access your platform and place your bets or trade your bets.
The only point of difference with the Betfair platform is that on a mobile device, you do not have access or easy visibility to all the software features and as such, it is somewhat limited in its user experience.
Detailed betting history statistics
Betfair provides their users full market access complete with most up to date statistics on the market as a whole. And, this comes with a detailed overview of your own history in trading, trends as well as wins and losses which allows bet traders to make better informed and less risky decisions.
Sports betting bookmakers do not have such detailed data and statistics available for its users. Instead, it is treated quite a lot more as purely games of chance or a gambling platform.
Platforms like Betfair will take a percentage of your earning for the use of their platform which includes the detailed dashboard and market data. And although there no other user costs, the percentage commission is about 5%.
With the sports betting websites, there are no fees or commission takes from the use of their services. However, being that they themselves are the ones calculating the odds and literally making the play, they rely on not so smart gamblers to make their money and they tend to do quite well in making significant profits.
How do bookies and Betfair make money?
Sports betting websites are just like the traditional bookies and are in it to make money for themselves. It is a regular occurrence that some sites will block, limit or close down players accounts if they tend to have too many winnings or start winning too often. With bookies, if you win they lose.
With platforms like Betfair there is no limits to your winnings. As such, they will never limit or close your winning account and the reason for this is the fact that Betfair is not an oddsmaker. Instead, they simply will charge a percentage of your winnings so the more winnings the more commission Betfair take on.
Sports trading software
You can do sports trading on Betfair platform itself, but professional Betfair traders use sports trading software like Geeks toy or Traderline. There are much different software available specifically for the different sports including horse racing, football, rugby, baseball, just to name a few. It is this software, however, that allows through statistics and odds. It allows for proper tracking of your trades and ensures better returns with the right type of skill and experience.
Sports betting in itself is really not complicated as you choose your team you back them to win decide how much you want to play and that’s about as complicated as it is.
Although the idea of Sports Bet trading might sound lucrative, if you are envisioning easy money, I suggest you take a breather because too many gullible and inexperienced traders have lost some serious money. After all, it is gambling and it can become a serious problem. If you are still interested, though, make sure you do your homework. There is so much information online these days, so hop onto some forums, talk to someone who knows what they are doing and keep your wits for you.
Remember, if it sounds too good to be true, it probably is. Think of how many hours each day Stock brokers spend on their computers and phone meetings, and remember that they’re not having fun. It’s exactly the same here for someone with sufficient know-how, emotional control and capacity to say NO, bet trading can be a lucrative business. Are you one of those people?