Racing 101

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 What are fixed odds?  

 

When you place bets on the Betfair Exchange – the price your bet is matched at is the price you’re locked in at. The prices in the market are available to customers and regardless of what happens to the price of the horse afterwards.      

   

What are decimal odds?  

Decimal odds give an indication of total return, should you win the bet (where return is the total you receive back from a winning bet, i.e. Stake + Profit). To convert fractional odds into decimal odds, simply add 1 on to the completed fraction to include the stake. Use the betfair odds converter here     

For example, 8/1 can converted to decimal odds is 9.0. To calculate the potential return from a winning bet, simply multiply the decimal odds by the stake -  e.g. a $10 back bet at decimal odds of 12.0 (11/1) will return $120 ($110 PROFIT + $10 STAKE)     

   

How do I simply place a bet?  

To place a bet, click on the price you want (blue box to bet for, pink box to bet against). Confirm the odds you want to lock in and the stake you’d like and click “Place bets”.      

   

What is Cash Out?  

Where the odds on a horse have changed since you placed your bet, Betfair offer you the opportunity to cash out your bet on selected races. This means;     

1. If the odds have shortened on a horse since you locked in your odds, you can cash out to lock in a consistent profit, regardless of the outcome  

2. If the odds have lengthened on a horse since you locked in your odds, you can cash out your bet to limit your losses     

   

What is Betfair Starting Price?  

As well as offering standard exchange wagering, Betfair offers the chance to bet at Betfair Starting Price. Similar to the price you get when wagering through the Tote system, you do not know what the Betfair SP for a horse will be until the start of the race.     

How does commission work?  

 Betfair charges a commission on your net profit on a market whether you’ve back one or more runners. If you have a net loss on a market you do not pay any commission.     

   

Who are Betfair?  

 Betfair is part of FTSE 100 listed Paddy Power Betfair plc. Paddy Power Betfair is the world’s largest listed online gaming company and runs the TVG Network in the US and 4NJBets and the Betfair Casino as well the Betfair Exchange in New Jersey.     

   

Where can I find out more?  

 Please visit https://exchange.us.betfair.com/#/ or search ‘betfair exchange’ in NJ. Alternatively, visit the Exchange education hub here