The Market View is the main market interface for all types of betting. It is made up of 2 elements:
- Backing and Laying Market
- Bet Manager
- Backing and Laying Market
The Backing and Laying Market is where all selections are listed for a particular market. It is made up of 3 elements:
- Selection Name
- Odds Display
- Book%
Selection Name
Clicking on the selection name will launch the selection history chart, offering you odds info and statistics regarding the selection.
Odds Display
Betfair uses decimal odds which are inclusive of stake. So, a winning bet of ?10 at odds of 6 would result in a return of ?50 profit + his ?10 stake =?60.
All odds at Betfair are displayed from the backer’s point of view. If you see 6 and ?10 on the ‘Back’ side of the screen, you may also see 7 and a stake of ?10 on the ‘Lay’ side of the screen. The 7 is a bet posted by a backer who wants to back that selection at 7; he/she wants better odds than 6. If you match this 7 bet for the full ?10 requested by clicking ‘Lay’, you’ll be betting against that selection and you’ll be risking ?60 to win ?10.
Decimal Odds
All Odds quoted on Betfair are ‘Decimal’ Odds. Decimal Odds differ from the Odds traditionally quoted in the UK in that they include your stake money as part of your total return. If you place a bet of ?10 at Decimal Odds of 4.0 and win, then your total return (including stake) is ?40. In the UK this would be quoted as 3/1, returning to you winnings of ?30 plus your original stake of ?10.
Decimal Odds are simpler to use than Traditional Odds, and are the most common form of Odds quoted in countries outside the UK. In addition, for the mathematically minded, Decimal Odds relate more closely to probability: in a race with four equally-matched horses, the probability of each horse winning is 25%.
Each horse will have Traditional Odds of 3/1 or Decimal Odds of 4.0. Hence, the probability of an outcome equals 1 divided by its Decimal Odds (1 / 4.0 = 25%).