Betfair odds can be confusing to new players at first. They were like a foreign language when we first started betting, and we had no clue how to use them properly. However, once we eventually figured them out, everything clicked.
After doing so, we’ve decided to write this guide, so you don’t have to figure them out all on your own. We’re going to explain how they work and everything there is to know about them in the simplest way possible. On top of that, we’ve even included some advice that’ll help you place better bets and improve your experience.
Facts
What are Betfair odds?
Simply put, Betfair odds show you how likely something is to happen, and they tell you exactly how much you stand to win if your bet comes through. What makes Betfair different is that they’ve got two separate platforms. During our Betfair review, we spent time on both, and honestly, and can say that they’re quite different.
The Exchange is quite the same as a betting marketplace, and only uses decimal odds. You can either back something if you reckon it’ll happen or lay something if you think it won’t happen. In other words, you’re basically the bookmaker, and you play against other players. We really like it as it gives you the option of putting your own price and seeing if anyone bites if you don’t like the offer price.
The Sportsbook uses both decimal and fractional odds, and is not the same as other betfair alternative, such as bet365 and Ladbrokes. Betfair sets the odds; you take them or you don’t.
The Exchange typically gives you better odds, and there’s a good reason for that. Traditional bookies build their profit margin into every price they offer. The Exchange doesn’t include that margin. Instead, Betfair just takes a tiny commission when you win.
How do Betfair odds work?
Decimal odds are better than fractional odds when it comes to simplicity. Fractions like 5/1 make you calculate winnings separately from your stake. Decimals give you everything in one number, which makes it easier to compare several bets. Odds translate directly to probability, which is useful. Divide 100 by the decimal odds and you’ve got your percentage. Odds of 2.0 equal a 50% chance (100 ÷ 2.0). Higher odds mean lower probability.
Check out this table for an even simpler explanation:
| Odds format | What it means | Example calculation |
| Decimal odds | Everything you get back | 3.5 odds × £10 stake = £35 total (your bet plus £25 winnings) |
| Fractional odds | Winnings only, stake separate | 5/2 odds on £10 gives you £25 in, plus your £10 back = £35 |
| Probability | Actual chance of it happening | 3.5 odds = 100 ÷ 3.5 = 28.6% likelihood |
Simple, isn’t it? Before we continue, there is one more thing to bear in mind. Odds change constantly. For example, they can change when a player gets injured, the weather turns nasty, or many people bet on one outcome. The price when you click “place bet” is what you’re locked into, so always check it before confirming.
Betfair Exchange vs Betfair Sportsbook odds
We’ve discussed how these two platforms work completely differently. However, we haven’t discussed how to figure out which one is the right one for you. Exchange odds are almost always better in our view. This is because you’re cutting out the bookmaker’s margin entirely. Instead of Betfair profiting from lower odds, they just skim a small commission off winners.
The Sportsbook works differently. Betfair’s traders price everything up and integrate their share into the odds. They give lower odds than pure probability suggests. However, the Sportsbook offers some features that the Exchange doesn’t, such as accumulators, more diverse markets, and promotions, including william hill promo code. One more thing to keep in mind is commission. The Exchange charges roughly 2-5% on your winnings, while the Sportsbook doesn’t charge commission at all, but you’re already paying through reduced odds.
So, which one should you use? From what we’ve seen, more experienced bettors who do their own research prefer the Exchange for value, especially on big markets. Meanwhile, the Sportsbook’s better for quick bets and grabbing special offers or exotic bet types.
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Our tips for using Betfair betting odds
As we mentioned in the beginning, we would like to share some advice with you. So, here it is:
⚖️ Favorites vs Underdogs
It’s important to understand these two. Favorites carry short odds, typically under 2.0. They’re expected to win but give you less. 1.5 odds roughly translate to a 67% winning chance. Underdogs sit at longer odds, such as 5.0 or 10.0. Although they are less likely to win, you stand to win more if they come through. For example, imagine Manchester United is set to play against a League Two side in the FA Cup. United might be 1.3 favorites. The minnows might be 8.0. Your job is figuring out if those odds make sense given current form, injuries, and motivation levels, or figuring out if there is value to be had.
📱 Using the Betfair app
We downloaded the Betfair app to gauge its service. It’s genuinely great as it offers live odds, quick betting, cash-out functionality, and it works on iOS and Android devices. Therefore, be sure to use it as well. You can switch between decimal and fractional odds in settings. We found it easy to scan odds across multiple matches and whack bets within seconds. Push notifications tell you when odds shift on your active bets, which is handy.
📊 Setting your own odds on the Exchange
We’ve talked about this above. It is another interesting feature as it gives you the option to click on your selection and manually change the price using arrows if you don’t like the available odds. Your bet sits as an open order until someone matches it. Say Chelsea’s showing at 2.8, but you reckon they should be 3.0. Request 3.0 and wait for someone to take it. If someone does take it, you can get better value than was originally on offer.
🔍 Don’t rely on odds alone
Odds are important, obviously, but they’re not everything. Research team form, injury lists, weather forecasts, historical head-to-heads, everything relevant. Combining solid research with competitive odds is your best route to finding value and winning constantly. As we’ve talked about in our review, no bettor or bookie, for that matter, can predict the future. It’s important to remember that odds reflect collective opinion, not guaranteed outcomes. Your edge is spotting when that collective opinion’s mistaken.
🛠️ Use responsible gambling tools
Betfair provides decent tools for staying in control. For example, you can set deposit limits, loss limits, and time limits in account settings. Self-exclusion is available too, should you need it. Betting should be for entertainment, not a source of stress or income you’re relying on. If it ever feels problematic, exclude yourself immediately.
Pros and cons of Betfair Odds
Betfair odds have definite advantages and a couple of drawbacks you should know about.
Pros and Cons - Exchange beats traditional bookies for value
- Odds update constantly
- Request your own odds and wait for takers
- Built-in calculators make return calculations easy
- Commission gets deducted from Exchange winnings
Betfair odds offer real value when you know the ropes
You can use Betfair betting odds to bet on plenty of sports, ranging from football, tennis, racing, to boxing. Odds shift with news, market activity, and betting patterns. Decimals keep calculations simple, whether you’re backing 1.5 favorites or 10.0 outsiders, while fractions can be more complicated.
The Exchange is interesting as it gives you the opportunity to play against other players, giving you better odds in the process. On the other hand, the Sportsbook is your traditional sportsbook and works for quick accumulators.
We hope that we have made Betfair odds simple to understand. If so, take what you’ve learned here and click on our banners to check if Betfair is available in your area and start betting.
Betfair betting odds FAQs
- 🔢 What kind of odds does Betfair use?
It depends on whether you use the Exchange or the Sportsbook. The Exchange only does decimals, while the Sportsbook lets you flip between decimals and fractions if you prefer the old-school format.
- 📊 How are Exchange odds different from Sportsbook odds?
Exchange odds are generally better because bettors set them, not Betfair. There is no bookmaker margin, just commission on winners. Sportsbook odds include Betfair’s margin but skip commission charges. Exchange odds also fluctuate more based on market activity.
- ✏️ Can I choose my own odds on Betfair?
Yeah, but only on the Exchange. You can adjust the price manually and submit it as an order if you don’t like their odds. It will sit there until another user takes the opposite position.
- ❌ What does it mean when odds are unmatched?
Unmatched means nobody’s accepted your bet yet. The Exchange requires someone to take the opposite view for every bet. If nobody matches your requested odds before the event starts, your stake gets returned. You can cancel or modify unmatched bets anytime.