Australian Betting Exchange
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YOUR BETFAIR PUNTERS' GUIDE
 
9. UNDERSTANDING THE TERMS
You don't need to know every word in the punting dictionary, but it's a good idea to familiarize yourself with the basic terms Betfair
refers to before you start betting.
BET
A bet is where you risk money on predicting the outcome of an event. On
Betfair, a bet takes place between two people or parties with opposing
opinions ­ one who thinks an outcome will happen and another who
thinks it won't.
ODDS
The odds represent the likelihood of an outcome occurring or a selection
winning. With Betfair, the odds are expressed in decimal figures. If you
bet $100 on a selection at $4.25, your total return is $425, of which $100
is your original stake. Therefore, your profit is $325. The selection with
the lowest odds is considered the most likely to win. As the odds get
higher, each outcome is considered less likely to happen.
STAKE
The stake is the money that you bet on an outcome occurring. If the
outcome you predict doesn't happen, the stake is the amount of money
you lose.
RETURN
The return is the total sum of money that is paid to you when you
correctly predict an outcome. You can calculate the return by multiplying
the odds by the stake.
PROFIT
The profit is the total amount of money you win after correctly
predicting an outcome. You can calculate the profit by subtracting the
stake from the return.
LIABILITY
The liability is the amount of money you lose if the outcome you predict
does not happen.
BACK
Backing a selection to win is the same as predicting an outcome. And if
your selection wins, then so do you.
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BETTING
AS IT SHOULD BE.
P18
LAY
When laying a bet you are staking money that an outcome will not
happen i.e. Collingwood will not beat Geelong. You are simply taking the
other side of a back bet.
TELBET
Betfair's Telephone betting service.
HELPDESK
Your first point of call if you need assistance with any aspect of Betfair
from opening an account to explaining bet types and navigating through
the site. Call the helpdesk on 1800 644 738.
MY ACCOUNT
Once logged in, the My Account section can be found at the top left
of any Betfair page. My Account houses all your customer information
including Telephone Account Number (TAN) and betting history as well
as all funding and withdrawal methods.
AUS/UK WALLET
Betfair has introduced "wallets", which are separate pools of money that
you use to bet on either Australian or non-Australian markets. To bet on
an Australian market you must have sufficient funds in your Australian
wallet to cover your maximum liability. Australian markets are identified
by an Australian flag in the rules tab. To transfer money between wallets
go to `My Account, `Transfer Funds'.
TAN
Your Telephone Account Number, located in the My Profile section of My
Account. You will need this number to place a bet through Telbet.
COMMISSION
Betfair charges you a commission of between 2% and 5% on your
net winning position in any market. If you lose in a market you pay no
commission. For a detailed explanation see page 10 of the guide.
MARKET BASE RATE (MBR)
Every market has a MBR and is the starting point for calculating any
commission you pay. The MBR is set at 5% for most markets and can be
found in the rules tab on the right-hand-side of any market.
DISCOUNT RATE (DR)
All Betfair customers have a Discount Rate. The Discount Rate is
determined by the number of Betfair Points you earn. The more you use
Betfair, the more Betfair Points you earn, the greater your Discount Rate.