Remember when signing up to place a bet somewhere don’t use the first sports book you see it always pays to shop around as the difference between your general sports book and somewhere like Betfair can be huge. The main difference between Betfair and your local betting shop is that Betfair is an exchange, this means rather than betting against the house you are betting against other players. What this means is you get much better odds with an exchange then you would at a sports book since the margins are much lower. Traditional sports books often take a 20% Vig which makes it difficult for even the best better to make a profit.
Betfair make their money by charging commission on every winning bet, they take approximately 5% on any profits you make a bet. So for example if you bet £100 on woods at odds of 50 to 1 and the bet wins you would receive £5000 minus 5% of £4900. If you compare this to a standard sports book you might get odds of around 35 or 40 to 1 on the win which would return over £1000 less. The only major difference using a sports book is you cannot go each way bets so you can only do win only bets. However, you can do bets separately on a top five or top 10 finish. Unlike other betting sites exchanges do not offer signup bonuses in a similar way to your traditional betting sites this is due to much smaller profit margins involved in operating a betting exchange.
Another good thing about betting exchanges is you can lay off certain events. As an example you could bet against Tiger Woods winning an event or even bet against a top-10 finish. This is useful in matched betting which can be used to guarantee profit from using signup bonuses and free bets.
To find out which betting sites offer the best odds visit odds checker. This site compares odds from 20 different websites including the major betting exchanges and top bookmakers. It also lists the each way terms for each website respectively. It is not uncommon to see one betting site offering different each way terms than another