The English top flight kicks off on Friday night and the Exchange allows punters to be on both sides of the wager
On the only previous occasion that the Reds started a league season at home against the Canaries, they won 1-0 and went on to win the top-flight league title ahead of Manchester City in second (1976-77).
What is the Betfair Exchange?
The Betfair Exchange is the world’s largest sports betting exchange. It follows the model of a stock exchange but replacing share trading with betting odds on events in the world of sport, politics and entertainment.
On any betting market, there are two sides of the bet. On one side, there are those who think an event will happen (backers) and on the other, those who think it won’t happen (the layers).
The Betfair Exchange allows customers to bet against each other rather than a traditional bookmaker, meaning players can set their own odds which may be longer than regular sportsbooks.
Backers and layers get bets ‘matched’ as long as they agree on a price (the odds) that an event will or won’t happen.
How does the Betfair Exchange work?
By matching customers, rather than taking the risk itself, the Exchange provides the option to ‘lay’ – betting on something not to happen.
Betting against other customers removes the need for the margin that fixed-odds bookmakers incorporate into their prices and provides the opportunity for a more efficient marketplace, which is why you can often get better odds on the Betfair Exchange. Instead, customers pay a small commission, but on winnings only.
For instance, ahead of Sunday’s clash between Manchester United and Chelsea, someone may know that United have lost more Premier League games (18) against the Blues than they have against any other team.
This could lead them to look to oppose Ole Gunnar Solskjaer’s men on the Exchange, by “laying” them (betting on them not to win) at the available odds of 13/10 (2.30). This makes them the layer.
Another user, however, may know that United have won more opening fixtures than any other side in the Premier League, and choose to back them on the Exchange at the better price than the 6/5 (2.20) available on the Sportsbook. This makes them a “backer.”
How do I sign up to the Betfair Exchange?
To sign up, simply follow this link or any of the relevant ones on this page and simply register for an account as usual.