What is Betfair starting price in betting?
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Betfair Starting Price history
Betfair starting price (BSP) is a system used in betting that calculates the odds and payout based on the total amount of money bet on a particular selection. This system is used by Betfair, a popular online betting exchange, and is often compared to traditional bookmakers’ starting prices.
BSP was introduced as an alternative to fixed-odds betting. This system was created to offer users more accurate odds and better value for their bets. BSP is calculated based on the total amount bet on each selection, making it reflective of market sentiment. Over the years, Betfair has further refined the BSP system, introducing features such as guaranteed BSP and improving liquidity by offering more events and markets. Additionally, the BSP has proven to be popular with users, especially those who are looking for better value and in-play betting options. Today, Betfair is one of the largest online betting exchanges in the world, and the BSP system remains a popular feature among its users.
When it comes to traditional bookmakers, the starting price is the odds offered on a selection at the start of a race or event. These odds are usually based on the bookmakers’ expert knowledge and the amount of money bet on the selection. In contrast, BSP is determined by the amount of money placed on a selection on their betting exchange.
When you place a bet on Betfair, you are essentially betting against other people instead of a bookmaker. Betfair acts as a middleman between the bettors, taking a commission on every bet placed through their platform. The BSP is calculated based on all the bets placed on Betfair, with the total amount of money bet on a particular selection determining the odds.
Example of system application
Let’s say there is a horse race, and there are 10 horses running. The total amount bet on the race is $10,000, and $1,000 of that is on horse #5. The BSP for horse #5 would be calculated based on the proportion of the total money bet on that horse. In this example, horse #5 would have a BSP of 1/10 of the total amount bet on the race (10%) since $1,000 is 10% of the total $10,000 bet on the race.
Advantages of the Betfair Starting Price System
- More accurate odds.Unlike traditional bookmakers, the Betfair starting price system provides users with odds that are calculated based on the amount of money placed on a particular selection. As a result, the odds are more accurate and reflective of market sentiment, making it easier for users to make informed betting decisions.
- Better value.The BSP system often provides better value for users since the odds are calculated based on the total amount bet on a particular selection. This can result in higher payouts for users who win their bets.
- In-play betting.Betfair provides users with the ability to place bets while a race or event is still ongoing. This allows users to take advantage of changing market conditions and potentially win more money.
Disadvantages of the Betfair Starting Price System
- Limited selections. One of the major disadvantages of the BSP system is that it is restricted to the selections on the Betfair. This means that users may not be able to bet on certain selections or events that they are interested in.
- Platform fees. While the BSP system can provide better value for users, Betfair charges a commission on every bet. This commission can reduce the amount of money that users win in the long run.
- Liquidity issues. The BSP system relies on the total amount of money bet on a particular selection. If there are not enough users betting on a selection, the odds may not be accurate or reflective of market sentiment. This can result in lower payouts for users who win their bets.
Overall, the BSP system used by Betfair offers a unique approach to betting. It provides a more efficient way to calculate odds and payouts. Whether you are a seasoned bettor or new to betting, understanding the BSP system can help you win. Know more about other betting guides – visit Free Betting Reviews for more tips.
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