Betting to win is gaining very much in popularity lately. People bet on the eventuality that an even will happen, and if they are right, they make profit. The amount of this profit is set by the odds the event was given. The odds depend on how probable it is for an event to happen, and so it's obvious that if you see low odds for an event you immediately know that it has great probability of happening. The event which has the lowest odds is commonly referred to as ?favourite?.

Until a decade ago, the betting was done in one standard way, using the help of the bookmaker. He was the person empowered to set the odds, and the only thing you could do was to make up your mind whether to accept those odds or not, bet or not bet. This method is still widely used, but Betfair managed to come up with something better. The <---****HYPERLINK****--->"http://www.horseracingmaster.com">Betfair odds transformed the world of betting, giving players the opportunity to take or offer odds on their own.

It may sound a little hard to comprehend, but the truth is that it's very easy to do. I mean, you can bet that an event will happen or will NOT happen. If somebody wants to bet Andy Roddick will not win at Wimbledon, he can totally do that. This procedure is called laying by the way. Lay betting allows you to be the bookmaker, which implies that others will back that specific event (you know backing, it's the standard betting which you got used to, betting that an event will happen).

<---****HYPERLINK****--->"http://www.horseracingmaster.com">Betfair has adopted decimal odds, putting the fractional odds aside. The company is British and fractional odds are specific to the UK, but Betfair decided to use the decimal odds, which are used in the rest of Europe.

The Decimal odds are different from the fractional odds in one essential way: they include your initial stake as an integral part of your total return. If you place a ?10 bet on an event which has the decimal odds 5.0, you win ?50 (including your initial stake) if you are right. With fractional odds, this would be represented as 4/1, and you would win ?40 which is the profit and ?10 which is your initial stake. Decimal odds simplify a lot the procedure, as you can see.

Having the opportunity to set your own odds is essentially what makes Betfair such a success and it is considered revolutionary among the online betting community. So first try understand how to play your Betfair odds right, and good results will be waiting for you.