We always get asked the question of who is the best bookmaker and today we are concentrating on two of the very best that are Bet Victor and the Betfair Exchange. The reason we are going with these two will be highlighted below as there is a major difference between the two in the way that they operate and we will be giving vital information on the difference between a traditional bookmaker and a betting exchange.

Pros

  • One of the most user friendly site of all bookmakers.
  • Lots of diverse markets which is great for stats betting.
  • Exceptional customer service.
  • Quick payout and withdrawal.
  • Loads of liquidation which means you will rarely be limited on how much you can bet.

Cons

  • A high percentage turnaround like many other traditional bookmakers. (Explained below)
  • Odds on par with most other bookmakers but not in comparison to Betfair.

How does a bookmaker make money?

Seems like a pretty standard question to answer however it is amazing how many people have no idea of how percentage turnaround works. Without this a bookmaker would simply not be able to operate however for a punter this is not good because it always put you at a disadvantage before you even start. This is why with our betting tips we are always recommending using a number of bookmakers as well as the Betfair Exchange as we are always searching for the best prices around so you are not short changing yourself. Below is a hypothetical scenario of how it works.

Over 2.5 Goals - 1.83

Under 2.5 Goals 1.83

This is a pretty good example of how a traditional bookmaker will price up an over 2.5 goal market. The percentage turnaround here would be 17% which means that whatever the outcome Bet 365 are always going to have that 17% advantage. If you were to put £1000 on both over and under 2.5 goals your profit would be £830 however you would also lose £1000 so overall you would be down £170 or 17% of your total stake. If you are somebody that only has a flutter now and again then of course this is not such a problem but if you are somebody that is genuinely trying to make money from betting then using one bookmaker is not smart at all as you will always have that disadvantage before you even start.

Conclusion

As far as traditional bookmakers go Bet Victor are without doubt the best around. If you are someone who only has a punt on the weekend and does not take their betting too seriously then this is the bookie for you. If you are serious about improving your profit margin however my advice is to have a number of accounts with different bookmakers to search for better prices. You also absolutely need a Betfair account and below I will give my reasons why.

Betfair

Okay so here and the pros and cons of using the Betfair Exchange.

Pros

  • No percentage turnaround.
  • Prices far more accurate which normally leads to more profit.
  • Very user friendly.
  • You can act as the bookmaker. (Explained below)
  • You can make money without having to wait on the outcome. (Explained below)

Cons

  • Less market diversity.
  • Not as popular as Bet Victor. (Not really a bad thing though)

How does Betfair make money from the exchange?

The first thing you need to know is that when you use the betting exchange you are not actually placing a bet against the book. You are actually placing a bet against another individual. This is great because not only can you back an outcome happening you can also back against that outcome happening which is essentially what a bookmaker is doing when it is accepting your bet. This means that you can simply act as the bookie or the punter which can be used to your advantage and you can actually make money this way without even having to wait on the outcome on the bet. In the trading world we call this greening up. In the near future I will do a separate article for this as I can go in to great depth with different strategies that can be used in order to green up.

With regards to how Betfair makes its money from the exchange it is simply down to charging a small percentage of each bet you win. I am a very experienced user of Betfair I still only get charged 6% of each win so for someone who is new to Betfair you will be charged less than this so in comparison to a 17% percentage turnaround on a traditional bookmaker it is easy to see which gives more value for your betting.

Conclusion

Being someone who gambles for a living then for me Betfair is absolutely the best choice around. I will mostly use Betfair for in play betting as well as the more popular markets on popular leagues. Bet Victor will be used more for stats betting such as corners and cards. Both are excellent choices though and depending on your needs I would certainly pick at least one of these two bookies.