Bet fair, a British firm introduced the betting exchange few years back and now the company has developed so rapidly that conventional bookmakers set the betting prices for many sports including horse racing. Therefore, bookmakers have to contact and consult the betting exchange to know about the happenings of racing in the betting exchange.

This betting exchange allows punters to place bets at odd sets. Members need to place back bets (regular bets on selection for winning) as well as lay bets (against the selection) that eliminate the role of a traditional bookmaker.

Bet fair makes use of decimal odds. These codes are easy to calculate as compared to fractional odds. The bookmaking model thus brings two separate entities of opposing views. Therefore, it makes odds 20 % better as opposed to bookmaker's odds. Bet fair punters can also offer their own odds and company may charge a little commission on all bets that person wins.

The commission is mostly uniform for many markets, which is 5%, and it is possible for individuals to reduce the commissions to 2%.

Horse Racing On Bet fair:

Select the horse: First, you need to select the class of horse in the betting exchange. If a horse had five races in one year then divide the total winnings of the horse in that year by the number of track races which it ran.

However, what if a horse has earned high amount, but did not participate in five races in a year, in such case divide the net earnings by the number of races it ran in that year. Select the horse that has the highest average winnings.

Select the jockey: Choose the jockey having highest winning percentage.

Trainer: Select the trainer having highest winning percentage.

Speed: Consider the highest speed of the horse in the last sixty days.

After choosing the horse, place your bet. Assign percentage to each horse and convert these percentages to odds. It means you need to assign 10% for the horse possessing the qualities as described above, and assign each 10% to other factors as well. Later add all these percentages with the percentage of the horse. You will think that the horse may get more than 70%, but most of the times the best horse does not even come closer to 50%.

You need to determine odds by transforming percentages into fractions and then compare them using the table on your computer screen. For instance, you need to assign 1/2 fraction for the horse 50% value. It means you can expect the horse to win in the half time.

Betting:

You can back or lay on any figure on the exchanges and you can lay as well as back the same selection again. In fact, this is one best approach to back the chosen horse at may be 12.00 (11/1) and lay at 9.00(8/1), because you will still make money even if your horse loses the race. There are few other aspects, which you master only after participating in the betting exchange. Thus, this is how you can bet on horse racing in Bet fair.