How to Get a Green Book at Betfair
Since the inception of this online betting giant in 2000 it was constant investment in innovation and novelty that followed Betfair on their way to cementing their place at the top of the table when it comes to online betting operators.
As a user-oriented bookmaker, Betfair invented the concept of an Exchange which revolutionised the online betting industry. Defying the tides of change however, a Green Book concept remained at the epicentre of every player’s betting strategy.
What is a Green Book?
A holy grail of betting, Green Book is a concept that relates to trading with a simple aim of locking in profit regardless of the outcome of an even you bet on.
It’s all about creating a position on a market where players are able to limit the risks and put themselves in the green no matter the outcome. Green Book allowed Betfair to strengthen their leading position in the industry and revolutionise the way people bet.
Green Book or Trading is built on a simple set of rules which are best explained by – backing big and laying low.
You are advised to always back at a higher price than you lay when trading in order to achieve your Green Book. Always pay attention to the difference in two prices. The bigger the different, the likelier you are to see the result go your way.
The single most important aspect of Trading is to make sure both bets are matched. If that’s not the case you will end up paying out a losing bet.
A Green Book Example
Let’s assume you want to back a horse in a ten-runner race for £100 at £6.00. Your liability if a horse fails to win stands at £100, whereas the potential profit for a winning horse stands at £500.
Should the price drop to £3.00 to Lay with race approaching and your horse backed to win and this particular moment is seen as ideal to trade your bet and limit the risk of losing your £100 by Laying £100 at £3.00.
The best outcome of this Back and Lay option is to come out on top victorious with £300 in your pocket on a winning horse backed at £6.00. Alternatively, the worst thing that can happen is for you to get back the initial stake of £100 and lose nothing on a losing horse.
Using the same amount stake is best to limit the risk but the players who understand the factors that cause the fluctuations in the market at a larger scale will know how to win a larger stake that a backed one.
Maintaining a Green Book at Betfair is a fine art but losing comes as an unfortunate and inevitable part of trading. However, understanding and coming to terms with the unpredictability of horse racing as a sport will help you polish your skills of managing losses which will have a mental and financial impact on your trading ability.