Betfair Markets Guide — Every Market Type Explained for Traders

How to Think About Markets

A Betfair market is a contract. You are buying or selling a probability. The Match Odds market on a football game is a contract that pays out at a fixed amount depending on the result; the price is the implied probability. Every Betfair market is the same idea with different settlement rules.

The four practical questions to ask of any market before you trade it:

1. How is it settled? The Match Odds market settles on the final result. The Over 2.5 Goals market settles on total goals. The First Goalscorer market settles on a named player. Each settlement rule has different statistical properties.
2. How deep is the liquidity? A market with £10m matched moves smoothly. A market with £5,000 matched moves erratically and the spread eats your edge.
3. Who is on the other side? Match Odds attracts everyone. Special markets attract specific syndicates. Knowing who is taking the other side of your trade tells you whether the price is informed or sentiment.
4. Can it be traded or only bet? Tradeable markets let you back, lay, and close out before settlement. Some thin markets technically allow this but the spread is so wide you can only enter, not exit.

The rest of this pillar walks through each market type with these four questions in mind. If you are new to the underlying mechanics, read how the Betfair Exchange works and how to read the Betfair market first.

Match Odds — The Default Market

Match Odds is the headline market on every Betfair sports event. In a football match it has three outcomes: home win, away win, draw. In a tennis match: player 1 wins, player 2 wins. In a Test cricket match: home, away, draw. The market settles on the final result of the listed event.

Liquidity

Match Odds is the deepest market in any sport.

• Premier League: £30m–£80m matched per game.
• Champions League knockouts: £40m–£120m.
• UK horse race favourites: £1m–£6m per race.
• Grand Slam tennis: £5m–£20m per match.
• IPL cricket: £30m–£60m.

Movement

Match Odds prices move on every significant event — goal, wicket, break of serve, fall, withdrawal. The volatility on each event depends on the sport. A goal in football moves Match Odds 80–200 ticks for the scoring team. A wicket in a T20 typically moves Match Odds 15–30 ticks. A broken serve in tennis moves Match Odds 10–40 ticks depending on the set situation.

How to trade Match Odds

Three core strategies work on Match Odds:

• Pre-match positioning. Take a side before the event starts based on lineup news, weather, or perceived market mispricing. Exit pre-event or carry in-play.
• In-play swing trading. Wait for an overreaction to an event — the price typically overshoots in the first 60 seconds — and fade it. This is the strategy we cover in in-play trading strategies and swing trading on Betfair.
• Scalping. Take 1–2 tick moves on the back/lay side. Works best on settled, high-liquidity markets like horse racing 5–10 minutes before the off. Detailed in scalping on Betfair.

The Draw on Match Odds (three-way markets)

The Draw is its own selection in football, Test cricket and some other markets. It has different statistical properties than the two team selections. Football draw prices typically sit around 3.20–3.80. Test match draws can sit anywhere from 1.30 on a flat day-five pitch to 7.0 on day one. The Draw is the most over-priced selection by retail money in football and the most under-priced selection in Test cricket — both edges remain consistent over the years.

Over/Under Goals and Runs

Over/Under markets settle based on a total. In football: total goals (Under/Over 2.5 is the standard line). In cricket: total runs in an innings or session. In basketball: total points. Each line has a separate market on Betfair.

The standard football lines

The full mechanics of over/under markets are covered in over/under markets explained. The key trading insight: Under prices drift longer as the clock runs in a 0–0 game, sometimes to 1.05 at 85'. That looks like a guaranteed lock but a single late goal turns the position to zero. Sizing matters more here than almost any other market.

Cricket over/unders

Cricket total runs markets are slower-moving versions of football over/unders. They are easier to model because run rates are mechanical, and easier to trade for that reason. See our cricket pillar for the session-by-session approach.

Correct Score Markets

Correct Score is a fan-favourite market that is harder to trade than it looks. You can back or lay specific scores (1–0, 2–1, 0–0, etc.) plus a generic "Any Unquoted" option.

Liquidity reality

Premier League Correct Score markets average £1m–£5m on Match Odds-comparable fixtures. Liquidity is concentrated on the four or five most likely scorelines — 1–1, 2–1, 1–0, 0–1, 2–0. Less likely scorelines have spreads so wide that you can technically back them but rarely close out.

The Correct Score trading strategy

Lay the favourite score combinations early, hedge with backs on multiple low-probability scores. As the game progresses and the picture clears, close out for green-up. The mechanics are covered in correct score markets: how to trade.

Handicap Markets (Asian, European)

Handicap markets adjust the result by a goal/run/point advantage. Betfair lists both Asian Handicap (which can include half-goal lines that eliminate draws, and quarter-goal lines that split stakes) and standard European handicaps.

Why handicaps exist

To re-price mismatched fixtures into a near-even market. A 1.20 favourite on Match Odds becomes a 1.90 favourite on the -1.5 Asian Handicap. This makes the market easier to trade and gives you a tighter spread to work with.

Liquidity

Asian Handicap markets are the second-largest football market type on Betfair after Match Odds. Big games clear £3m–£15m on the main handicap line. Detail in Asian Handicap markets explained and how to trade Asian Handicap.

The handicap trade most traders miss

In a one-sided fixture (City -2.5 against Burnley, for example), the Match Odds price barely moves in the first 60 minutes if City lead 1–0. The Asian Handicap, however, can swing significantly because the market is pricing whether they will reach the second goal. The handicap version is more responsive to in-play events than the headline Match Odds market in lopsided fixtures.

Place and Each-Way Markets

Place markets settle on whether a runner finishes in a specified placing range — top 2, top 3, top 4 depending on field size in horse racing, or top 5/10 in golf and other events.

Horse racing place markets

The place market is paired with the win market for each race. Liquidity is typically 60–75% of the win market — less but still tradeable. The place market has different statistical properties: lower volatility, smaller move per event, and a final settle at a single tick value. See Betfair place markets in horse racing for the each-way variant.

Golf place markets

Golf top-5, top-10 and top-20 markets behave differently. Liquidity peaks during a major's third and fourth rounds. The structural edge: leading-round players are usually mispriced on top-5 because the public over-backs the leader to "hold on", but historical data suggests top-5 finishes happen less often than the price implies.

Special Markets: Politics, Entertainment

Special markets cover political elections, awards, reality TV, and one-off non-sport events. Liquidity is variable but some markets (US Presidential, UK General Election, Eurovision) attract huge money.

Political markets

US Presidential markets cleared over £500m in 2024 cycles. UK General Election markets reach £30m+ in the final weeks. These are tradeable but require political knowledge that does not transfer from sports trading. Detailed in politics markets on Betfair and special markets: politics and entertainment.

Entertainment markets

Oscars Best Picture, Eurovision, reality TV winners. Liquidity is thin outside event week. Entry-only markets — assume you cannot exit easily. Covered in entertainment markets: Oscars and reality TV.

In-Play-Only Markets

Some markets only open in-play. Football: Next Goalscorer (reopens after each goal), Next Team to Score, Minute of Next Goal. Cricket: Next Wicket Method, Next Over Runs, Method of Dismissal. These markets reprice on every event.

Liquidity

Lower than headline markets but still significant for top fixtures. Next Goalscorer in a Premier League game can clear £300k–£1.5m per goal cycle. Next Wicket Method in an IPL match clears £50k–£200k per over.

Why these markets exist for traders

The in-play-only markets are where the casual betting public takes most of its in-play action. They are emotional, sentiment-driven markets. Patient laying of obvious favourites at the worst moments (e.g. backing the in-form striker at 1.5 for Next Goalscorer just after a chance) is profitable for traders with discipline and stamina.

Which Markets Are Actually Tradeable

A practical breakdown:

The lesson: trade the deep markets, bet (or skip) the thin ones. Most retail money is wasted in markets that look interesting but cannot be traded once entered. We cover the niche markets in detail in player markets: cards and corners and first goalscorer markets.

Worked Trades by Market

Commission, Premium Charge and Markets

Different Betfair markets charge the same base 5% commission on net winnings. Premium Charge is calculated on lifetime profit across all markets, not per-market. Read our commission guide for the full mechanics and Premium Charge guide for how lifetime profits accumulate.

What matters per market: the effective commission impact on a fast scalp in a high-liquidity market is much smaller than on a slow swing in a low-liquidity market, because spread cost dominates the latter. Choose markets where the commission cost is a small fraction of the price move you are targeting.

Software Behaviour by Market

The trading software you use affects which markets are practical to trade. Bet Angel and Geeks Toy both handle Match Odds and Over/Under perfectly. For thinner markets (Correct Score, player markets, specials) the ladder display becomes less useful and the right tool is the spreadsheet-style grid that both packages also offer.

For value betting and arbitrage across markets, dedicated tools described in value betting software for Betfair are more useful than trading ladders.

Markets FAQ

Liquidity: How to Read It Properly

The matched volume number at the top of a Betfair market is the headline figure most traders look at. It is also the least useful. The numbers that matter:

Depth at top of book

How much money sits at the best available back and lay prices. A market with £5m matched but only £200 at the top of book on each side is harder to trade than a market with £500k matched and £5,000 at top of book.

Spread in ticks

Distance from best back to best lay. Tight spreads (1 tick) indicate efficient markets. Wide spreads (5+ ticks) indicate either thin liquidity, fast-moving conditions, or both.

Refresh rate

How often the price ticks per minute. A live football match in-play might tick 20+ times per minute on Match Odds. A pre-match price 2 hours before kick-off might tick once every 5 minutes. Refresh rate tells you whether the market is "active" enough to trade.

Order book imbalance

Resting orders stacked on one side versus the other. Heavy back-side queue means new money is mostly looking to back; expect the price to shorten as that money matches. The reverse for lay-side queue. Detailed mechanics in how to read the Betfair market.

Settlement Rules That Matter

Every Betfair market has a settlement rule defining when and how it settles. Most traders never read them. They should.

Match Odds settlement

Settles on the final result of the listed match, including penalty shoot-outs in some competitions and excluding them in others. Read the specific market rules for each competition.

Over/Under settlement

Settles on total goals/runs/points in the listed event. Extra time goals usually count for football competition rules vary; cricket innings extras may or may not count.

Place markets

Place number depends on field size. Horse racing: 2 places (5–7 runners), 3 places (8+ runners), 4 places (16+ runners in handicaps). Golf: top-5, top-10, top-20 as separate markets. Different rules per sport.

Dead heat rules

In a tie for placing, stakes are usually halved or split. Some markets specifically state "no dead heat reduction". Always read.

The handful of times the settlement rule will burn you in a year add up. Spend 15 minutes on the rules for any new market type before you trade it for the first time.

Seasonal Patterns by Market

Markets behave differently by time of year and competition phase.

Pre-season football

Pre-season friendly Match Odds is thin and unpredictable. Skip. Pre-season manager appointment and player transfer markets, however, attract sharp money — tradeable for the patient.

Knockout phase football

Champions League and World Cup knockout rounds have the deepest in-play liquidity of any football fixtures. Pre-match handicap markets in lopsided round-of-16 ties (PSG v Brest etc.) offer tradeable price moves on small lineup news.

Major horse racing festivals

Cheltenham, Aintree, Royal Ascot. Place markets reach historic-high liquidity. Pre-race scalping is most profitable on these meetings because the volume is unmistakable. Detailed in Cheltenham trading guide, Aintree Grand National week and Ascot strategy guide.

Off-season niche sports

Snooker World Championship, darts World Championship, GAA finals. These have peak liquidity during competition windows. Outside the windows, markets are thin and untradeable.

Combining Markets Intelligently

The best Betfair traders use multiple related markets in concert rather than choosing one.

Match Odds + Over/Under in football

A back position on the home team in Match Odds can be partially hedged with a back on Under 2.5 Goals to limit downside in a low-scoring draw. The combined position has a different risk profile than either market alone.

Place + Win in horse racing

An each-way position constructed manually: back to win on Betfair plus back to place. Specifically calculated, this can match traditional bookmaker each-way returns with better price availability. Full mechanics in each-way trading on Betfair Exchange.

Set Winner + Match Odds in tennis

If you believe player A will win the first set but lose the match, the Set Winner market gives you the directional exposure that Match Odds does not capture cleanly.

Market-Specific Common Mistakes

Match Odds

Holding through late drift without re-evaluating. The Match Odds price 5 minutes after a goal is more informative than 30 seconds after; many traders panic on the first move.

Over/Under 2.5

Backing Under late at 1.05–1.10 with no plan if a goal arrives. The 90% win probability looks safe; the 10% loss is a wipeout on inadequate sizing.

Correct Score

Laying multiple low-probability scores without mapping total liability. A second goal can simultaneously settle three scores against you.

Asian Handicap

Misreading quarter-line splits. Back -0.75 is half on -0.5 and half on -1.0; a 1-goal win settles half on win, half on push.

Place markets

Forgetting Rule 4 deductions in horse racing places when a runner withdraws. Adjusts payouts in ways many casual traders do not anticipate.

Exchange Mechanics Recap

Before going further into market types, a recap of the underlying mechanics of any Betfair Exchange market. If these feel uncertain, pause here and read how the Betfair Exchange works in full.

Order types

Limit orders sit at a specified price until matched or cancelled. Market orders match against the best available price immediately. Most trading is limit-order; market orders are reserved for fast in-play decisions where price certainty matters less than execution certainty.

Matching algorithm

Betfair matches the back and lay sides in time-priority within each price level. The earliest order at a given price gets filled first. Late orders may sit unmatched even when the price level shows volume.

Commission accrual

Commission is calculated per-market on net winnings. Reduced via Discount Rate over time, increased via Premium Charge at higher profit thresholds. The base 5% is the headline rate but most established traders pay an effective rate of 3.5–6% depending on account history.

Cross-Platform Considerations

Most active traders use multiple platforms in concert. Each handles markets slightly differently.

Betfair web vs Betfair Exchange app

Web is the primary trading interface for non-software users. The app handles casual betting well but lacks the depth visualisation and quick-cancel features that serious trading needs.

Dedicated trading software

Software like Bet Angel, Geeks Toy, and Cymatic Trader reads the same Betfair Exchange data but presents it in ladder form optimised for fast decisions. Most markets work well; some thin markets are easier to navigate on the standard web interface.

API-driven custom tools

For systematic strategies, raw API access via Python or C# allows complete control. See our Betfair API guide for the developer pathway.

Market Suspension and Re-Opening

Markets pause around significant events — goals, wickets, tries, withdrawals. The pause is automatic and lasts typically 5–60 seconds.

During suspension

No new orders can be placed; existing limit orders remain but cannot match. Open positions are exposed to the post-suspension reprice.

Post-suspension

The market re-opens at adjusted prices reflecting the event. Spreads widen for the first 30–90 seconds as liquidity builds back up. Trading during the immediate re-open period requires either pre-set orders or a very fast click.

Trading the suspension

Sophisticated in-play traders set limit orders before suspension that capture the expected post-event price. If your read is correct, you get filled at favourable prices during the chaotic re-open. If your read is wrong, the orders sit unmatched safely.

Summary Reference Table

The table is a starting point. Each sport has additional niche markets with specific quirks; explore the markets you trade routinely and ignore the rest.

A Real Trading Day Across Markets

To make the market types concrete, here is a composite description of one trader's actual day spread across multiple market types. Names and exact amounts are illustrative; the structure is real.

08:00 — Pre-market scan

Open coffee, open laptop. Scan today's UK racing card for handicap chases with the favourite priced 3.20–4.80. Note three races that fit the pre-race scalp profile. Check the Premier League midweek fixtures for Asian Handicap setups on lopsided games. Note the City v Sheffield United fixture: City -2.5 quoted around 2.04.

11:00 — Light scalping on the morning racing

Run pre-race scalps on the three identified handicap chases. Three trades, £100 each, average return +£2.40 per race. Net session +£7.20 minus commission.

14:30 — Major afternoon meeting

Top UK festival day, multiple competitive handicaps. Larger stake size (£200–£400 per race). Six races traded; mixed results, net +£42 across the session.

19:45 — Premier League kick-off

Already positioned on Man City Asian Handicap pre-match. City score on 12'; handicap line shifts. Hedge for +£25 locked. Stay in for the second goal which arrives on 38'; full Asian Handicap line settles in favour.

22:00 — Wrap and journal

Log every trade. Total day's P&L: +£108 across roughly 12 trades. Calculate by-market attribution: pre-race scalps (+£49), Asian Handicap (+£59).

The point of this walkthrough: serious trading is multi-market, multi-strategy, and disciplined about journaling. Every market type discussed in this pillar plays a different role in the day.

Market Volume Trends 2024–2026

Betfair Exchange volume has shifted over recent years. The overall pattern matters for traders deciding which markets to focus on.

Match Odds: stable

Match Odds remains the dominant market across all sports. Total volume has grown modestly with new account growth.

Asian Handicap: growing

AH growth outpaced Match Odds in 2024 and 2025. Better trader education and software support have brought more retail into this market.

Player markets: bifurcated

Top-tier player markets (Premier League goal scorers, IPL top batsman) growing; lower-tier player markets (cards by player, fouls by player) thinning as Betfair has discouraged some niche listings.

Politics: cyclic

Politics volume spikes around major elections then collapses. 2024 cycles saw record volumes; 2026 is a quieter year.

Entertainment: declining

Some entertainment markets have seen volume drop as streaming services replace appointment TV. Eurovision and Oscars hold up well; reality TV markets thinning.

Putting It All Together

The most important skill in Betfair Exchange trading is integration. Knowing each market type, each strategy, each risk control in isolation does not make you a profitable trader. Connecting them does. The trader who understands how Asian Handicap depth interacts with Match Odds liquidity which interacts with the timing of news in political markets which informs the right Premium Charge structuring is a trader who has integrated the knowledge.

Integration takes time. There is no shortcut. The best path is to commit to one strategy, one sport, one market type for 90 days. Then add a second. Then a third. Each addition deepens your understanding of the whole because you compare and contrast. By month 18 of disciplined practice, the integration is real and the difference shows in your monthly P&L.

For continued learning, read alongside this pillar the other pillars in your interest area: complete beginner's guide, bankroll and risk management, trading psychology, and the sport-specific hubs on horse racing, football, tennis, and the matched betting route for newcomers.

If you are at the planning stage of your trading career, also look at how much money you need to start, realistic monthly income numbers, and the structured progression in complete beginner's first 30 days.

And if you have not yet opened a Betfair account, the platform is the most important single piece of infrastructure for any of this. Open an account, deposit a modest amount, and place small trades while you continue learning. Reading without practice is not learning; reading plus practice is.

Key Takeaways Recap

If you read nothing else from this pillar, take these:

• Depth matters more than headline volume. A market with deep top-of-book is tradeable; a market with thin top-of-book is not, regardless of total matched.
• Commission and Premium Charge compound. Always calculate net edge after both, not just gross edge.
• Discipline beats discovery. Executing a known strategy with discipline outperforms searching for new edges.
• The journal is non-negotiable. Every trade, every session, every week reviewed.
• Sustainable beats spectacular. A £1,500/month consistent trader is in a better place than a £6,000-one-good-month trader.

Keep this pillar bookmarked as a working reference. The underlying mechanics rarely change; the specific edges shift with the market. Periodic rereads catch the lasting truths from the seasonal noise.

The Betfair Markets Guide Cluster

This pillar is the top of the betfair markets guide cluster on BetfairSquare. The deep dives below cover each piece in detail. Read them in order if you are new, or jump to whichever is most relevant to your trading right now.

See also: special markets on politics and entertainment.