How do you “trade” horse racing on Betfair?

The first thing you need to do is move to New Jersey, as that’s so far the only state that has legalized what is known as “exchange wagering” – a form of wagering that’s very popular in Europe and elsewhere.
There is a basic difference between pari-mutuel betting on horse racing and exchange wagering. In the former, the odds shift constantly based on the wagering, meaning the payoff is only determined when betting is shut down. With exchange wagering, bets are matched between customers at fixed odds, which enables both the player backing the horse (or horses) and the player acting as the house to know exactly what the payoff will be if they come out on top.
A couple other differences: Betfair takes a 12 percent commission on wagers, which is quite a bit less than the 16-25 percent takeout that racetracks charge for putting on the show. That explains why horsemen’s groups in other states have been actively trying to block exchange wagering from being implemented in other states. They fear that the amount returned to the track and used for purses would decline if exchange betting were to spread.
Betfair allows betting while a race is in progress, assuming you can find another player to match your proposition.

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