Betfair Review - Leading Exchange Sportsbook

Betfair is one of the most unique betting websites in the world as they are the leading exchange bookmaker, which means you can bet against other people at odds you agree between yourselves. In 2005, Betfair first gained a licence in Tasmania and since then they have grown to become one of the biggest betting brands in the country.

The exchange website offers betting on almost every sport you can think of, including horse racing and greyhound racing. They are often the first bookmaker to open a market on an event. You can also find more in-play betting markets with Betfair than you will any other bookmaker.

With Betfair you have two options when it comes to how to bet. You can either choose to a back a selection, which is the traditional method in that if your horse, football team or player is successful, you win your bet. The second option is to lay in which the role is then reversed as you will be the bookmaker offering odds on the selection. You will have the rest of the runners in the market in your favour and if you get the lay right, the stake goes to you.

Betfair’s desktop site is as good as it gets when it comes to ease of navigation. An A-Z of the sports runs down the left of the page. In the middle of the home page there are the sports highlights and today’s horse racing meetings, while on the far right, you can find quick links to the in-play markets. Speed is crucial when it comes to betting in running therefore they have ensured that you should get to any market within the world within just a small number of clicks. They also have a brilliant app for you to access their markets when you are on the move.

Odds & Promotions

Due to you determining what odds you want to back and lay a selection at, the odds should always be bigger than you can find elsewhere with a bookmaker. The only down side is that Betfair take a small commission. This is on average around 5% so even after the cut, you still should be better off than you would be betting with a traditional bookmaker.

Betfair don’t currently feature a signup offer, but in the past, they have given as much as $200 in bonus bets to new users so keep an eye on their site for the latest signup promotions if this is something that is important to you before you bet with the firm.

Each time you place a bet with Betfair, you will earn points. The more points you accumulate, the smaller the commission fee is that is taken off you. There will also be discounted rates offered at different stages of the year. You can view how many points you have each month in your account and there is a chart where you can work out what your current rate of commission is.

In horse racing, Betfair offer their own starting price on Sky 1 thoroughbred meetings, Australian harness and greyhound races. This is usually much bigger than the traditional starting price so if you like backing SP this will suit you.

The only downside to placing bets on Betfair markets is you are reliant on somebody laying your bet. In the popular markets, such as Australian thoroughbred racing or a Major in golf, there is plenty of money in the market, but for niche sports, you may sometimes struggle to stake a large amount. If your stake is unmatched before the event starts, your stakes will be returned to your account.

Player Security & Safety

Betfair is licenced and regulated by the Northern Territory Government of Australia. They are also governed by the Responsible Gambling Code of Conduct and for South Australian residents by the South Australian Responsible Gambling Code of Practice.

There are lots of different ways you can deposit funds into your Betfair wallet, all of which are completely safe and secure. The most common ways are through your Visa or Mastercard. You can register this card on your account so that you can make quick deposits in the future. The minimum you can deposit per transaction is $10. Cards issued in Australia cannot be used for withdrawals, though, therefore you need to set up a bank transfer to take funds out. The money then takes 1-3 working days to reach your bank account.

It is very important to verify your account with Betfair as soon as possible, otherwise, it will become suspended if they don’t receive the required documentation within 14 days. You will also not be able to withdraw funds until this is completed. In most cases, this can be done electronically and you don’t need to send anything to the company. If it cannot be completed this way, you are required to email a copy of your passport, driving licence, national identification card or citizenship card.

If you are new to betting on exchanges, Betfair have introduced a betting hub where you can learn how to back and lay, how their site works and more information on their products. It is worth having a read of this section before you place your first bet. Once you get to grips with how exchanges work, you will be absolutely fine, but at first glance, they can sometimes look a little overwhelming.

Conclusion & Overall Rating

Betfair is a must betting account for those punters who take their betting seriously. Not only can you get bigger odds on your selections, you have the option to lay if you have a strong opinion on how well you think it is going to perform.

Betfair’s desktop site is designed impeccably as it has been put together with speed of navigation as a number one priority. The mobile app, which is now available for all devices, has also been put together in the same way.

It is very important to verify your account with Betfair as soon as possible, otherwise, it will become suspended if they don’t receive the required documentation within 14 days. You will also not be able to withdraw funds until this is completed. In most cases, this can be done electronically and you don’t need to send anything to the company. If it cannot be completed this way, you are required to email a copy of your passport, driving licence, national identification card or citizenship card.

Betfair’s desktop site is designed impeccably as it has been put together with speed of navigation as a number one priority. The mobile app, which is now available for all devices, has also been put together in the same way.

It is worth keeping an eye regularly on how many points you have accumulated. If you are a regular sports punter, it won’t take you long before you start rising up the table and your commission rate will drop.

Betting in-play punters will really enjoy punting with Betfair. Not only do they have more markets than anyone else, you don’t see as many suspended markets like traditional bookmakers. Due to odds fluctuating all the time, you should find it easy to get a bet on quicker on their site.

Betfair are one of the few firms that undergo electronic verification. If they complete this on registration, they will send you an email and let you know you do not need to send any copies of documents to them.

 

Overall rating: 9/10