Betfair is the largest and most well-known betting exchange in the world rated A+ by SBR Rating. Betfair was founded in August 1999 by Andrew Black and Edward Ray directly to commercialize their own betting technology developed in the previous year. The company revolutionized the sweepstakes market and became the world’s first betting exchange.
The Betfair group of companies (the trade name of The Sporting Exchange Ltd. ) began its work in the UK market and since then has attracted about a million players from around the world. In addition to its main largest betting exchange in the world (a concept first developed by Betfair), which is located in the UK, Betfair also offers Betfair Poker, Betfair Casinos, and various exchange games.
But, despite this, Betfair is known all over the world as a betting exchange, having its main income from a commission of bettors’ winnings (up to 5%) and advertising. Nowadays, it is confidently called the world’s largest betting exchange with a client base of more than 1 million people and over 50 million pounds of weekly turnover.
The bookie has an active promotional policy offering different Betfair promotions to bettors depending on the country they are originating from. For example, the more bets a player makes, the lower the winning fee he will be charged. What does it mean? All platform players pay a fee on net winnings. If your bet loses, no commission is charged. The more you play Betfair and score points, the greater the percentage of your discount rate. Please note that your discount will not be more than 20% until you pass the customer identity check (KYC).
A free bet of $10/€10 is provided to both new and already registered players who place a live bet (during the match) of the Champions League on Tuesday of at least $20/€20 in the Betfair Bookmaker section with odds of 1.5 or higher.
A bonus for all new players always acts as a pleasant surprise. The 10×10 free bets up to $100 offer is available for new customers in the Betfair sportsbook (not to be confused with Betfair Exchange section) and is an opportunity to receive a free $10 bet. The procedure can be repeated up to 10 times. The total amount of free bets can be no more than $100.
Benefits and disadvantages
Betfair has introduced a completely new product and, accordingly, an approach to sports betting. A new generation of online betting is represented by people who do not have a definite idea of the outcome of a sports match and therefore try to make a profit by playing on the dynamics of exchange trading. According to their experience and impressions, the bookmaker’s main pros and cons are set out below.
- The world’s largest and respected sports betting exchange
- High odds plus nice Betfair sign up bonus
- Do not cut highs and do not block accounts for plus players
- There is no margin, but a withdrawal fee on winnings
- Being a betting exchange and not a traditional bookmaker, it is possible to withdraw part of the profit or limit losses (depending on the turn of events and the situation on the market), both during the event and even before it begins
- There is a mobile application for betting
- A wide range of games to suit all tastes: poker, casinos, slots, etc.
- A large number of live video streaming
- A traditional bookmaker also presents
- Betfair full site can be somewhat difficult for beginners in terms of functionality and navigation
- Limited proposition bets for some hockey championships and low-rated tennis tournaments
- Trading may not be very active in unpopular markets
In general, according to experts, the problems of players when they learn and start use Betfair are not associated with objective difficulties, but more with ordinary human laziness and unwillingness to learn something new. Thus, in order to understand all the advantages of Betfair, you should spend 10-15 minutes of your time and understand the difference between the bookmaker and betting exchange concepts.
Betfair betting platform primarily works with all major payment systems:
- Credit and debit cards (Visa, Visa Electron, MasterCard)
- Webmoney, Neteller, PayPal, Skrill, ClickAndBuy
- Bank transfer and check
When opening an account, you have the opportunity to specify up to three valid debit or credit cards. But remember that it is much more profitable to use debit cards, since there is no fee for transferring money from them, unlike credit cards, which are charged an average of 2.5% of the amount transferred. Betfair sports exchange immediately displays the amount credited to your account in the system, but the bank may need up to 3 days to conduct this operation.
Withdrawal of funds is also possible using most of the above-mentioned systems:
- VISA Electron debit cards (the bank commission is 1.5% for adding funds to Betfair account, and no fee for withdrawing)
- VISA and Mastercard credit cards
- Bank transfer (upon withdrawal a bank fee of $15 is charging)
- Skrill (there is no commission in both cases, the deadlines are up to 24 hours)
- WebMoney (each account opened in the system should have a separate wallet)
Betfair website info
Despite the fact that Betfair is a powerful resource that has dozens of links, buttons and banners, and every second the site processes over a hundred different events, the Betfair online resource (portal) is built very competently. All events are divided into relevant categories and subcategories: sports, football, multiply bets, casinos, arcades, tennis, etc. At first, of course, you will have to use the system a bit to get used to the organization of the site, but it will not take much time since the design itself is quite pleasant and does not strain your eyesight. From time to time, Betfair users can have access to live broadcasts of the games, but as a rule, the account balance must be at least 10 pounds to watch a match.
Betfair betting website currently supports lots of languages: English, Irish, German, Danish, Spanish, Greek, Italian, Portuguese, and Russian.
The selection of events for Betfair sports betting is simply huge, but traditionally the first place is taken by races because this is where the history of Betfair began. Despite this, there you will find all kinds of sports for betting, including quite rare and little known. The choice of betting options themselves is extensive too. An interesting feature is that you can offer your own bets and set your odds.
Betfair is a recognized leader (among users and professional bettors) in this industry and the odds offered by Betfair’s betting exchange are among the highest compared to other similar companies. This is achieved due to operating according to a completely new scheme, different from ordinary bookmakers. Unlike them, Betfair does not have losses when any part wins or loses, and in the absence of such risks, it can offer more attractive odds than regular bookmakers. There are no restrictions on the maximum possible winnings. You must decide when to stop yourself.
Those players who want to independently understand all the nuances of Betfair online betting can use a special well-designed help page, which contains a lot of useful, even necessary and simply interesting things. Here you will find many articles and manuals indispensable for a serious game on the online betting exchange.
The Guide will help you to figure out what the Betfair betting exchange is like, why the odds are high, how to add funds on account and rules of placing bets, etc. Moreover, a whole section is devoted directly to bets. Using the interactive demo you will be convinced that you made the right choice and also will see how to place bets. It’s highly recommended for new players to pay special attention to Play for Fun section where you can play and learn from your mistakes, without losing a penny. The customer support is 24/7 and available via e-mail and on phone.
Betfair is a reputable company with a huge number of customers worldwide. It ensures high-level data security. Customer card data is encrypted and sent via the Internet only at the moment when the card is registered. After that, the data is stored on Betfair’s well-protected server. To make secure payments, the company uses the services of companies such as DataCash or Royal Bank of Scotland. In addition, this popular betting provider has a VeriSign Class 3 Secure Server certificate of security.
The company has been accepting mobile bets since 2006. Betfair bookmaker is trying to take care of its users. Therefore, the developers have created not only a full site but also a mobile version. Also, Betfair offers the opportunity to download about 10 bookmaker applications based on iOS and Android, each of which is developed for its own product (betting exchange, casino, poker, etc.). Switching to the mobile version site takes place almost instantly. The site automatically adjusts to the screen size of the mobile device.
Bookmaker services are used by over a million people worldwide. Given the above facts, it is perhaps unnecessary to say that Betfair is fully compliant with international and national laws of those countries where the company offers its products. Betfair has licenses from Great Britain, Denmark, Australia, Austria, USA, Italy and other countries of the world. The bookmaker is an IBAS (an organization that controls bookmakers’ activity resolving disputes between customers and bookies) participant what makes it even more reliable and fair.
Betfair conducts extensive sponsorship activities, helping many professional and amateur teams and projects. The company’s shares are successfully listed on a number of European and world stock exchanges.
According to the reviews written about Betfair, the players are mostly satisfied with this bookmaker. There is a relatively small number of complaints of unlawful actions and most of the negative reviews are about technical issues happened while betting Betfair. The company promptly pays winnings, does not delay the identification and respects its customers. Undoubtedly, this bookie is the best choice for professional players who managed to understand the principles of the sports exchange, but anyone can learn them and enjoy playing and winning there.
The predominance of positive reviews about the company indicates its reliability. Despite the fact that the Betfair betting exchange is not a usual bookmaker, it simply must be on the list of online resources where you plan to place bets. In addition to the highest odds while placing bets you will receive a nice Betfair bonus and a lot of additional opportunities that no other bookmaker can offer.
A characteristic feature is that any player there has the right to open as many accounts as he needs. This option does not contradict the rules and is not available on other popular betting platforms. This is explained by the desire to make the game as honest and transparent as possible. Betfair, in this regard, fully relies on the client and his desire to have exactly as many accounts as he needs, and only checks the accuracy of personal data.
A large number of live sports broadcasts, which can be watched for free with a positive account balance, greatly facilitates the process of trading on the exchange. The only minus of the Betfair is the weak basketball line, but real-time (live) betting is the best solution here since it is up to you to control it to the last minute of the game and not the bookmaker.