The first and most famous of the online betting exchanges, Betfair was officially founded in June 2000 by Andrew Black and Edward Wray. Based in London and Dublin, it moved much of its activity to Gibraltar to reduce tax liabilities. The company is well respected at the highest level of world football, where it is an official betting partner for Real Madrid, and the two major South American tournaments, the Copa Libertadores and the Copa Sudamericana.
After establishing itself as an exchange – and pioneering the whole concept of a betting exchange – Betfair added a Sportsbook in 2012. The company also operates online poker and casino games, providing the full range of gambling experiences.
For many punters, the big attraction is the competitive odds offered on the Betfair exchange. But that’s not all. Betfair offers a wide range of bonus bets, including chances to secure a weekly free exchange bet and a monthly free accumulator on the sportsbook. Throw in a scattering of bet boosts and a decent range of live streams for in-play betting, and you’re on to a winner.
Betfair also offers an Affiliate program (www.betfair.com) for all who want to promote the bookie and raise money on that. You can choose to receive a commission from each player in a form of a share from income or to get one-off bounty payment. If you want to join the Betfair affiliate program you should:
- Fill in the application
- Get approved
The website is quite convenient for punters. When you open it you can all the options for bettors at the top: the exchange, sportsbook, casino, live casino, poker, bingo, slots and virtual sport. Lower you can see markets and promotions too.
There are 2 Betfair apps: Betfair Sportbook and Betfair Exchange available both for Android and iOS platforms in the Play Market and Apps Store.
Betfair offers several options for gamblers: Exchange, Sportsbook, Casino, Slots, Poker and Bingo. However, it seems that the special attention of Betfair is on the Exchange and Sports as the other services are not so well-developed and promoted.
When Betfair moved to Gibraltar, it claimed to have 1.1 million active users on the exchange. That’s crucial – large numbers of punters generate significant liquidity, even in relatively obscure markets. Not surprisingly, elite-level football attracts six-figure volumes well in advance of kick-off. However, it’s possible to find four-figure volumes on in-play markets covering the second tier in Kazakhstan. Like any exchange, bettors have the option of backing or laying their picks and, without a bookie interfering in the markets to guarantee a profit, prices are generally better than traditional bookmakers can offer. A commission is charged on winning bets, starting at 5%. A premium rate of 20% (in some instances 60%) can be applied to highly successful gamblers, a move that attracted controversy when it was introduced in 2008.
Of course, Betfair offers a wide range of markets on the exchange. A big football match can easily generate 100+ markets and even lower-profile games might have a dozen or more. Naturally, an obscure fixture gets more markets when there is little else happening: 20 markets from Turkmenistan is easy to do on a Monday lunchtime, but less likely on Saturday afternoon. And the same applies to liquidity: most of the UK race card is very active, but a meeting in Australia or the USA might struggle to generate the same amount of interest among punters.
The Betfair exchange is not just limited to the big sports. Of course, horse racing and football form the backbone of Betfair’s offer, but there’s huge depth: Ameican Football, Athletics, Aussie Rules, Baseball, Basketball, Boxing, Cricket, Cycling, Darts, Esports, Football, Gaelic Games, Golf, Greyhound Racing, Handball, Horse Racing, Ice Hockey, Mixed Martial Arts, MotorSport, Poker, Politics, Rugby League, Rugby Union, Snooker, Tennis, Volleyball, Winter Sports and some special markets like Eurovision 2021, BBC Sports Personality of the Year etc. If you can form an opinion on it, at Betfair you can probably put your money where your mouth is.
Once the exchange was established, a fully-fledged sportsbook was Betfair’s next step. Entirely logical: now bettors can enjoy the best of both worlds. This is the home of the odds boost – a chance to gain an extra edge on selected accumulators. Overall, the feel of the Sportsbook is immediately familiar to anyone who has used the exchange and bettors can find a similarly wide range of sports and markets. Indeed, there are slightly more fixtures available on the book than in the exchange so if your fancy extends to Australian junior soccer or the Tanzanian League, this is the place for you.
Typically, Betfair’s odds are reckoned to be among the most competitive around. And if you don’t like the multiple markets on offer, you can always get onto Twitter and request your own using the #oddsonthat hashtag. Betfair’s analysts will get back to you with a price for any combination you can think of – it’s up to you to decide whether to take the bet.
The average size of the margin in prematch is 3-4%.
In-play markets in Betfair also offer a broad range of opportunities. There were about 18 markets for a non-popular football match and about 13 other markets for some other sports in a day of not so active sports day.
The average size of the margin in live is 8-9%.
New customer bonuses vary but typically offer a raft of free bets after you place your first wager on Betfair. But what makes Betfair stand out is its recurring bonuses. Each week, if you bet through £20 on the exchange (minimum odds apply), you’re awarded a £5 free bet, valid for 72 hours. Best of all, if you then win with that freebie, you get another £5 free bet. And, if you make through the week without losing and also stake a further £20, you can add another free bet to your pot.
There’s a similar Sportsbook offer – bet £20 on multiples and get a free £5 multiple bet of your choice. Again, minimum odds apply when placing your qualifying bets. Betfair customers can also profit from the Same Game Multi. Land a multiple bet on a single event at 4/1 or better, and enjoy a £25 free bet in addition to your winnings.
An additional bonus sees Betfair offer a free £2 accumulator on its Sportsbook every month. To qualify, just bet on 20 different markets on the exchange.
For most users, signing up to Betfair should be fairly straightforward. Fill in the usual form to confirm your name, DoB and address, then set up the security procedures to create a password, security question and the like.
For some users, additional ID will be needed when setting up an account. This might involve scanning a piece of photo ID (eg passport, drivers license) and proof of address (such as a recent bank statement or utility bill) and submitting the documents to Betfair. Happily, for most users, this additional security process is not required.
If you want to register in Betfair you should:
- Press on the “Join now” button
- Fill in the form (name, address, phone number, address, password, security question);
- Agree with the terms and conditions.
For account verification you should proceed to “My account”, then “My details” and “Verification”, where you should upload one of these documents for personal identification:
- driving licence.
- National ID;
and for address verification:
- utility bill,
- copy of a bank statement.
Deposits and withdrawals
Deposits can be made using a debit card, a choice of online payment schemes, bank transfer or even a cheque. Most are free to use, although some carry a small commission. Cards and e-wallets enable instant deposits, bank transfers can take a few days to clear. It’s important to note that usually, you can only withdraw funds via the card or wallet from which you made your initial deposit.
Maximum and minimum stakes
On the Betfair exchange, the minimum stake is £2. In theory, there is no maximum; in practice, all players are limited by the funds in their accounts and the liquidity in any given market. In addition, there are maximum payouts ranging from £1 million on big events to £25,000 for sports like greyhound racing.
On the Sportsbook, Betfair has a minimum stake of 10p and allows a maximum bet of £80,000.
Betfair provides quite reassuring safety guarantees like 2 step authentication, one-time passwords. Betfair also automatically logs out the account of punters in case they don’t use it within 24 hours.
As for your personal data protection, Betfair guards your data with high-standard certified security tools.
What do we suggest?
It seems that everything is quite OK. Regarding the fact, the Betfair emphasizes its attention on Exchange and Sportbook casino and other options that they have are not so popular among gamblers. So we suggest promoting these options as well.
Products and apps
Betfair offers 2 apps: Betfair Sportbook and Betfair Exchange. Both are available for Android and iOS platforms in the Play Market and Apps Store.
You can fund deposit in Betfair through VISA, VISA Electron, Mastercard cards; Skrill, Neteller, Qiwi e-wallets; WebMoney and Moneta.ru payment systems.
The minimum deposit sum is $20 for Skrill, Neteller, VISA Electron, Qiwi and bank wires; $10 for VISA and Mastercard; $25 for Moneta.ru. The maximum deposit is $10,000 for Skrill and Neteller; $500 for Qiwi Wallet and $25,00 for Moneta.ru. The processing time is instant, except through bank wires (3-5 days). The commission held for the deposit is 1,5% for Neteller, Mastercard, VISA, VISA Electron and Qiwi; 3% for WebMoney; 1% for Skrill; 0% for bank wires through the bank can hold a commission and 3,75% for Moneta.ru.
The withdrawal can be made through all the above-mentioned payment methods except Mastercard and Moneta.ru.
The minimum sum for the withdrawal is $20 for Neteller and WebMoney and $30 for bank wires. The maximum sum is $10,000 for Skrill and Neteller. The processing time is 1-3 days for WebMoney; 24 hours for Skrill and Neteller; 3-5 days for bank wires and Qiwi and 2-5 days for VISA and VISA Electron. No commission held for the payout except for WebMoney(1%) and bank wires ($15).
Betfair accepts the 7 currencies including USD, Euro and GBP.
Hong Kong dollar
Betfair owns the Malta Gaming Authority Gaming Service Licence. The company also has a UK Gambling Commission licence for UK clients.
The UK Gambling Commission
Malta Gaming Authority
Tasmanian Gaming Commission
Gambling Authority of Denmark
The Customs and Monopoly Agency of Italy
Directorate General for the Regulation of Gambling in Spain
Bulgarian State Commission on Gambling
Gibraltar Gaming Commission
🔗 What are the pros and cons of a betting exchange?
The big advantage is flexibility. An exchange makes it easier to get the price you want and allows you to ‘lay’ (ie bet against) an outcome as well as ‘backing’ (betting for an outcome). Thus, even if you don’t know who is going to win the next horse race if you’re confident that one horse has no chance you can oppose it and score a small profit. Moreover, because bets are placed directly against other punters, prices are often better than mainstream bookies – and there is far more movement on in-play markets.
However, there are weaknesses. Liquidity is crucial – if nobody else is interested in your market, you will find it hard to match the bets you want. It isn’t a problem when you bet on the Champions League final, but when you have a hot tip about that Iranian U23s league game you might find it hard to get on. Similarly, it’s difficult to build an accumulator on any exchange.
🎁 What are Betfair points?
Betfair rewards all its Exchange players with points no matter they lose or win. The points can be used for paying less commission when you win. Thus, the more points you have the less winning commission you pay.
✏️ How to cashout on Betfair?
From your mobile device go to “My account” then “Withdraw” and choose the payment method you prefer. From your PC got to My “account” then “My Betfair account” in the dropdown menu and select “Withdraw”.