Betfair

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Betting Exchange

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Betfair Betting Site Review

In an industry where much of the competition offers a similar product, Betfair stands out among the pack, giving punters more control over their wagering fortunes.

The Betfair betting exchange, established in the UK in 2000, allows punters to call the shots, set their odds and take each other on — it is quite different to the traditional model of taking on a bookmaker’s odds.

While that difference may intimidate some punters new to the game, savvy gamblers will know that there is real value to be had in this unique format.

Betfair has enjoyed a phenomenal rise in this Australian gambling industry and has paved the way for a new gambling model.

Betfair Verdict

In our review below we’ll outline how the exchange works and let you decide if Betfair is worth your time and money.

Pros

  • World's biggest betting exchange
  • Back and lay bets on horse racing and sports
  • Bet against fellow punters

Cons

  • Not a traditional bookmaker
  • Exchange betting can lead to big losses
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Betfair Sign Up Codes

Unfortunately for punters right around Australia, the days of the sign-up bonus are over.

The implementation of the new National Gambling Framework in May of 2019 had a significant impact on the way bookmakers advertise online and attract new members and ended any bonuses for new bookie members.

While Betfair was never a bookmaker that had promoted its sign-up offers, it did make different offerings to new members that are no longer allowed.

Given the nature of the Betfair product, the bookmaker does not offer ongoing promotions, because punters take each other on, not the bookmaker, meaning the change in sign-up bonus laws leave Betfair largely unscathed.

Betfair Betting Tips

How does the Betfair exchange work?


Have you ever looked at the odds set by a regularly bookmaker online and thought they were wrong? Have you ever thought you could do better?

Betfair can feel like a complicated affair to punters that are new to the concept, but the principle is actually rather simple — you’re the one who gets to set the odds and instead of taking on a bookmaker, the markets you browse through have been set by punters just like you.

So, here’s an example of how you can use Betfair.

If you look at a racing market and see a horse paying $10, your own form guide may give you a different story and you can install your own market on the horse, paying $15. If another Betfair punter takes a nibble at those odds and takes you on, you can profit from their demise.

Betfair punters can use the site just like they would any other when browsing at odds for a team/horse at any given time with their ‘back’ and ‘lay’ system.

To ‘back’ a team or horse is the exact same as it would for any other bookmaker, except you’re taking on odds presented by other punters. If you put $50 on something paying $10, you’ll win $500, just like you would anywhere else.

To ‘lay’ a team or horse means you’re taking on the role of the odds provider and like any bookmaker, hoping like hell the horse/team you’ve opened odds on loses. If you open odds for a team/horse at $10 and someone places a $50 bet and wins, you will lose $450, as well as a commission fee.

How does Betfair make its profits from this system, you ask? Through a commission. Betfair charges a fee for the privilege of conducting business on its site — 5% for sport and 6.5% for racing. You’ll only get charged a commission for winning and a commission discount can apply at Betfair’s discretion, depending on your activity and history with the site.


Betfair Horse Racing & Sport Betting

Don’t be fooled, just because Betfair does things differently to the competition, doesn’t mean they don’t have a full suite of sporting markets to choose from.

In many ways, Betfair offers a true ‘sporting’ experience to its punters, who can revel in the competitive nature of taking on each other and identifying the best value in markets they have intimate knowledge of.

You think you know the AFL, NRL, eSports or even politics better than anyone else? Betfair is the place you could make the most of that knowledge.

The sports currently listed to bet on include:
  • American Football
  • Athletics
  • Australian Rules
  • Baseball
  • Basketball
  • Boxing
  • Cricket
  • Cycling
  • Darts
  • eSports
  • Financial Bets
  • Gaelic Games
  • Golf
  • Handball
  • Ice Hockey
  • MMA
  • Motor Sport
  • Politics
  • Rugby League
  • Rugby Union
  • Snooker
  • Soccer
  • Specials
  • Tennis 
  • Volleyball


Betfair Odds

Betfair has an excellent member engagement area on its website called The Hub, in which punters can get their hands on a full suite of expert analysis from Betfair experts who use a variety of hard data and knowledge of sports like AFL, tennis, golf, NRL and the major US sports.

Punters also get a great service in tips and form guides in thoroughbreds, greyhounds and harness. 

Importantly for people new to the Betfair game, the website goes to great lengths to explain its service and give tips on how to use the exchange, discussing strategies, execution and providing testimony from members that have gone from beginners to experts.

There’s no doubt Betfair arms its punters with a lot of information to inform their best bet of the day.

Betfair Mobile Betting

The Betfair app is available for both Apple and Android users and manages to encapsulate all of the features available on the website in an easy-to-use format. 

An important note for Android users — Google is a bit picky about gambling apps, Betfair included, so you’ll have to download the app directly from the Betfair website.

The Betfair app has some unique features for punters, including price graphs, a ‘favourites’ section for seasoned punters, a search function to find the horse, jockey or team markets you’re looking for and a new cash-out function.

Betfair Payment Details

Deposit options:
BPAY, MasterCard, Paypal, credit card, Visa, POLi, bank transfer, Western
Union

Withdrawal options:
BPAY, MasterCard, Paypal, credit card, Visa, POLi, bank transfer,
Western Union

Deposit limit: Minimum deposit is $10

Currencies accepted: AUD, NZ

Betfair History

Betfair has made its fair share of headlines in its journey from inception in the UK, winning one of country’s highest business honours — the Queen’s award for enterprise.

Given it’s prominence in the market, its big investment in advertising and promotional campaigns and its growing popularity, Betfair remains in the news regularly ahead of the big racing and sporting events. We recommend keeping an eye on our news feed to ensure you make the most of any specials that can maximise your returns.

Betfair Customer Service

Phone: 1300BETFAIR (Aus)
Email: service@betfair.com.au
Twitter: @Betfair_Aus

Extra Information

Payment Methods:
    Mastercard, VISA, PayPal, Skrill, paysafecard, Apple Pay, Webmoney, Maestro
Currency:
    British Pounds Sterling, Australian Dollar, Danish Kroner, Euros, Hong Kong Dollars, US Dollars
Languages:
    English, German, Spanish, Portuguese, Polish
Live Streaming:
    Live Streaming
Live Betting:
    Bet in-play
Minimum bet:
    0.10
Maximum bet:
    10,000
Bonus Type:
    Risk-free Bet, In-Play Bonus
Customer Support:
    Live Chat, Email, Phone, Twitter
Betting app:
    iOS, Android, Windows
Members minimum age:
    21 (USA)
Casino:
    No Casino
Poker:
    No Poker
Lotto:
    No Lotto
Bingo:
    No Bingo
Available Countries:
    Australia, Gibraltar, Ireland, United Kingdom, New Zealand (Aotearoa)
Established in:
    2000
Max Deposit:
    10000
Min Deposit:
    10
SA Betting Sites:
    No South Africa license
AUS Betting Sites:
    Australian license
USA Betting Sites:
    USA licensed
Tested Betting Sites:
    Tested & Approved
New Betting Sites:
    Established
Closed Betting Sites:
    Operating
Odds Types:
    Decimal odds, Fractional odds
Form & Stats:
    Horse Racing Stats UK, Horse Racing Stats US, Horse Racing Stats AUS
Best Odds Guaranteed:
    Best Odds Guaranteed
Bookmaker Type:
    Fixed Odds, Exchange
Withdrawal Time:
    Over 24 hours
Responsible Gambling:
    Deposit Limit, Time Out Facility, Loss Limit, Self Assessment, Take a short break, Self Exclusion, How to Bet Sensibly Tips
Transaction History:
    Transaction History
Non-Sports Markets:
    Celebrities Betting, Reality TV, Awards, Entertainment, Financials, Politics
Sports:
    American Football, Aussie Rules, Bandy, Baseball, Basketball, Bowls, Boxing, Chess, Cricket, Cycling, Darts, Football, Gaelic Sports, Golf, Greyhound Racing, Hockey, Horse Racing, Ice Hockey, Indy Racing, MMA, Motor Racing, NRL, NFL, AFL, Pool, Rugby Union, Rugby League, Snooker, Surfing, Table Tennis, Tennis, Volleyball, UFC, Winter Sports, Wrestling, Soccer
esport:
    esport
Cash Out:
    Cash Out
Events:
    Cheltenham, Grand National, Superbowl, World Cup, European Championship, Grand Slams

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