Betfair is one of the biggest names in the online gambling world. It is the largest and most active betting exchange in the world and has good liquidity throughout its different markers. For many years, Betfair have strived to be the best provider for betting exchange services. With their steady rate of getting newer customers, we could soon see them fulfil this ambition.
Betfair was launched in the United Kingdom in 2000. It started primarily as a betting exchange, though it now also acts as bookmaker for its Tote and multi betting products. This service did enjoy a meteoric rise and in 2003 received a Queen’s Awards for Enterprise. As part overseas expansions, Betfair started obtaining licenses with its first destination being Malta in 2003. In 2010 it was floated on the London Stock Exchange and in 2011 shifted the UK-licensed service to Gibraltar to lower tax liabilities.back to menu ↑
A Betting exchange contrasts with a bookmaker in that it operates as a marketplace. Its members set the odds for an event as others take them up. This helps the users to be both a punter and bookmaker. Betfair claims that one gets 20% better odds with this service compared to the standard bookmakers. In this market, Betfair gives the best correct score and tournament winner odds by far. Betfair then earns revenue by charging a commission on the winnings.
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One thing which makes Betfair very inviting is their wide selection of sports to choose from. In fact it could be argued that they have the widest selection of any bookmaker in the United Kingdom, Europe and even all over the world.
Members can bet in diverse fields such as:
- Ice hockey
- Horse racing
- Grey hound racing
- American football
- Beach volleyball
- Motor sport
- Olympic sports
- Winter sports
A lot of these sports also have live in-sport betting, which allows the punters to bet whilst games or races are in progress. At Betfair you have the ability to bet on something happening and even, something that is not happening. During live events Betfair gives the punters the opportunity to swap or trade their bets. The same feature is used by Willaim Hill and their website.back to menu ↑
Betfair Mobile App
Another useful feature of the Betfair app is the bookmark feature that enables people to seamlessly easily get back to markets that they use often. The “my bets” section allows to monitor the bets that they have already placed quickly. A similar “viewed” section allows one to go back to the markets they have browsed through.
Betfair Sportsbook covers all major sports tournaments across the season. Betfair are not the quickest in establishing their markets for the early birds but markets are availed to the main by Monday in the evening. Another big advantage of using Betfair Sportsbook for bets is that they have a Cash Out facility whereby one can close bet during the tournaments. This facility actually offers punters the chance to trade effectively during the action instead of using the Betfair.
Bet fair’s Cash Out facility is applicable across all the sporting markets, but it is particularly ideal for football betting and accumulator bets on Sportsbook. Cash Out is available for all midweek and weekend matches. It is also available on iPad, iPhone, and android as well as on tablet.back to menu ↑
Promotions and Bonuses
With the aim of getting an edge over its competitors, Betfair offer great sign-up bonuses and ongoing sports promotions.
List with available promotions:
The moment you join Betfair, you are given a £30 free bet. This however happens if you place your first £10 at odds of 2 or higher through their sportsbook.
Go and try Betfair's Exchange section and you will be reward with £20 sign up bonus. However this offer is available for new customers only You can read Betfair's bonus terms and condtions.
- Racing Multiples for Horse Racing
- A.C.C.A. Insurance
One ‘Opt In’ also gives you access to BTTS- A.C.C.A. Insurance. Place any 4-leg B.T.T.S. A.C.C.A. with a minimum total odd of 4/1 and when single matches let you down, Betfair Sportsbook refunds your whole stake.
- Back a 3/1 Winner and Get a Free Bet
- Betfair Cash out facility
Cash Out Feature
Hold your nerve or hold your winnings? You decide.
Cash Out is feature that puts you in control of your live bets. Take your winnings or cut your losses at any time. It’s your call.
All at the click of a button.
Cash Out your Win and Each Way Horse Racing bets pre-play, in-play and between legs! Available on UK and Irish racing.
You can also Cash Out your singles and multiples in-play on a wide range of sports including football and tennis. Simply hit the yellow “Take” button to Cash Out your bet.
You can Cash Out on any bet where you see the orange Cash Out symbol on your betslip and on Betfair Mobile too.
“Stop Loss” Option
Accepting the fact that you will make losses when trading is something that you will quickly become accustomed to as you know you are not going to win with every bet or trade that you make. But, as you will accept these occasional losses, you don’t want the cost of these losses eating a huge chunk out of your hard-earned profits.
This could be a useful tool to take advantage of in more volatile markets when there could be a lot of movement in prices. The same stop-loss option is also available for Bet365. You do not want to get caught out if the market turns against you, so using the Stop Loss function will lower the risk of losing a lot of money. back to menu ↑
Pros and Cons
- One can bet for and against outcomes
- Excellent tournament betting and correct score odds
- A wide range of sports are covered
- The best liquidity of any betting exchange
- Odds are often made available before bookmakers
- Access to community forums
- Developer A.P.I. for the sports exchange
- Low turnover requirements on the sign up bonus
- Not as beginner friendly as other standard bookmakers
- 1.5% fee charged for credit card deposits
- Complicated commission structures
- High $5.00 minimum stake for betting exchange wagering
- Inconvenient 2 wallet system
This is probably the best betting exchange platform online. Betfair has good liquidity and a lot of markets. With their steady rate of getting newer customers, we could soon see them fulfil this ambition. Betfair Sportsbook covers all major sports tournaments across the season. New customers could claim a €30 bonus (for Sportsbook) and €20 sign up bonus for their Exchange section.