Betfair review

Betfair is the world’s largest betting exchange. As Australia’s first and only peer-to-peer wagering system, Betfair is the place to go to bet against other punters on sports and racing events. Since the sale of a 50% stake in the company in 2014, Betfair Australia has been owned and operated by a name that is synonymous with entertainment, Crown Resorts Ltd. Crown Resorts is the parent company behind Melbourne’s Crown Casino and online bookmaker CrownBet. Betfair Pty Ltd is licensed and regulated by both the Lotteries and Gaming Authority, Malta and the Tasmanian Gaming Commission. Though they have felt some strong regulatory resistance, they have emerged as a betting stronghold in Australia and the throughout the world. In fact, since their founding in 2001, Betfair Group plc has grown to become the world’s largest Internet betting exchange.

Betfair logo
$500 Welcome boost
New Betfair members can receive a 20% winnings boost up to $500 during the first 7 days of membership. Bonus information.
$500

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Our rating of Betfair

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MEMBER BENEFITS
SIGN UP BONUS
MOBILE PLATFORMS
PROMOTIONS
BETTING PRODUCTS
ODDS

User Rating: 3.58 ( 3 votes)

The quintessential advantage that Betfair offers, above and beyond any other betting agency, is the ability to ‘lay’ an outcome and profit from a selection losing. The exchange platform that matches bets between two customers, also provides far better value odds than is normally the case when betting with a traditional bookmaker.

Although Betfair is not a typical bookmaker, they still offer new members an incentive to register an account. The exchange provider offers a 20% bonus on all winning bets placed during the first 7 days operation of the account, up a to a maximum of $500. More on this unique sign up bonus can be found here.

Betfair ensures that members can access their platform from any device. Members can place back or lay bets, track their current bets, view current market percentages and matched volumes, access market rules, and transfer funds from the mobile website or the Betfair app, available on iPhone.

Betfair no longer provides weekly promotions for their customers. Instead, they provide access to a wealth of information and profit yielding betting strategies on the ‘Betfair hub’ section of their website.

Betfair allows members to place ‘back’ and ‘lay’ bets on their exchange. The ‘lay’ feature is unique to the exchange platform. They also allow members to ‘back’ or ‘lay’ horses at the Betfair SP price. The SP product provides some assurance and guarantee to the price, as it is not as susceptible to the price fluctuations that are often experienced on the exchange in live trading.

Put simply, the odds are better with Betfair. Whereas a corporate bookmaker will invariably build a margin into their markets, there is no such mechanism on the exchange, as bets are matched against fellow members. The result of this is that the odds are often far superior as compared to those offered by the traditional betting agencies.

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Betfair membership features

Betting exchange – The Betfair exchange platform allows members to place ‘lay’ bets, trade events and receive higher odds.
Can place ‘lay’ bets – The Betfair exchange platform allows members to profit from outcomes that lose by placing a ‘lay’ bet.
There is no limit to winning bets – Successful punters are more than welcome at Betfair. The exchange provider will never limit nor shut down winning accounts.

Betting exchange

Betfair is a betting exchange. Instead of accepting wagers from members and taking on the risk of those bets, they instead provide a platform whereby members can trade all outcomes of an event against one another. This has several benefits to members, including: ability to place ‘lay’ bets, ability to trade on an event, superior odds and no limit to winning bets.

Betfair exchange betting example

Ability to place ‘lay’ bets

Members can profit by predicting that an outcome will lose by placing a ‘lay’ bet. For example, a customer may stake $50 and place a lay bet on a horse at odds of $3.00. If the horses wins, the member will have to pay $100 ($50 x $3.00 less $50 stake). If the horse doesn’t win, the lay bettor will receive the $50 stake. The only product from a betting operator that is remotely similar to lay betting is Betstar’s favourite vs field product.

lay betting graphic

No limit to winning bets

Another distinguishing factor of the Betfair betting platform is their commission system. Rather than charging on the front-end or through some other method, they instead take a small commission on net winnings. This win-win situation means that Betfair will never shut down a member’s account for excessive winnings. They also do not build a margin into their odds, which by its very nature allows for more competitive odds for members. Members are also able to set limits, to ensure safe and responsible betting.

Navigating the Betfair site

Navigating Betfair is really quite simple. Their racing options are all contained within one menu, broken down by category – likewise for their sports betting offerings. As a betting exchange, Betfair operates a little differently to traditional bookmakers. This means that in order for a wager to be staked, there has to be someone else will to match the bet. The basics of the exchange system are clearly explained in this tutorial on the Betfair website.

Live Betting and Schedules

Betfair also allows members the option of keeping track of their bets in real time via their live streaming service. They often have many events scheduled per day, members can stay up to date via the “Betfair TV Guide”.

Contact Information

Betfair makes it simple to stay in touch. Not only do they offer help desk support seven days a week (1300BETFAIR), they also offer 24/7 phone betting. Customers can also make inquiries via email, or seek assistance via the live chat portal seven days a week. Those curious about Betfair or who need a little extra help can even schedule a live demo of any aspect of the betting exchange.

  • Live chat (8am – 7pm)
  • by emailing service@betfair.com.au
  • By phone to help desk (24 hours a day): 1300 238 324
  • By booking a live demonstration on 1300 238 324

Betfair review summary

Betfair can offer sports punters services that other betting agencies simply cannot provide. Whether it be: the ability to back an outcome to lose, trade an event, or simply take advantage of better odds. They are the only exchange provider licensed and regulated in Australia. They don’t compete with other operators on promotions, nor necessarily through their sign up bonus, rather they provide a daily service that has inherent advantages for all that use it.