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 has 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.
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.
Quick preview (screenshot)
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
Betfair Sportsbook covers all major sports tournaments across the season. Betfair is 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.
A lot of these sports also have live in-sport betting, which allows the punters to bet while games or races are in progress. At Betfair, you can bet on something happening and even, something that is not happening. During live events, Betfair allows the punters to swap or trade their bets. The same feature is used by Willaim Hill and their website.
Cash Out Feature
Hold your nerve or hold your winnings? You decide. Cash Out is a 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. Just 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.
Tip: The markets will suspend for a few seconds when Betfair update odds, a goal is scored, or a red card for example. Pick the right moment to Cash Out before the market suspends, especially towards the end of a game.
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 to eat a huge chunk out of your hard-earned profits.
The best way to keep your losses checked, and to a minimal amount is by using the Stop Loss facility. By using the Stop Loss facility, you will put limits on how much you are prepared to lose from any trade.
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.
Betfair Mobile App
The Betfair application is a breeze to operate, and it is so easy to get the market you need to bet on. The concept of laid and backed bets may take some of your time getting used to, but once you get the concept, it is hard to imagine gambling in another way.
Its cash out feature also allows members to cut their losses and leave in case the action appears to be getting away from them. The app also offers subscribers access to live scores which update in real time on the same exact screen as the interface. This translates to less switching between the screens during the action.
Another useful feature of the Betfair app is the bookmark feature that enables people to get back to markets that they often use seamlessly easily. The “my bets” section allows monitoring the bets that they have already placed quickly. A similar “viewed” section allows one to go back to the markets they have browsed through.
More information and detailed review about Betfair’s mobile version and app could be found here.
Promotions & 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:
£100 Sportsbook Bonus
New Customer offer. Place 5 x €10 or more bets to receive €20 in free bets. Repeat up to 5 times to receive maximum €100 bonus. Min odds 1/2 (1.5). Exchange bets excluded. T&Cs apply
£20 Exchange Bonus
New customers only, bet at least €20 on the Exchange and if your first bet loses, we’ll refund you €20 in Cash. Bet must be placed in first 7 days of account opening. Full T&Cs Apply
Each ‘Opt-In’ offer you access to the ongoing Betfair Sportsbook A.C.C.A. Insurance promotion. Place any Match Odds 5-leg A.C.C.A. with higher odds than 4/1, and in case just one match lets you down, your stake will be refunded as free bet token.
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 entire stake.
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
Betfair at Wikipedia – https://en.wikipedia.org/wiki/Betfair
News channel – https://betting.betfair.com/football/news/