Welcome to our Betfair review, where you will learn more about what a betting exchange is and if you should use one. Betfair has been around since 1999, and it has more than one million users who make over 7 million transactions each day. Even though most people know think of Betfair as a bet exchange operator, the website still offers substantial odds on many events.
A betting exchange lets you create your odds for sporting events, and someone else can agree to the odds by betting on the opposite outcome. Betfair is the most popular website of its kind and is responsible for more than 90% of the activity of betting exchanges.
Originally, they started as a betting exchange only, but now they offer things such as sports betting, poker, casino, bingo, and even an online version of their site. However, their main strength continues to be the betting exchange feature. You can also use it for different casino games and that way there is no need to play the game at all. That gives Betfair a distinct uniqueness which makes it a preferred betting site for many punters worldwide.
Welcome BonusEverything you need to know about the bonus.
License InformationEvery little detail about the pick’s licence.
Sign UpThe sign up process explained step by step.
Live StreamingDoes the operator offer live streaming service?
Mobile BettingMobile application and mobile website.
BankingThe operator’s deposit and withdrawal methods.
Pros and ConsThe pick’s advantages and disadvantages.
FAQFind the most frequently asked questions.
Our VerdictOur final verdict about this pick as a whole.
Betfair is regulated by the Gibraltar Gambling Commission under the 2005 Gambling Act because the company is based in Gibraltar. However, they also possess a license to operate in the United Kingdom, which means that two organisations control the betting exchange, so your money is safe with them. Some of their responsibilities include:
- Making sure that minors cannot gamble on the website until they are of the required age
- Being transparent and fair with all of their customers
- Helping people who developed gambling problems after using the site
How to Sign up
Once you enter Betfair’s homepage, just press the Join Now button. When you do that, you will be redirected to the registration page, and you will have to provide the company with some basic information. It will take you no longer than a few minutes. Once you do that you will have to make your first deposit.
Play the Online Video for Betfair
Design and Layout
It is very easy to navigate through the website by clicking on the buttons at the top of the page. That way you can go to a particular sport quickly without much hassle.
The layout of the website looks okay, and we cannot find anything worth criticising. The font is easily readable, and the grey and yellow colours mix well.
All of the website’s functions work as they should, including the live streaming and in-play console. Overall, the site looks very simplistic, but there are not any major issues, so it is fine.
Betfair became popular in the UK mainly due to TV advertisements. Now, it is the most used betting exchange worldwide, and one of the reasons for that is the amount of betting markets that the website has. Here is a list of them:
Pelota, Olympic sports, cycling, cricket, rugby union, winter sports, basketball, boxing, rugby league, baseball, floorball, ice hockey, racing, bowls, snooker, tennis, Australian rules, motorsport, darts, volleyball, MMA, bandy, football, handball, American football, golf, and greyhound racing.
As you can see, they have some of the most popular sports available for betting action, but you can also place a wager on things such as TV series and politics. It is nice to see that Betfair have some very popular British sports such as greyhound racing, snooker, darts, horse racing, and some Gaelic sports.
The number of betting markets is not the only impressive thing about Betfair, but also the depth of each of these markets. If you are a fan of betting on more obscure sporting events, the website has you covered on that. That speaks volume about the quality of a betting site. Of course, the events that are more unknown have lower liquidity, but that is not a problem for many of Betfair’s markets.
Betfair has put a lot of time and effort into their in-play betting exchange section so that they can be the best in the world in that aspect. You can find all events presented in an easy way so that you can find them easily on the main page of the website. There you will also see the odds which fluctuate during the game.
You can see the latest odds because the system is refreshed after every couple of seconds, so you also have an overview of the whole market. Betting is suspended only during incidents which influence the match heavily. Many professional punters make their money by trading live at Betfair because it is the easiest way you can make money when gambling.
Our Betfair review will not be complete if we do not talk about the live streaming console.
Betfair has listed a schedule with all the events that are available for live streaming, which can be found here. We were impressed with the sheer number of events that the bookmaker offers to its customers. Some of the most popular sports in their selection are football (many games from all over the world), horse racing, and international cricket. You can see all upcoming events for the next 30 days by visiting the link above.
To use Betfair’s live streaming console for watching horse racing, you need to have an account with them and place a total amount of £2 or more pounds on the race by using the betting exchange. Other sports are available for free to registered users.
Deposit and withdrawal options are another important part of our Betfair review.
Betfair has an app for both iOS and Android devices. The functionality does, in fact, depend on the device you own. However, Betfair’s app has an incredible range of features. These are:
- Odds for hundreds of markets
- In-Play odds for selected markets
- Your bet history
- Many options for payment methods
- Cash Out
- Live score as well as video
The same features are also available on Betfair’s mobile version of the betting site.
The Betfair customer service department can answer any question that you might have about their company’s offerings. However, they do not have the best reputation in the industry, and we assume that that is because Betfair’s response times take a bit too long. The questions and issues are answered and resolved, but it takes much longer than with the other top bookies.
You can use a credit or debit card to deposit money into your account at Betfair. There are also other options, for example, money transfer systems. However, prepaid voucher cards are off the table because you can only withdraw money by using the same method you used when depositing, and that is impossible with coupon cards. Some of the methods include credit/debit cards, Western Union, Cheque, Neteller, Skrill, PayPal, and bank transfer.
The minimum deposit is £10 for most options, but sometimes you will see £5 minimums. There is a transaction fee which ranges between 0% and 1.5%. Betfair has a bank account in other countries as well, so it is possible to make a domestic transfer at those places. If they do not then an international transfer is your only option.
You need to verify your identity before making a withdrawal – that means providing them with a copy of your ID or bank information. Then, it is easy to withdraw money using your credit card (VISA), a bank transfer, a cheque, or an e-Wallet.
Tools and Features
Gamblers would find the following tools and features interesting:
Betfair Casino, Poker, and Bingo
Even though Betfair is primarily a betting exchange, it also has things like a casino, bingo, and poker games.
The website uses Playtech software for their casino games, 150 of which can be downloaded, and 30 can be played through the web. You will find many games, for example, roulette, slots, blackjack, video poker, and a live casino with real dealers.
The Poker section of Betfair is available thanks to Ongame’s network so that you will find thousands of online players during the day. Some of the games available are Texas Hold’Em, 5 Card Stud, 7 Card Stud, Omaha, Omaha Hi/Lo, and Speed Poker. Sit and go tournaments are also popular, but if you are not a fan, then there is always the Poker lobby where cash games are available for everyone.
Betfair’s Bingo uses Virtue Fusion’s gambling software, which means that many people are playing it because it is part of the biggest bingo network in the world. You can find 75 ball and 90 ball game variations, and other options like Deal or no Deal bingo.
The way a betting exchange works are by allowing two people to bet against each other, and the website takes a 5% cut of the winnings. Let’s say, Player A bets on Arsenal beating Manchester United at 2/1 odds on the betting exchange. Player B sees that and thinks Man United is going to win, so he places a “Lay” wager. In the end, Betfair pays out the winner and collects 5% from the winnings.
The fact that Betfair does not make a profit from the odds means that they are better than at many other bookmakers so that high stake punters will enjoy this. Player A needs to provide the best possible odds because many other people will be betting on the same match, and Player B will choose the wager which has the most value.
The odds at the betting exchange often are 20% better than those at other websites, but you need to keep in mind the 5% that Betfair takes for itself.
Pros and Cons
- Great betting odds
- A broad range of betting markets
- Functional website with good design
- Not so many promotions and bonuses
- High commission fees
- Earning limits
Betfair Review – FAQ
How can I confirm my age?
In order to comply with Betfair’s regulations, you will have to verify your age. Until you do that, your account might be restricted. To do so, you have to send the company a high-quality photo of an official document.
Can I open more than one Betfair account?
No, they allow only one account per client. You can use one account for all of their platforms, so there is no need to create any more. The online betting system of the Betfair software recognises duplicate accounts, so we advise you to contact them if you think that you might have this issue.
What if my bet was not settled correctly?
If you believed that this might have happened, contact Betfair immediately.
Company: Paddy Power Betfair plc
Address: Lytton Way, Stevenage, Hertfordshire, UK
Phone: 0844 871 5000
Live Chat: No
Odds format: EU
Client Service: 24 / 7 / 365
Social Wikipedia, Google+
Sports: Football, Basketball, Tennis and more…
At the end of our Betfair review, it is time to give Betfair a final score. We decided to rate them with 4.5, mainly because some issues were too big to ignore. Here is our justification for this score.
First of all, Betfair is okay with letting their customers pay the transaction fee, which is not a good thing in our books, especially when it comes to deposits. Another thing which affected their rating is the fact that they raised the commission percentage in 2011 for people who have won more than £250,000 to 40%. With that decision, Betfair is driving away all high-stakes gamblers who are considering using them. What makes it even more absurd is the fact that Betfair is not a typical bookmaker, so they do not make losses from other people’s wins. It is not fair for it to take such a large commission, and it is probably only a matter of time until they decide to raise it again.
However, we must also note the positive things that Betfair has. If you are looking for a good betting exchange, then the website will suit your needs ideally, and there is no other noteworthy competition at the moment. That makes them the go-to option for anyone who wants to back and lays bets on the betting exchange platform.
Betfair’s odds are significantly better than those at other places, so that is another advantage for the punter. One thing that impressed us the most was the huge amount of betting markets available to Betfair’s customers. Their extensive selection of sports and different leagues means that you will never be bored when browsing through Betfair’s website and looking for something on which you can bet.
The casino and poker sections have all kinds of different games for you to try, and you will probably find something that you like, regardless of your starting budget. Betfair’s bingo section also looks good, be we were disappointed with the fact that there wasn’t a bonus for redepositing money into your account.
The deposit and withdrawal options cover the most basic methods such as using a credit/debit card or an e-Wallet.
Betfair’s sign up bonus and other promotions are relatively small when compared to other bookmakers, but the playthrough requirements are easier to fulfil so that you can receive the bonus much quicker.
We also read some complaints online about the customer support, and mainly that it is hard to get in touch with them. We mentioned earlier that their support is not 24/7 and they do not have a live chat, so we can see how that may be a significant problem.
All in all, if you are looking for a good betting exchange website, then there is no another serious option except Betfair. However, for those of you that want a sportsbook, we might suggest looking at other options such as Stan James.