Unlike a traditional bookmaker, Betfair is a betting exchange that provides a platform for all its users to bet against each other, which allows users to bet in a way they have previously been unable to. The betting exchange system of Betfair enables users to either back a result (that it will happen) or lay a result (that it will not happen). This feature has won widespread approval and has lead to many traditional punters now preferring the betting exchange model.
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Promotions
Using the promotion code FBR747, if your first qualifying bet is unsuccessful, Betfair will refund the value of that bet up to $100! If the bet is a ‘lay’ bet then Betfair will refund your liability up to a value of $100! Terms and Conditions apply.
First Bet Refund
Platform
The site is very clean and clear, but the huge number of available markets can make navigation a little difficult, although it must be said that this has improved greatly. To further combat this Betfair do provide walkthroughs on site navigation and how to find the market you’re looking for. They also provide interactive training for those wishing to learn how, and why, to lay a bet. From personal experience, once you have had a play around on the site for an hour or so, you’ll find it to be as simple as any other.
The platform also provides a fair amount of statistics for punters to factor in to their decision. However, should their bet still not go to plan, Betfair’s in-play betting is second-to-none and affords users the opportunity to reduce their losses or lock in a profit before the game has even finished! Another top feature at Betfair is the amount of live events they make available for users with more than 50 sporting events broadcast every day. Although the site does not offer a live chat facility, they state that they aim to respond to all emails within 4 hours and do offer a call back service as well as their phone support line. Payouts are almost instant and withdrawals are also fairly rapid.
Odds
It boast odds that are 20% better on average than other bookmakers. Now, while this may be true from the outset, it is important that users understand the commission structure employed at Betfair. Since users are betting against each other Betfair would not profit from any losing bet and so, to earn their keep, it takes a commission of all net winnings. This commission is set at 5% but can be reduced to 2% based upon the volume of your betting. For example, your profit on a bet is due to be $100, once Betfair take their 5% commission your profit will actually come in at $95. Despite this, it is still often the case that the odds supplied at Betfair will be among the best around. Note that you will not personally have to calculate your actual winnings after commission; the site will automatically calculate this for you and display the figures next to the market you are betting on in green/red for profit/loss.
Odds are always displayed in decimal format, but users can choose in their settings for fractional odds to be displayed when the mouse cursor is over the chosen odds. Users also have the option for the market depth to be displayed. This is necessary when using a betting exchange as it displays how much money is available at the current odds and then how much money is available at the next best odds. Betfair users will find this useful as they will be able to see the price that their bets can be matched by another user should their preferred price be unavailable. If this sounds too complicated, don’t worry there is a guide made available to help you out!
Mobile Betting
Betfair mobile is another strong point for the platform, with customers having access to all the same markets as the full site with quick, reliable price updates, the ability to deposit and withdraw to a registered card and bet in play – all while on the move. On top of this users can manage their account by checking the status of their bets and being able to change the odds/stake on unmatched bets or simply cancel the unmatched bet.
