Betfair Exchange is a pioneering betting company that allows customers to bet against each other rather than on fixed odds set by bookmakers. This innovative approach has earned Betfair a loyal following among serious punters and helped it become one of the world’s largest online betting exchanges. In this review, we’ll take a look at Betfair’s history, features, bonus offers, and how it has become the go-to destination for savvy sports bettors.
Company Background
Betfair Exchange is a betting company founded in 2000 by Andrew Black and Edward Wray. Prior to launching Betfair, both Black and Wray had successful careers in the technology sector. In addition to its technological innovations, Betfair is also known for its commitment to fair play and transparency. For example, they was the first bookmaker to allow customers to bet against each other, rather than against the house. This approach has made Betfair popular with both customers and investors, and the company has been listed on the London Stock Exchange since 2010. In 2016, Betfair merged with Paddy Power to form Paddy Power Betfair, one of the world’s largest gambling companies.
| Website | www.betfair.com |
| Established | 2000 |
| Licensed in |
England
|
What is a Betting Exchange?
A betting exchange is a marketplace where users can bet against each other on sporting and other events at odds that they set themselves. Unlike a traditional bookmaker, which makes money by offering odds that are slightly worse than the true underlying probability, a betting exchange charges a commission on winning bets.
The first betting exchange was Betfair. Today, there are many different betting exchanges available, with users able to choose from a range of different markets. Betting exchanges have become increasingly popular in recent years, as they offer users more flexibility and choice than traditional bookmakers.
The Betfair Website
The Betfair website is a cleverly designed platform that allows users to place bets on a wide range of sporting events. One of the key features of the site is its simplicity. Users can easily navigate their way around the different sections of the site and find the information they need quickly and easily.
Betfair has designed the site in such a way that it is easy for users to place their bets and to track their progress. This includes features such as live scores and odds, as well as a range of tools that allow users to manage their account and track their bets. Overall, the Betfair Exchange website is a well-designed and user-friendly platform that offers a great service to its users.
Creating an Account
Opening an account with Betfair is just as easy as counting to 100. Simply, fill in your personal details along with your preferences and you’re on your way! A confirmation email will be sent to your registered email ID to confirm the registration.
To place a bet, you need to make a deposit first.
At Betfair Exchange, you will not be bothered by the minimum or maximum bet you can place on an event. The betting events comprise of every sport imaginable, and the market each event comes with, will truly astound you. Rest assured, you are surely going to find the perfect market wager on.
To place your bet, simply click on the odds you’re interested in. Once the bet slip appears, enter the wager amount and voilà!
Welcome Bonuses and Promos
Betfair currently offers a welcome bonus of 100 percent matched deposit, up to £100! Moreover, it also offers a free bet of £30, which can be availed by making a minimum deposit of £10, and wagering at at odds 1.20 or greater. However, keep in mind that you can claim either of the two bonuses but not both.
In addition to this, they come up with year-round promos to reward their loyal customers. The site also offer various promos for specific events through the year, to lure in more punters.
Payment & Withdrawal Options
Betfair accepts all major methods of deposit and withdrawal. To list a few, you can use:
- Visa/MasterCard
- Apple Pay
- Bank transfer
- Neteller
- Skrill
- Paysafecard
- Cheque
Making deposits
Visa and MasterCard are subjected to a minimum deposit of £10. For other banking options such as Poli, BPay, Bank Transfer, Credit Union Transfer and NAB, the minimum amount to be deposited is £5. For other means such as Neteller and Skrill, the minimum deposits are £25 and £15 respectively.
Making withdrawals
For Visa, MasterCard, Poli, Money Bookers and BPay, there is no minimum amount for withdrawal. For Bank Transfer, Credit Union Transfer and NAB, the minimum amount to withdraw is £20. Lastly, for Neteller, the minimum amount is equivalent of £2.
Customer Support
Polite, learned and excellent are three adjectives that can be used to define the quality of customer service that Betfair Exchange offers. Naturally, due to the diverse and open nature of a betting exchange, there are bound to be more questions than those that are normally faced by bookmakers. However, the understanding of the system among the customer service employees, is absolutely perfect and nothing goes beyond them.
They can be contacted either through live chat, or through email. In both the cases, you can expect a swift reply.
Languages
The website is available in Swedish, English (UK), English (IRE), Bulgarian, Dansk, Deutsch, Greek, Español, Italiano, Portuguese and Russian.
Live Betting
The company offers a variety of live betting options, including horse racing, football, tennis, and cricket. Customers can also take advantage of live streaming services to watch the action as it unfolds. Betfair’s live betting services are available in a number of countries, including the United Kingdom, Ireland, Australia, and New Zealand.
Mobile Betting
It’s available for all sports. The app is user-friendly and easy to navigate, and the website is optimised for mobile devices.
Markets
Betfair is among the top sportsbooks in the industry for a reason. It’s the market which they offer. American football, cricket, soccer, volleyball, boxing, basketball and athletics are just some of the events they offer. Be it the Serie A in Italy, or the ICC World Cup, you are going to find the market you’re looking for, to place your wager. Their wide spectrum of markets on popular sports like tennis, soccer and cricket makes them a huge hit among the punters.
Licenses
The Betfair Exchange is licensed by the UK Gambling Commission. This means that it is regulated in the same way as other online gambling operators in the UK. The Commission ensures that all licensed operators follow strict rules and regulations, and Betfair is no exception. All licensed operators must comply with the Commission’s requirements on advertising, customer support, and responsible gambling. In addition, licensed operators must have systems and processes in place to prevent crime and protect vulnerable people.
The company also holds a Malta gaming licence, which allows it to offer its services to customers in Malta. The licence number is MGA/CL3/454/2008, and Betfair is authorised to offer the following games: slots, blackjack, roulette, baccarat, craps, Sic Bo, and video poker. Malta is a well-regulated jurisdiction, and Betfair’s Malta licence ensures that the company operates in a safe and secure environment.
Conclusion
To be fair, Betfair Exchange is one of the most popular concepts that have taken the world of betting by storm. Truly based on a model of innovation, their customized betting odds are probably the most telling detail that has set them apart from the rest.
An incredible website, that has to be technically more advanced than the bookmakers of today, ensures that there is absolute ease of use as well as high comfort levels for all users. Whether you are a first timer or a veteran to the industry, you will find Betfair Exchange exactly what it’s name suggests, a fair bet.
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