Betfair is the standout amongst the online betting exchanges and has embarked on a steady expansion since opening in 2000. The result is the world’s largest online sportsbetting provider. In October 2010 Betfair Group plc commenced trading on the London Stock Exchange. Another name you may see is The Sporting Exchange Ltd which holds the registered trademarks for Betfair, the name and logo.
Betfair is more than just a betting exchange and also has an online casino, poker and arcade style games and don’t forget a traditional style sportsbook as well. Whilst many online gaming companies choose a single licence in some out of the way country, Betfair’s licensing setup requires a bit more explanation. Simply put, they are licensed in more than one jurisdiction. There is the Gibraltar Licensing Authority, the Lotteries and Gaming Authority of Malta, the Tasmanian Gaming Commission, the Gambling Commission in the UK and the Amministrazione Autonoma dei Monopoli di Stato in Italy.
It’s safe to say that with all the awards (not just meaningless online ones), the financial structure and governance within the Betfair Group that your money worries are minimal. Betfair isn’t the high flyer of the online gaming world, just the steady one providing a safe environment for betting.
Speaking of betting, let’s get onto the interesting stuff. With a betting exchange allowing bets between people the range of betting opportunities is enormous and much larger than any sportsbook can offer. Plus you can change from laying bets to backing bets for more variety. Bets in the bet exchange start at a minimum GBP2 (EUR2, AUD5, USD4, CAD6, SGD6, HGK25, NOK30, DKK30, SEK30) which means you don’t have to put a lot at risk until you get the hang of exchange betting. Add the fact you only pay a commission on winnings (see explanation below) and pass through costs on some deposit methods and many people have realised a betting exchange for sports is better value than a sportsbook with vig and fixed odds. With processing in the vicinity of five million transactions per day, they must be doing something right.
Bonuses aren’t what Betfair is about and rather than offer an enticing signup bonus and then not much afterwards, Betfair has a decent signup bonus and then rewards players the more they play with discounts on commission. This adds up over time and depending on your level of play can work out more beneficial than a larger sign up bonus. At the moment you can get a free GBP25 bet on signup. If your first matched bet results in a loss then you will be refunded the amount. Check all the terms on their site.
There isn’t much more to say about Betfair that you wouldn’t expect from a service like theirs anyway. Superior customer service, industry standard deposit costs, free withdrawals (except Express Bank Transfer) and an easy to use and fast website. Betfair should be one of the places you use to bet on sports or any other event you can think of for that matter. Somewhere in the world, a person probably thinks the opposite to you and is willing to stake some money on being right. An online betting exchange is the place for those people to meet.
Currencies accepted at Betfair
To add to the international flavour of Betfair, you can bet in the following currencies.
- UK Sterling – GBP
- Euro – EUR
- US Dollar – USD
- Hong Kong Dollar – HKD
- Australian Dollar – AUD
- Canadian Dollar – CAD
- Danish Krone – DKK
- Norwegian Krone – NOK
- Swedish Krona – SEK
- Singapore Dollar – SGD
Deposits and withdrawals at Betfair
Betfair has a variety of deposit and withdrawal methods available to members and it largely depends on your country. If you go to Betfair you can select your country and see the options. The fees also vary depending on the method and range from free to 1.5% and sometimes whatever your local bank may charge for transactions such as wires. All withdrawals except for Bank Transfer Express (UK members) are free. Some of the accepted methods include:
- Visa Electron
- Visa Delta
- Visa
- Mastercard
- Maestro
- Solo
- Laser
- PayPal
- NETeller
- Skrill (formerly Moneybookers)
- ClickandBuy
- Domestic Bank Transfer
- International Bank Transfer
- Western Union
- Cheques (Checks)
- Bank Transfer Express
- Poli
- BPAY
- NAB
- Credit Union Transfer
Languages available at Betfair
- English – Asia
- English – AUS & NZ
- English – UK
- English – IRE
- English – Canada
- English – RSA
- български
- Česky
- Dansk
- Ελληνικά
- Español
- Suomi
- Italiano
- Norsk
- Polski
- Português
- Русский
- Svenska
- Türkçe
- 简体中文
- 繁體中文
Betfair betting exchange charges
The size of the help page looks a bit daunting, however, in reality it is quite simple for most bettors. A commission is payable on all net winnings. You don’t pay on losses. The base rate is 5% and is discounted by the bettor’s current discount rate. The discount rate is calculated using the bettor’s Betfair points balance. The more you transact, the more points and the greater the discount. This discount is capped at 20% until you submit the Know Your Customer information.
Some frequent bettors (ie 1000 bets per hour) will be charged extra fees. Others who make data calls for information may also be charged if the volume is significant. Further details are outlined in their help pages.
Customers outside Australia and New Zealand may also be charged an inactive account fee if they haven’t logged in for at least 13 months. These charges will be refunded (up to 6 months) in some circumstances if you resume your activity.
In summary, there are a few extra for a very small number of players and most will just incur the 5% less their discount on all net winnings. In other words, if you win you pay a commission, if you don’t then they won’t rub salt into the wound and charge you a commission.