Launched in 2000, Betfair revolutionised the industry by enabling gamblers to directly bet amongst themselves. Now Betfair is home to the biggest online betting exchange and the world's largest betting community.
Betfair Bonus Bet
Betfair Exchange is currently offering new customers a £20 first bet bonus. To claim your £20 Betfair bonus bet, simply sign up with Betfair now via this link.
Betfair Exchange Review
In our comprehensive Betfair Exchange review and user guide we will cover everything that you need to know about this revolutionary giant of the UK betting industry. We'll cover everything from how to sign up with Betfair Exchange, how to take advantage of their Betfair Bonus Bet offer to placing your first bet, the markets you can bet on at Betfair Exchange.
Our Betfair review and user guide has been written with you, the punter and aspiring exchange trader in mind. We've researched every aspect of Betfair Exchange to assist you in deciding if Betfair Exchange meets your needs and ambitions.
What you will find in our Betfair review:
- Introduction to Betfair Exchange
- Betfair Exchange Facts & Figures
- Betfair Exchange Explained
- Signing Up With Betfair Exchange
- Claiming Your Betfair Bonus Bet
- Betfair Mobile Betting App
- Betfair App Directory
- Live Streaming at Betfair
- Betfair Odds and Markets
- Cashout at Betfair
- Betfair's Commission Charges
- Betfair's Premium Charges
- How To Deposit at Betfair
- How To Place a bet
- Betfair Customer Support
- 3 things Users Like About Betfair
- 3 things Users Dislike About Betfair
- Betfair User FAQ
Introducing Betfair Exchange
Betfair was launched in the UK in June of 2000 and has since become the largest online betting company in the UK. With over 1 million active customers and a turnover exceeding £50 million per week, Betfair can make the claim to be the worlds largest betting exchange.
Betfair offers punters a great range of sports to bet on both pre-match, in-play and on their exchange platform, from the most popular sporting leagues, tournaments and competitions in the UK such as the Premier League, the Championship, major European football tournaments, horse racing, to the most popular leagues, tournaments and competitions across the world such as the NFL, NBA, MLB, NHL and of course international cricket and tennis.
Betfair Facts & Figures
Head Office: Hammersmith Embankment, London, England.
Employees: 1800 world wide
Customers: Over 1 million active customers world wide
Betfair Promo Code: No code required
Betfair Exchange Explained
Betfair Exchange is not your typical bookmaker. While you typically place bets with a bookmaker, at Betfair Exchange you place bets with other users on the exchange. Think of it as being much like a bet you might make between yourself and a friend on an upcoming football match. You think Arsenal will win. Your friend thinks Chelsea will win. You agree to terms and the bet is made. This is essentially how the Betfair Exchange works.
Most importantly Betfair Exchange gives you the ability to bet against an outcome. Let's say you think Manchester United will not win this weekend. You can 'lay' odds for Manchester United to win, seeking out another exchange user who is willing to back Manchester United to win at those odds. In this way, you are essentially playing the role of bookmaker and offering odds for another exchange user to 'back' just as they would a typical bookmaker. The ability to 'lay' odds is what makes Betfair Exchange so dynamic and revolutionary, allowing exchange users to 'trade' on live betting events, locking in profits well before the final result is even known.
Signing Up With Betfair Exchange
Before you can place bets with any online bookmaker or betting exchange you must first register your details and create an account with them. This is most often a simple process through which you will be asked to provide some essential personal information.
So how to sign up with Betfair Exchange? It's simple and our step by step Betfair Exchange sign up guide will take you through this process.
When you visit Betfair Exchange you will see a 'join now' link displayed at the top of the page. Just click this link and the Betfair account registration page will open for you.
The Betfair Exchange registration page will then ask you to enter basic personal information such as your name, your date of birth, address, phone and of course your email address. If at any point in your registration process you have any issues or concerns, simply click the Chat Now button to start talking with Betfair Exchange customer help.
Once you have provided Betfair Exchange with all the required information, click the Open Account button at the bottom of your completed registration page. You will then have the opportunity to deposit funds into your new Betfair Exchange account. (We will discuss the full range deposit methods available to Betfair Exchange customers later in this review).
How To Claim Your Betfair Bonus Bet
In order to claim your Betfair Bonus bet, first sign up and create an account with Betfair Exchange and when prompted deposit money into your Betfair account. Once you have deposited funds into your account, place your first bet with Betfair with a stake of £20. Note that if your first bet risks less than £20, you won't be able to benefit from this promotion. Additionally, any unmatched, unsettled or voided bets will not qualify.
If your first qualifying bet loses, Betfair Exchange will refund your stake of £20. Please be aware that if two qualifying bets are placed at the same time, the first bet to be settled will qualify as your bonus bet. If your first qualifying bet with Betfair Exchange is a winning bet, no bonus will be attributed to your account.
Can you claim your Betfair bonus bet?
You can claim the Betfair Exchange bonus bet if you are not an existing or a previous Betfair account holder.
Claiming your Betfair offer as a Lay Bet
Where your first qualifying bet is a "lay" bet, Betfair will refund your liability up to a maximum of £20.
Betfair Bonus Bet Expiry
The first Betfair Exchange bet that you place within 7 days of registering must be £20. Please note that your bet must be settled within this 7 day period.
What if your first Betfair Exchange bet wins?
In the event that your first Betfair bet is a winner there will be no refund payable to your account.
Unfortunately if you are a resident of either Portugal, Bulgaria, India, Belarus, Chile, Croatia, Hungary, Latvia, Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovenia, Tunisia, Ukraine, you are not eligible for this Betfair promotional offer.
Betfair Exchange Mobile Betting
With an ever increasling number of punters starting to use their mobile device to place bets coupled with the immense popularity of live in-play betting, the upward trend in mobile betting is sure to continue in years to come. Key to a satisfying in-play live betting experience is having a dependable mobile platform to bet with and Betfair Exchange provides this.
Betfair have a mobile app available for the exchange on either iOS or Android.
The Betfair Exchange App only takes a couple of minutes to download and install on your preferred mobile device. When you do, you'll earn a free £20 bet plus the chance to earn an additional £1000 in bonuses.
What does the Betfair Exchange App offer?
The Betfair Exchange App will make your betting and trading with Betfair quicker, easier and hopefully more profitable. You'll have access to Cash Out, giving you the chance to secure a sure profit or limit your liability well before the conclusion of a sporting event, all with the tap of the screen. You'll also be able to enjoy Betfair Live Streaming, with live coverage of select sporting events streamed directly to your mobile device.
Betfair App Directory
Is there a Betfair app available to meet your betting and trading needs? The popularity of the Betfair Exchange has led to the development of a number of Betfair apps specifically designed for betting and trading on the exchange, streamlining your betting and trading on Betfair not to mention assisting you in finding value opportunities in the markets on offer at Betfair.
You can search for the app to meet your needs at the Betfair App directory. Search by app category, sport, platform and pricing.
Live Streaming at Betfair
Betfair offers customers hundreds of weekly live streaming of select sports and racing events.
What Can You Watch on Betfair Exchange?
Visit Betfair's Live Video page to see what streams are currently live and upcoming. You can search across a range of sports including soccer, tennis, horse racing, greyhound racing, volleyball, snooker, basketball, darts, cricket, ice hockey, rugby league, bowls and handball. Please note that Betfair live video may be delayed between 2 and 5 seconds. So keep this in mind if you are using Betfair's live streaming to bet in-play.
Betfair Live Video Access Requirements
Betfair Live Video is only available to Betfair customers who have a funded account with Betfair.
Betfair Betting Odds
One of the great aspects of Betfair and a betting exchange, is that you have the chance to set the odds as you like. If you're not happy with the odds being offered, offer odds of your own choosing and see if another Betfair customers is happy to take you on at those odds. This gives you the flexibility other bookmakers do not offer and that is the revolutionary aspect of the betting exchange format.
Odds are also typically better on Betfair Exchange, at least in comparison to those offered at a traditional bookmaker. However the claim of 'better odds' requires a disclaimer. Firstly, market liquidity plays a role. Yes, a popular bookmaker such as William Hill may only be offering odds of 2.50 for Manchester City to win a weekend match up with Chelsea and the best odds available on the Betfair Exchange may be odds of 2.60, but can you get a bet on at the stake you desire at the odds of 2.60? This won't be a problem on high liquidity markets such as a key Premier League or Champions League match, but on less popular and lower leagues, where liquidity is low and inconsistent, you may struggle.
Secondly, and most importantly, the claims of 'better odds' needs to be taken in the context of the commission rates you will pay by betting on the exchange. Yes, odds of 2.60 for Manchester City to win are certainly better than William Hill's odds of 2.50, but once you take into account the commission you will pay, these odds may turn out to be very similar to William Hill's and in some cases, the odds on Betfair Exchange will inferior. This is an important point to remember. We will discuss Betfair Commission rates in more detail later in our review.
What is Betfair Cash Out?
Betfair Cash Out is now available for selected Betfair Exchange markets and allows you to take a profit or to limit your loss and liability before a particular betting event has been completed. How does Betfair Cash Out work? Well, rather than having to calculate a potential in-play trade yourself, Betfair does the maths for you and offers you a value for you bet based on current market odds.
How does Betfair Cash Out work?
Cash Out allows you to take a profit or minimise a loss before the event has concluded. While trading on the exchange requires you to do the calculations, Betfair Cash Out does the math for you, calculating your current profit or loss depending upon your pre-match odds and the current odds on offer as the event is in progress. Trading out of a pre-match position is now as easy as a single click of your mouse or tap of your screen.
You can now use Betfair Cash Out on Horse racing win markets, for all British and Irish racing. With the hectic pace of in-race trading, Cash Out will now streamline your in-race trading, thanks to a faster refresh rate of the Cash Out quote, your chances of getting matched in-running are now much improved.
Cash Out will automatically place bets for you on the relevant Betfair market so as to lock in a position. Please note that the Cash Out value quoted is the minimum amount you will receive if your Cash Out is successful. Likewise, Cash Out values are not guaranteed. They are based on current prices which may not always find a match in a quickly changing in-play market. In the event that your Cash Out is unsuccessful or only partially matched, a new Cash Out amount based on your new position and the current market prices will be available to you.
Which markets is Cash Out available on?
The Cash Out icon Image is displayed on all markets where Cash Out is available. However Cash Out availability may still depend on market liquidity.
Betfair Commission Charges
Betfair Exchange charges commission on your net winnings in a particular betting market. You will not be charged any commission if you make a loss on that market.
How do Betfair calculate the commission you will pay?
Betfair calculate your commission by multiplying your net winnings by the 'Market Base Rate' minus your 'Discount Rate.' You can earn a higher discount rate the more you bet on the Betfair Exchange.
So let's look at an example. Let's assume the Market Base Rate is 5% and your current earned Discount Rate is 20%. How much commission will you be paying on net winnings of £500? It is calculated like this:
Commission = Net Winnings x Market Base Rate x (100%-Discount Rate)
Commission = £500 x 5% x (100%-20%)
Commission = £500 x 5% x 80%
Commission = £20.
Betfair Premium Charges
In 2008 Betfair introduced their 'Premium Charge', a new charge imposed on bettors and traders that Betfair deemed had not being paying 'fair' commission in relation to the size of their winnings.
You will be impacted by Betfair's Premium Charges if your account is in profit, your total charges generated are less than 20% of your total winnings and you have bet in over 250 markets since you opened your account. Each week Betfair will charge you the lesser of either the difference between 20% of your previous week's profits and total charges generated through that week or the difference between 20% of gross profits and the total charges generated since you opened your Betfair account.
Let's look at example. Since you opened your Betfair account you have grossed £5,000 in profits and have bet or traded in 600 markets. You have also paid £450 in commission charges. Let's say that this week you grossed £500 in profits and paid £80 in commission charges. Your Premium Charge will be calculated as:
Premium Charge = (Gross Profits for that week x 20%) - That week's charges.
Premium Charge = (£500 x 20%) - £80.
Premium Charge = £100 - £80.
Premium Charge = £20.
It should be noted, that if you are an especially successful Betfair bettor or trader, you will be subject an even higher Premium Charges.
Funding your Betfair Exchange account is an easy process with a number of deposit methods available.
How To Deposit With Betfair Exchange
You can deposit funds into your Betfair Exchange account via major credit card such as Visa and Mastercard, as well as Neteller, Skrill, Poli and Bank Transfer in 14 countries.
Placing a Bet with Betfair Exchange
Although the concept of a betting exchange can be confusing to the uninitiated, placing a bet with Betfair is really rather easy. To show you just how simple it is, we've put together a quick step by step guide to placing a bet with Betfair Exchange.
Log into your Betfair account. If you have not yet registered your details and created a Betfair account, follow our quick guide to creating an account with Betfair here.
Select between Racing or Sports from the tabs located on the main menu header. Then select the sport you want to bet on from the drop down menu displayed.
When you've found the sport that you would like to place a bet on, select the league, tournament or competition that you wish to bet on from the options provided.
Once you have located the market you want to place a bet on, find the event from the options listed.
Betfair exchange gives you the option of either backing an outcome or betting against (laying) an outcome. You will see odds offered for a particular outcome and the amount of money that you can stake to bet on this particular outcome.
In the example above we can see that there is £414 available to stake if I want to back Man City to defeat Swansea at odds of 1.31. We can back Man City at odds of 1.31.
If you would prefer higher odds, you can enter whichever stake you would like to place on Man City to win at the odds of your choice. Your odds and stake will then be listed and available for other punters to lay. Alternatively you can lay positions yourself. In our example above, we can see that there is £1216 requesting Man City to win at odds of 1.32. We can lay these odds, which means that if Man City lose, we win the bet. However if Man City wins, we have to pay up, just as a traditional bookmaker would.
As you can see, betting on Betfair allows you to not only back outcomes, but to also act as a bookmaker typically would and offer odds to other punters. This is what has made Betfair Exchange so popular and why in recent years so many traditional bookmakers began offering live betting and cash out features themselves.
Betfair Customer Support
An important aspect of any bookmaker experience is the quality and availability of customer support provided. Betfair provides customer support and can be contacted via the following methods:
Free Phone: 0844 871 5000
Email: Betfair help email
Live Chat via the Betfair Help Centre
You can also request a live demonstration of Betfair Exchange from your own home PC from 9am to 7pm, 7 days a week. You can request a live demonstration via the Betfair Help Centre.
3 Things Users Like About Betfair Exchange
#1 – The Exchange Format
By far the most popular aspect of Betfair is the exchange format. Betfair Exchange gives you the chance to both 'back' and 'lay' positions and at the odds you desire. This gives exchange punters greater flexibility in their betting, something that is not available with traditional bookmakers such as bet365 and Ladbrokes. With Betfair Exchange, not only can you back an outcome as a punter, but by laying positions in much the same way as a traditional bookmaker does.
#2 - Betfair Cash Out
With the betting exchange format becoming more and more popular, so to has the Cash Out feature. Just as other more traditional bookmakers have, Betfair also offer a Cash Out, giving you the chance to either take a profit or limit your liability well before the conclusion of a particular sporting or racing event. It's easy, as Betfair does all the maths for you, telling you exactly what your profit (or your loss) will be if you would like to close your position while the event is in-play.
#3 – Betfair Apps
Not only does Betfair have an app for their site on both iOS and Android, but you can also visit the Betfair App Directory and discover a whole range of apps available to help you streamline and enhance your betting and trading on the Betfair Exchange. You can search for Betfair apps by either category, sport, platform or price.
3 Things Users Don't Like About Betfair
#1 – Premium Charges
One of the primary criticisms of Betfair in recent years has been the introduction of their Premium Charges. This is a higher rate of commission placed on successful Betfair traders. While most Betfair users will not be impacted by the Premium Charges, very successful traders will see their profit margins take a major hit.
#2 - Getting Bets Matched
While some exchange punters complain about the frustration of getting their bets matched, it's simply the way it is when betting on an exchange.
#3 - Limited Promotional Offers
While traditional bookmakers offer regular promotional and free bet offers, Betfair Exchange does not. However if you are a punter who enjoys taking advantage of regular bookmaker promotional offers, Betfair Sportsbook has plenty to offer.
10 Frequently Asked Questions and Answers
#1 – What is the Betfair bonus code?
There is no bonus code required to claim the Betfair Exchange Bonus.
#2 – What is the difference between a bonus bet and deposit bonus?
While some bookmakers such as bet365 offer new users a sign up bonus giving you a bonus on top of your first deposit, Betfair Exchange offers you a bonus bet in the event that your first bet with Betfair should lose. So what's the difference between the bonus bet and deposit bonus? Well rather than applying to your first deposit, Betfair's bonus bet applies to your first bet, matching it up to £20 if your first bet loses.
#3 – What is required to claim my Betfair Bonus Bet?
To claim your Betfair Bonus Bet, you must sign up and create an account with Betfair. Once your account is funded, place your first bet. If your first bet loses, Betfair will refund your stake up to a maximum of £20.
#4 – Why does Betfair offer new customers a 100% bonus bet?
If you have been watching any televised sport recently, you will have noticed how competitive the betting industry is these days. In competition with other bookmakers, Betfair Exchange offers new customers a 100% bonus bet up to £20 as a way of enticing new customers to sign up with Betfair.
#5 – How can I contact Betfair customer support?
There are a number of ways that you can contact Betfair customer support.
Free Phone: 0844 871 5000
Email: Betfair help email
Live Chat via the Betfair Help Centre
#6 – What sports can I bet on at Betfair?
Betfair offers a great range of sports markets for you to wager and trade on. You will find each of the following sports available at Betfair: American football, athletics, Australian rules football, badminton, baseball, basketball, bowls, boxing, cricket, cycling, darts, financials Gaelic sports, golf, handball, ice hockey, MMA, motor sports, netball, poker, politics, pool, rugby league, rugby union, snooker, soccer, surfing, tennis, volleyball and winter sports.
#7 – Can I bet on my mobile with Betfair?
Yes, Betfair offers a mobile app available on both iOS and Android.
#8 – Does Betfair offer live streaming?
Yes, visit Betfair's Live Video page to see what streams are currently live and upcoming. You can search across a range of sports including soccer, tennis, horse racing, greyhound racing, volleyball, snooker, basketball, darts, cricket, ice hockey, rugby league, bowls and handball.
#9 – Does Betfair offer a Cash Out feature?
Yes, Betfair provides customers the ability to cash out and settle any bets in-play popular betting markets. This provides you with the opportunity to take a profit (or limit your liability) at any stage of the event that you have bet on.
#10 – Does Betfair currently offering a streamlined live betting feature?
Betfair customers are able to bet live via the internet on horse racing events, but are still restricted to phone betting to place bets for sports events.