About Betfair

Already got a Betfair account? Take a look at the bookies' best new customer offers on our free bets page.

To qualify for this Betfair promotion, follow the steps below.

  • Successfully sign up to Betfair Exchange
  • Make a first deposit and place a first bet up to £20
  • If your exchange bet loses, you will be refunded up to £20

How does betting on an exchange differ?

There are significant differences between betting with a traditional sportsbook and using a betting exchange. In this section, we'll highlight the contrasts between the two formats.

Many bettors who don't understand how an exchange works can become frustrated and disillusioned with the process. There are some important factors to consider before deciding which style of betting suits your needs.

The most obvious factor is that with traditional sportsbook betting, you can only back the odds. With an Exchange, you can also lay the odds. We'll come to what this means shortly. In addition, with an Exchange, you're not betting against the bookmaker. Instead, you're betting against other Exchange customers.

Let's delve a little further. With Betfair Sportsbook, the odds and prices are decided by the operator's traders, who will assess a particular bet and calculate the price. These odds are rarely changed, unless there is a huge influx of bets placed upon them.

A traditional sportsbook's odds also contain the bookmaker's cut, or commission. A customer then places a bet on these odds, in other words, backing the odds. If the bet wins, the bookmaker pays out. The customer doesn't have to pay a commission on their winnings. If the bet loses, the bookmaker retains the stake.

Let's use an example. Betfair Sportsbook have priced England to win the European Championship in 2021 at 9/2. On the Sportsbook, you can only back these odds. In other words, if you think England will prove victorious, you can place a bet on these odds. If you don't think Gareth Southgate's men will return with the trophy, you simply don't bet on it.

Using Betfair Exchange, you decide the odds. In other words, you lay the price, 'acting' as bookmaker. This can work in different ways. Firstly, using our example above, you can bet on England not to win the European Championship. Or, you can provide your own odds on England to win (or not to win) the Euros. Other exchange users can then bet on the odds you've provided.

We'll try and keep this simple. Let's say you don't give England a hope of winning the European Championship. You might see this as an opportunity to make money, and so you 'lay' odds of 20/1 on the Betfair Exchange. Other bettors who fancy England could then see value in these odds and take your price.

If England don't win, you 'win' the money that has been placed on the odds you've laid. If England do win, you will then be required to pay out.

If you use the Exchange, your funds will be subject to commission. This is one of the drawbacks of Exchange betting. The commission charged can vary, depending on how much you win.

Note: we would never recommend laying odds of 20/1, particularly if you're new to exchange betting. If you lose, you could be paying out a huge amount of money. This is merely an example of how exchange betting works.

The dreaded commission

Always take into consideration the commission you have to pay when you're betting with any exchange. Betfair Exchange commission rates can vary, and we'll take a look at these now.

Betfair Exchange uses the Market Base Rate (MBR) to calculate how much commission you pay. The Market Base Rate, or MBR, changes depending on where you live. For UK and Ireland customers, the MBR is set at 5%.

You will only be charged commission when you win a bet on the exchange. So, if your net winnings are £100, you will have to pay £5 commission. If you lose, no commission is due.

You can reduce the commission rate by earning Betfair points. You earn points whether a bet wins or loses. The more points you earn, the bigger the discount on your commission.

The MBR can alter, though. Before you back or lay bets on Betfair Exchange, be sure to learn where the current Market Base Rate is set.

A disappointing aspect of Betfair Exchange is their introduction of Premium charges. If you are hugely successful, and win vast amounts, you could be required to pay further amounts.

Sportsbook vs exchange: What works for you?

Many Betfair customers use both the Sportsbook and Exchange facilities in their betting. It's simply a matter of which suits your betting style. As we've stated earlier, there are major differences between how each aspect of the Betfair site works.

It's vitally important that you understand the differences between a sportsbook and an exchange before starting to bet with them. However, once you get to grips with the, the more it will become clear whether the exchange is for you or the more traditional sportsbook that Betfair also have.

To summarise, we've listed some of the most important factors to consider when you're looking at signing up to Betfair Exchange below.

Benefits of exchange betting

  • The ability to back and lay odds
  • Exchange odds can offer much more value
  • Greater freedom in choosing which odds to back

Drawbacks of exchange betting

  • Commission rates
  • Can be financially troublesome if you lose
  • Requires greater ability to assess value accurately
  • Multiple bets are not available
  • Premium charges can apply to more successful bettors

How does Betfair compare with other exchanges?

Betfair is the biggest online betting exchange in the world, and for good reason. The sheer number of markets available far surpasses those of their competitors, meaning greater liquidity and choice for bettors. Customers here have the option to bet on sports and events taking place across the globe.

The value of Betfair Exchange odds is hard to match, too, particularly on the most popular leagues and tournaments. Be aware, though, that you might find it difficult to find greater value in odds on less popular competitions, as you could at a standard sportsbook.

It's also important to remember that while Betfair Exchange odds on the surface offer more value, commission comes into play on winning bets. Calculate how much will be returned to you after commission has been paid, and compare this to your possible winnings elsewhere.

In general, though, you'd be hard pushed to find a betting exchange who can offer a more complete, all-round experience than Betfair.

What else is available at Betfair Exchange?

Betfair Exchange further distance themselves from their competitors with their live streaming and betting options.

There are a range of sports available to watch at Betfair. Selected football, snooker, tennis and horse racing are all options, amongst many others. To access a Betfair Exchange live stream, you need to have a funded account.

On to live betting. The in-play service available here is superior to that offered by many traditional bookmakers. Throughout an event, Betfair Exchange update the odds so you can see what other customers are laying and backing. Laying and backing bets live is also a simple process.

Another pleasing aspect is that these features are available through your mobile browser and the Betfair Exchange app.

Markets available

As we touched upon earlier, Betfair Exchange markets are huge in number. This is particularly true when you compare Betfair to other exchanges in the UK. At Betfair Exchange, you can take your pick from almost 30 separate sports and events, encompassing thousands of markets each day.

As is typical with a UK site, markets on football are particularly high in number. In addition to the Match Result market, you can find Both Teams To Score, First Goalscorer, Handicap, Total Goals and Player markets available on all of the biggest games. These include huge games in leagues such as the Premier League, Bundesliga and La Liga among many others.

Outright betting is also a possibility at Betfair Exchange. Back or lay odds on League Winner and Top Goalscorer markets, in addition to many others.

Where else do Betfair Exchange excel? Simply put, pretty much everywhere. The range of markets across sports worldwide is astonishing. Want to back or lay on American sports? Betfair Exchange have you covered. Prefer horse and greyhound racing? Absolutely fine too. You can also back and lay bets on current affairs and politics markets.

There are also markets for the increasingly popular e-sports sector where you can bet on different teams, maps and major events.

Interface across desktop, mobile and app

For any form of online betting, an intuitive and reliable platform is required. This can enhance a customer's betting experience greatly, along with fast loading times, graphics and simple navigation.

The Betfair Exchange desktop site is somewhat cluttered. For newcomers to the Exchange, the layout can be particularly confusing. Understanding how the desktop site works is a task in itself.

What Betfair do provide, though, is a dedicated Exchange app. Both the app and the mobile site are much easier to navigate, providing a seamless and smooth betting experience.

Deposit and withdrawal information

There are a number of deposit and withdrawal options available at Betfair Exchange. All major banking methods are accepted, including debit cards, eWallets and prepaid vouchers.

Available payment methods include:

  • Visa
  • Mastercard
  • Neteller
  • Skrill
  • Bank Transfer
  • PayPal
  • Paysafecard

Be aware that Betfair Exchange charges a fee for using certain payment methods.

Licensing information

Wherever you bet online, make sure your operator of choice is fully licenced. Betfair Exchange is licensed and regulated by the Malta Gaming Authority. For UK customers, the operator is licensed by the Gambling Commission.

This ensures your safety and security. It also means that Betfair have a duty of care to all of their customers, including applying the aforementioned Know Your Customer scheme.

Summary

Betfair Exchange is a hugely successful operator. The biggest online exchange across the globe, there is much to be excited about here. The range of sports and markets can't be matched by any other online exchange.

That's not to say Betfair Exchange is perfect. We'd like to see a much more rewarding welcome offer for new Betfair Exchange customers. It's also disappointing that some deposit and withdrawal methods come with a separate charge.

The commission rates, particularly the Premium charges, have caused a great deal of controversy, too. On the surface, these charges seem to punish the more successful bettors.

Having said that, we like the idea of earning a discount on future commission by earning Betfair points.

If you're new to online exchange betting, there are few places better to start than Betfair Exchange.

Of course, some of the most useful services, such us cash out and live streaming (you have the chance to watch full in play horse races), are available at Betfair's sportsbook and the Betfair.com mobile app. The most common payment methods for deposits and cash-outs are accepted. Transactions can be made using credit cards, Neteller, Skrill, Clickandbuy, PayPal and many more. All Betfair deposit methods are free of charge on most of these methods while the same applies for withdrawals that are complete in virtually no time. If you like to wager on other events than sports betting, you can find a multitude of casino, poker, arcade games, bingo and exchange games here as well as promotions such as the well know Betfair cash race. In addition, they offer a new Customer offer where you place 5 x €10 or more bets and receive €20 in free bets. You can repeat this up to 5 times to receive a maximum €100 sportsbook bonus. Remember that this applicable only for the sportsbook at minimum 1.50 odds, with other specific terms and conditions, also applying.

Betfair Pros

  • Great variety of markets for many sports

  • Probable the highest betting odds on the Internet

  • No win limits imposed

  • Trading possibility

  • Surebets are allowed

  • Quick payouts

  • On financial betting Betfair offers betting exclusive!

  • You can act as a bookie

  • Bet trading is available