Betfair prides itself in being the world’s largest betting exchange website. It also offers the services of bookmarker. The betting exchange involves customers betting on the outcome of discrete events. While regular bookmakers generate their revenue from offering odds, a betting exchange site charges a transaction fee. The company has been online for the last 16 years. Paddy Power Betfair plc is the owner of this gambling website.
Best betting exchange site online
- Good control on betting
- Huge range of markets
- Good user interface
- Good promotional offers
- 5% commission on every betting
- Limited liquidity
Security and Licensing
Betfair is a legit company licensed and regulated by Gibraltar. It has its headquarters based in London, UK. The company is also listed on the London Stock Exchange. Betfair is also a member of Fair gaming body, IBAS. Also, any personal information you give is secured with SSL encryption. So, your money is safe and secure. Since the company is registered, your private details cannot be compromised.
The website offers a variety of sports to meet the preferences of every user. The list includes American football, athletics, soccer, tennis, cricket, horse racing, motor racing, rowing, baseball, basketball and more. Besides sports, Betfair also offers financial bets.
Navigating Betfair is rather simple. Here, you have two ways of wagering. There are two important terms used here, back and lay. If you “back”, it means you are optimistic that your selection will win. And if you “lay” you expect that selection to lose. To “lay”, another user must “back” and vice versa. You have the option of canceling a wager in case it does not get a user to match. That happens in unpopular sports. Or you can leave it unmatched and proceed with other bets. There is no risk to your money.
Other than English, users from different parts of the world can navigate because it supports over 15 languages including Portuguese, Greek, and Swedish.
The minimum amount that you can wager on any selection of odds is €2. This is good for beginners who do not wish to risk much.
The company also offers in-play betting. So, for those who feel it safe to bet depending on the progress of the game, this is for you. Live streaming is also possible, and you can know the current schedule right on the site.
For professional bettors, you know how it feels to be denied a chance to play beyond a certain point. This happens mostly with the standard bookmakers. At Betfair, there is no maximum number of times you can bet. The maximum amount you can place on a bet varies. You can continue wagering as long as there is a user willing to match your bet.
The site supports both mobile and PC platforms.
The customer care of Betfair is unmatched. Besides, they offer assistance to their clients 24/7/365. You can reach them on +44-203-059-8888. Apart from the telephone, make your inquiries on their email [email protected].
Deposit and Withdrawal Options
The currency should not be a limitation to placing your bets and enjoying the game in high expectations. You can deposit using AUD, CAD, USD, EUR, SEK, among others. There are many options of depositing your money. The list includes PayPal, bank transfer, check, Skrill (formerly money bookers), western union, click and buy, Neteller and more.
To withdraw your money after winning is pretty easy. The withdrawal options include WebMoney, PayPal, bank transfer, Skrill, Entropay, and Neteller.
Right now, the website has offers only for new customers.
When you sign up, you get a risk free bonus of $30 that you can use to bet.
They also have another promotional offer for any new customers. In this, you deposit $20, and you have a chance to play $60. That is equivalent to a deposit bonus of $40.
Besides, they also have another offer whereby, if you deposit a $100, you get a 100% match. Please note that the bonuses come in the form of free bets and cannot be withdrawn before betting.
Downside of Betting at Betfair
Betfair charges a commission of 5% on every win. But they it is a business like any other. That is meant to facilitate the “laying” and backing” by customers.
Another issue with Betfair is limited liquidity. It is possible to place lay or back and fail to find a user who’ll match it. But that does not put your cash at risk. You have the option of leaving it unmatched or canceling it.
Betfair offers betters odds compared to traditional bookmakers. This is because they do not have control over the market prices. The customers are the primary determinants of the prices. Combining reasonable odds with guaranteed security of your money, then, our advice is that you sign up with Betfair. You’ll enjoy the benefits mentioned above and others. Remember, bet responsibly!