Introduction To Betfair
The Betfair Exchange is 20 years old and it’s easy to ascertain why it now has quite a million customers worldwide and is becoming increasingly popular within the UK.
We’ve analyzed the explanations why this exchange remains the world’s No 1 choice. Our objective and unbiased review examines what’s available at Betfair Exchange, where they excel and where they will improve.
We’ll begin by discussing the welcome offer available to all or any new UK customers aged 18 and over.
To use Betfair fist time, follow the steps below.
Successfully check in to Betfair Exchange
Make a primary deposit and place a primary bet up to £20
If your exchange bet loses, you’ll be refunded up to £20
How does depending on an exchange differ?
There are significant differences between betting with a standard sports book and employing a betting exchange. During this section, we’ll highlight the contrasts between the 2 formats.
Many bettors who don’t understand how an exchange works can become frustrated and disillusioned with the method. There are some important factors to think about before deciding which sort of betting suits your needs.
The most obvious factor is that with traditional sports book betting, you’ll only back the chances. With an Exchange, you’ll also lay the chances. We’ll come to what this suggests shortly. Additionally, with an Exchange, you’re not betting against the bookmaker. Instead, you’re betting against other Exchange customers.
Let’s delve a touch further. With Betfair Sports book, the chances and costs are decided by the operator’s traders, who will assess a specific bet and calculate the worth . These odds are rarely changed, unless there’s an enormous influx of bets placed upon them.
A traditional sports book’s odds also contain the bookmaker’s cut, or commission. A customer then places a back these odds, in other words, backing the chances. If the bet wins, the bookmaker pays out. The customer doesn’t need to pay a commission on their winnings. If the bet loses, the bookmaker retains the stake.
Let’s use an example. Betfair Sports book have priced England to win the ecu Championship in 2021 at 9/2. On the Sports book, you’ll only back these odds. In other words, if you think that England will prove victorious, you’ll place a back these odds. If you don’t think Gareth Southgate’s men will return with the trophy, you merely don’t back it.
Using Betfair Exchange, you opt the chances. In other words, you lay the worth, ‘acting’ as bookmaker. This will add alternative ways . Firstly, using our example above, you’ll back England to not win the ecu Championship. Or, you’ll provide your own odds on England to win (or to not win) the Euros. Other exchange users can then back the chances you’ve provided.
We’ll attempt to keep this easy. Let’s say you don’t give England a hope of winning the ecu Championship. You would possibly see this as a chance to form money and then 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 doesn’t win, you ‘win’ the cash that has been placed on the chances you’ve laid. If England does win, you’ll then be required to disburse.
And if you employ the Exchange, your funds are going to be subject to commission. This is often one among the drawbacks of Exchange betting. The commission charged can vary, counting on what proportion you win.
Note: we might never recommend laying odds of 20/1, particularly if you’re new exchange betting. If you lose, you’ll be paying out an enormous amount of cash. This is often merely an example of how exchange betting works.
The dreaded commission
Always take into consideration the commission you’ve got to pay when you’re betting with any exchange. Betfair Exchange commission rates can vary, and we’ll take a glance at these now.
Betfair Exchange uses the Market interest rate (MBR) to calculate what proportion commission you pay. The Market interest rate, or MBR, changes counting on where you reside . For UK and Ireland customers, the MBR is about at 5%.
You will only be charged commission once you win a back the exchange. So, if your net winnings are £100, you’ll need 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 larger the discount on your commission.
The MBR can alter, though. Before you back or lay bets on Betfair Exchange, make certain to find out where the present Market interest rate is about.
A disappointing aspect of Betfair Exchange is their introduction of Premium charges. If you’re hugely successful, and win vast amounts, you’ll be required to pay further amounts.
Sportsbook vs exchange: What works for you?
Many Betfair customers use both the Sports book 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 simply understand the differences between a sports book and an exchange before beginning to bet with them. However, once you get to grips with the, the more it’ll become clear whether the exchange is for you or the more traditional sports book that Betfair even have .
To summarize, we’ve listed a number of the foremost important factors to think about when you’re watching signing up to Betfair Exchange below.
Benefits of exchange betting
1) The ability to back and lay odds
2) Exchange odds offers far more value
3) Greater freedom in choosing which odds to back
4) Drawbacks of exchange betting
5) Commission rates
6) Can be financially troublesome if you lose
7) Requires greater ability to assess value accurately
8) Multiple bets aren’t available
9) Premium charges can apply to more successful bettors
How does Betfair compare with other exchanges?
Betfair is that the biggest online betting exchange within the world, and permanently reason. The sheer number of markets available far surpasses those of their competitors, meaning greater liquidity and selection for bettors. Customers here have the choice to back sports and events happening across the world.
The value of Betfair Exchange odds is tough to match, too, particularly on the foremost popular leagues and tournaments. Be aware, though, that you simply might find it difficult to seek out greater value in odds on less popular competitions, as you’ll at a typical sports book.
It’s also important to recollect that while Betfair Exchange odds on the surface offer more value, commission comes into play on winning bets. Calculate what proportion is going to 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 seek out a betting exchange who offers a more complete, all-round experience than Betfair.
What else is out there at Betfair Exchange?
Betfair Exchange further distances themselves from their competitors with their live streaming and betting options.
There are a variety of sports available to observe at Betfair. Selected football, snooker, tennis and racing are all options, amongst many others. To access a Betfair Exchange live stream, you would like to possess a funded account.
Instead of the in-play service available here is superior thereto offered by many traditional bookmakers. Throughout an occasion, Betfair Exchange updates the chances so you’ll see what other customers are laying and backing. Laying and backing bets live is additionally an easy process.
As we touched upon earlier, Betfair Exchange markets are huge in number. This is often particularly true once you compare Betfair to other exchanges within the UK. At Betfair Exchange, you’ll take your pick from almost 30 separate sports and events, encompassing thousands of markets every day.
As is typical with a UK site, markets on football are particularly high in number. Additionally to the Match Result market, you’ll find Both Teams to attain , First Goal scorer, Handicap, Total Goals and Player markets available on all of the most important games. These include huge games in leagues like the Premier League, Bundesliga and La Liga among many others.
Outright betting is additionally an opportunity at Betfair Exchange. Back or lay odds on League Winner and Top Goal scorer markets, additionally to several others.
Where else does Betfair Exchange excel?
Simply put, just about everywhere. The range of markets across sports worldwide is astonishing. Want to back or lay on American sports? Betfair Exchange have you ever covered. Prefer horse and greyhound racing? Absolutely fine too. You’ll also back and lay bets on current affairs and politics markets.
There also are markets for the increasingly popular e-sports sector where you’ll back different teams, maps and major events.
Interface across desktop, mobile and app
For any sort of online betting, an intuitive and reliable platform is required. this will enhance a customer’s betting experience greatly, alongside fast loading times, graphics and straightforward navigation.
The Betfair Exchange desktop site is somewhat cluttered. For newcomers to the Exchange, the layouts are often particularly confusing. Understanding how the desktop site works may be a task in itself.
What Betfair do provide, though, may be a dedicated Exchange app. Both the app and therefore the mobile site are much easier to navigate, providing a seamless and smooth betting experience.
Deposit and withdrawal information
There are varieties 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:
- Bank Transfer
- Pay safe card
Be aware that Betfair Exchange charges a fee for using certain payment methods.
Wherever and how online, confirms your operator of choice is fully licensed. Betfair Exchange is licensed and controlled 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 Betfair have a requirement of care to all or any of their customers, including applying the aforementioned know Your Customer scheme.
Betfair Exchange may be a hugely successful operator. The most important online exchange across the world, there’s much to be excited about here. The range of sports and markets can’t be matched by the other online exchange.
That’s to not say Betfair Exchange is ideal. We’d wish to see a way more rewarding welcome offer for brand spanking new Betfair Exchange customers. It’s also disappointing that some deposit and withdrawal methods accompany a separate charge.
The commission rates, particularly the Premium charges, have caused an excellent deal of controversy, too. On the surface, these charges seem to punish the more successful bettors.
Having said that, “we just like the idea of earning a reduction on future commission by earning Betfair points”.
If you’re new online exchange betting, there are few places better to start out than Betfair Exchange.