Betting exchanges like BetFair are online venues where YOU can offer your own odds to other people. You can also accept the odds offered by other bettors. Exchanges comprise of a range of different betting markets (eg football, NFL, ice hockey, financials, etc.). No bookies are involved - the odds are offered by other punters just like you, people betting against people.
Betting exchanges use a decimal odds system as they are easier to compare (so a few conversions for you UK punters!). A straight win single bet is called a “back” bet. You can also place “lay” bets betting that an outcome won't happen… and you can bet while a game is in play.
Betfair is the world's largest sports betting exchange licenced in the UK, Australia, Malta, Austria and Germany. The Betfair online betting exchange matches over one million bets a week and has an annual turnover in excess of £2.6 billion.
Betfair claims that their odds are on average 20% better than those offered by traditional bookmakers - in my view that's not correct - they are 2-3% better and that advantage is often lost in their commission charges, especially if you are not a high volume punter.Still, BetFair is a competitive place to find a good price and should be considered when you are checking odds. If you're into betting against the public favourite then you can often get a very good deal!
Betfair is not a conventional bookmaker and the "betting exchange concept" takes a little time to understand, however, once you "get it" we are sure that you will consider Betfaira good addition to your betting options. We also highly recommend the book below to get you started.
Make sure that you're betting with the best bookmaker. Is YOUR bookie in our top 5 ? See our Bookie Guide for rankings.
Page update: 1 May 2008
Company: The Sporting Exchange Ltd
Trading as Betfair Established: 1999 Registered The Waterfront Office: Hammersmith Embankment
London
W6 9HP Phone: 0870 0110 444 (From UK)
1800 944 000 (From Ireland)
1800 759 354 (From Australia)
0044 20 8834 8060 (International)
Fax: 0870 0110 555 (UK) e-mail: info@betfair.com
BetFair's markets cover from Amercian football and Aussie Rules through Baseball and Basketball to Yachting. Good for football (soccer) coverage. Horses, dogs and "special bets" such as Big Brother and Entertainment Industry awards . NEW:SP market on UK Horse Racing, TradeFair - financial market trading and new Climate Change markets. For a summary of what we like and don't like about BetFair - see below.
To visit BetFair to see for yourself - click HERE.
The minimum bet is 2 GBP with no maximum specified. The currencies supported at Betfair are: AUD, CAD, SGD, DKK, EUR, GBP, HKD, NOK, SEK, USD. (Languages supported: English, German, Italian, Cantonese, Danish, Mandarin, Swedish). Note: USA residents can not join BetFair.
DEPOSITS Minimum deposit at Betfair is £25 or currency equivalent. Use your Visa, Mastercard, Electron, Solo, Delta, Maestro, Laser (Ireland), Switch PayPal (UK only), Neteller, Moneybookers, BT Click&Buy, MoneyTT, MoneyWorld, 8-Pay, Western Union, Bank Transfers or mailed Personal Cheques. WITHDRAWALS Withdrawals take 2-5 days even back to the card you deposited with but you can also request a cheque or bank transfer - there is a small (bank) fee for bank transfer withdrawals.
BetFair are currently offering a £25 Cash Back bonus (or currency equiv) for new subscribers. Win or lose you get £25 cash back. View BetFair's Cash Back promotional page for the terms and conditions and a quick betting exchange demonstration.
1. BetFair's exchange odds are competitive, so for the same stake you could win more than
with a traditional bookie, especially if you're betting against public Favourites.
2. You can hedge bets or limit losses by switching from laying to backing a bet and vice versa.
3. The low cost to try them out - a £25 minimum deposit and then you can place bets for as little as
£2 - so you can learn how the exchange works.
4. The £25 Cash Back offer for new subscribers is nice to have...(click for details)
1. The exchange concept can be fairly complex for punters to start and get the hang of and you
need to "do your homework" to keep an edge.
2. Betfair can offer better value than a traditional bookie - but it's not as clear cut as they would
have you believe! You need to work at it.
3. Commission at 5% on winning bets (or less based on volume usage) is higher than the other
betting exchange we review & recommend on GoonersGuide.com (Betsson Sports).
We recommend that you check out Betfair as in the long run it could save you money. As covered in
our Betting Toolkit Money Management section you need to get the best odds for the right games
- so don't desert the fixed-odds bookies for only an exchange system just yet! Keep your options open.
The opinions expressed in this section are the Gooner's own - you should always check out a bookie to make sure that you like them and that they meet your needs before joining up.
It really does pay to shop around for the best bets and a bookie or exchange that you have confidence in to pay out and manage your account in a professional manner.
Any serious punter should have at least half a dozen Accounts. Otherwise you are probably giving away up to 10% in winnings because you simply do NOT get the best price.
GoonersGuide.com - over 62 million pages read
World's No.1 Betting Exchange - Betfair!
LINKS TO OTHER BOOKMAKER REVIEWS ONSITE
GoonersGuide - helping you find the best, safest and most profitable sportsbooks online.
Betfair Betting Exchange independent review by sports punters. May 2008 update. Betting against public favourite at BetFair can offer the best prices on the net.
