Betfair is amongst one of the most popular and high profile betting sites online and has indeed become the world’s largest betting exchange with over 1 million active customers worldwide. It is considered to be a very efficient and comprehensive platform as its odds are quickly updated and it’s quite easy to place bets. Its platform is user friendly and it has quite a wide choice of markets available. One of its drawbacks is that there is a commission on winning bets.
New Customer Bonus Bet
Betfair offers its new customers a GBP 20 risk free ‘welcome’ bet bonus. In order to claim that bet, all you have to do is create an account by signing up through their website.
In order to claim your bonus bet, once signing up, you have to deposit funds into your account with place your first bet with a minimum stake of GBP 20. If your first bet is a failure, Betfair will refund that GBP 20. Unfortunately this bonus bet is restricted amongst the following countries: Portugal, Bulgaria, India, Belarus, Chile, Croatia, Hungary, Latvia, Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovenia, Tunisia, and Ukraine.
Betfair’s Mobile App
Available on both iOS and Android, the exchange App will make the bettors trading quicker, easier, and profitable. Once you download your App, the bettor will even earn a free GBP 20 bet and also be in the chance to earn an additional GBP 1,000 in bonuses. With the App, the better will also be able to enjoy Live Streaming meaning live coverage of sporting events streamed directly to the mobile device. The App itself has its own Directory which will help any bettor discover a whole range of apps available enhance betting and trading on Betfair. These can be looked for by either category, sport, platform, or price.
You can visit Betfair’s Live Video page to check out what streams are live and what is upcoming. The sports range is quite vast including tennis, horse racing, soccer, handball, and many more. One drawback when it comes to the live video is that the latter takes a while to load – approximately 2 to 5 seconds. Obviously, the live video access is only available to those bettors who have a funded account. Betting Odds With Betfair bettors have a chance to set their desired odds. This means that if the bettor is not happy with the odds being offered, he/she can offer the odds of his/her own choosing and see if another Betfair bettor is happy to take him/her up at those odds. The latter offers flexibility that other bookmakers do not.
To place a bet on Betfair, all you have to do once you select the market you are interested in is to click either on back or lay. The minimum chosen stake is GBP 2 and your potential profit will be displayed in the bet slip on the right.
If you are satisfied with the odds, stake, and potential profit just click on submit. All you need to be sure of now is that your bet is matched for the bet to be struck. This means that it has to be matched with another customer’s opposing bet.
Unfortunately, before your bet offer is matched, you do not have a bet. If nobody matches your bet before the market closes, Betfair will refund the money you placed. It’s important to note that unmatched bets remain in the markets as offers until you decide to cancel them. A word to the wise, it is much safer to change the odds of your unmatched bet than trying several times over and over again to find a matching bet.
Betfair Cash Out
Another Betfair plus is that it works out your calculation automatically and offers you a value based on current market odds. What Cash Out means is that it allows you to take a profit or minimize a loss before the event itself is over. This will automatically place bets for you on the relevant Betfair market. The value quoted is the minimum amount the bettor will receive if the Cash Out is successful. Cash Out is available for all the markets across Betfair.
As mentioned previously, Betfair charges commission on any winning bet. The commission is calculated as follows:
Commission = Net Winnings x Market Base Rate x (100% – Discount Rate)
In 2008, Betfair introduced what is known as ‘Premium Charge’, meaning a charge imposed on bettors that Betfair deems they have not being paying ‘fair’ commission in relation to the size of their winnings. If the bettor has bet on more than 250 markets, is in profit over the life of his/her account, or has paid less than 20% of his/her lifetime profit in ‘total charges’, he is eligible to pay the premium charge at the end of any profitable week.
Funding your Betfair account is an easy process. You can deposit your account via major credit cards such as Visa and Mastercard, as well as Neteller, Skrill, Poli, and Bank Transfer in 14 countries.
In case of any problems or queries, the Betfair personnel can be contacted via the following means:
Free Phone: 0844 871 5000
Email: Betfair help email
Live Chat via the Betfair Help Centre
Bettors can also request a live demonstration of Betfair Exchange from their own home PC from 9am to 7pm, 7 days a week. This can be requested through the Betfair Help Centre.