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Betfair
Betting Exchange
Review
BETFAIR - SECURITY & REPUTATION
The Sporting Exchange Limited, trading as Betfair was established in 1999 and has won numerous business awards for innovation. The whole concept of betting exchanges was a new one but now a number of other operators have copied Betfair's concept of punter to punter betting. Betfair is the world's largest sports betting exchange - with well over a million bets matched each week & an annual turnover in excess of £2.6 billion. Located in the UK, Betfair operates under UK legislation (the Betting, Gaming & Lotteries Act 1963) & holds bookmaker's permits in England & Wales, Australia, Malta, Austria and Germany. Web site security: BT TrustWise Secure Server Certificate, SSL encryption. DataCash & The Royal Bank of Scotland plc as secure payment partners. Privacy statement & code of practice on site.
BETFAIR BETTING EXCHANGE PAY IN / CASH OUT
HELP & CUSTOMER SERVICE AT BETFAIR
The Betfair Betting Exchange Customer Service desk is manned 24/7 by English speaking brokers & staff & 3pm to 5am (Beijing time), 7 days-a-week by Mandarin / Cantonese speaking staff. Email is the best method of contact & they target to come back to you within 4 hours. Toll free telephone numbers are provided for bettors from Ireland, the UK & Australia with international telephone & fax numbers for bettors from other countries. Good on-site FAQs, an Exchange tutorial and the ability to learn about betting exchanges by playing for fun.
EASE TO FIND & PLACE A BET (Web Design)
BETTING COVERAGE AT BETFAIR BETTING EXCHANGE
Coverage at Betfair Betting Exchange is vast with wagering opportunities available on a wide range of leagues & specific fixtures. Sports covered include; American Football, Australian Rules, Baseball, Basketball, Boxing, Combat Sports, Cricket, Cycling, Darts, Financial Markets, Gaelic Games, Golf, Greyhounds, Handball, Hockey, Horses, Ice Hockey, Motor Sport, Pelota, Politics, Rugby League, Rugby Union, Soccer, Surfing, Tennis, Volleyball & Yachting.
BETFAIR JOIN BONUSES & PUNTER PROMOTIONS
FIXED ODDS AT BETFAIR
Betfair claims that their odds are on average 20% better than those offered by traditional bookmakers. Betting analysis performed by BookieLabrat.com indicate that they are 2-3% better for both Fixed Odds & Asian Handicap bets & that advantage is usually lost in commission charges.
Betfair charge a commission on your net winnings on a market, so you only pay commission if you are successful in a given market. E.g., if you win £100 on a market with an Market Base Rate of 5%, you will pay £5 in commission. Betfair members can earn a discounted commision rate for high usage.
NOTE: BookieLabRat.com tested 205 online bookmakers & 10 betting exchanges this quarter and failed 85% of them. BETFAIR passed with 85 out of a possible 100 points.
This review is not the formal analysis, just a high level summary of the key aspects we like and don't like about BETFAIR.
OTHER BETS AT BETFAIR BETTING EXCHANGE
BetFair are currently running 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, the bonus code and a quick betting exchange demonstration.
Betfair Exchange accepts Visa, Visa Electron, Delta, Mastercard, Maestro (UK only), Switch, Solo and Laser debit & credit cards. PayPal, Moneybookers, NETeller, BT Click&Buy, 8Pay (China), Moneyworld (China & Singapore), MoneyTT (China, Hong Kong, Macau), Western Union, Banks Transfers & Cheques are also options to deposit & in most instances withdraw funds to/from your Betfair account. The usual rules for withdrawals to credit cards apply (ie: it's not possible to Mastercard & only to a VISA card issued in a country where this is permitted).
The currencies you can operate a Betfair account in are: UK Sterling, Euro, US Dollar, Hong Kong Dollar, Australian Dollar, Canadian Dollar, Danish Krone, Norwegian Krone, Swedish Krona and Singapore Dollar.
The minimum bet is 2 GBP with no maximum specified.
NOTE: Betfair does not accept members from the USA.
The Betfair Betting Exchange web site is well laid out and has a lot of HELP documentation available to walk you through account set-up, finding, placing & laying bets, payout processes, etc. Exchange betting is not for online gambling novices but once you get the concept Betfair is easy to use and offers some competitive prices. You do need to "do your homework" to retain an edge. Exchange opportunities at Betfair are presented on a "market" basis and you can personalise your Betfair session to feature your own favourite betting markets.
The exchange concept can be fairly complex for punters to get the hang of & you need to "do your homework" and have the time to put into your betting in order to keep an edge. The ability to hedge bets or limit losses by switching from laying to backing a bet and vice versa adds a new buzz to online gambling.
Last Page Update: 5 May 2009
SORRY - NO US BETTORS
BetFair - WHAT's HOT
Great bet volumes (liquidity), solid financial reputation, quick to payout, at £25 min deposit it's cheap to try them out
BetFair - WHAT's NOT
5% commission fee can strip value from a bet,
More complex to use than a bookie
Betfair
Exchange
Review
Links to latest REVIEWs of recommended online bookmakers & sportsbooks
BETFAIR BETTING EXCHANGE - OVERALL RATING
BetFair Betting Exchange offers competitive odds especially if you're a high volume punter or into betting against the public favourite. Betfair can offer better value than a traditional bookie - but it's not as clear cut as they would have you believe with commission charges of up to 5% on winning bets.
