Sport
Get £30 in Free Bets
ZBGC01
PROMO CODE
CLAIM BONUS
T&Cs APPLY, 18+ ONLY
New customer offer. Place a min £10 bet on the Sportsbook on odds of min 1/2 (1.5), get £30 in Free Bets. Rewards valid for 30 days. SMS verification required. Only deposits via cards or Apple Pay will qualify. T&Cs apply. Please Gamble Responsibly. #ad
Casino
£40 + 100 Free Spins
CASA10
PROMO CODE
CLAIM BONUS
T&Cs APPLY, 18+ ONLY
New UK and IRL customers using registration code CASA10 only. Deposits through debit cards only. 35x wagering requirement on bonus, within 7 days, on eligible games. Winnings from bonus capped at £500. Free Spins available upon completion of bonus. Full T&Cs apply. #ad
Poker
35% Rakeback
N/A
PROMO CODE
CLAIM BONUS
T&Cs APPLY, 18+ ONLY
“Only open to customers who have signed up through specific Betfair partners.Please read full terms for breakdown of promotions.This offer is open only to customers aged 18 years or over, signed up through selected partners participating in the promotion. Italian, Spanish, Swedish and Danish customers are not eligible.”
Betfair Quick Facts
Website
Betting Options
Sportsbook, Casino, Poker, Exchange Games, Arcade, Slots, Macau, Bingo
Compatability
Apple IOS
Android Google
Tablet
MAC/PC
Deposit Methods
Visa
MasterCard
Paypal
Neteller
Skrill
Paysafe
Applepay
Muchbetter
Banktransfer
Withdrawal Methods
Visa
MasterCard
Paypal
Neteller
Skrill
Paysafe
Applepay
Muchbetter
Banktransfer
Support
Support Page, Live Chat, Facebook, Twitter
Owner
PPB Counterparty Services Limited
Founded
2018
Headquarters
Triq il-Kappillan Mifsud, St. Venera, Malta
License
UKGC
Language Offered:
UK
Spain
Germany
Portugal
Finland
Norway
Hungary
Russia
Deposit Methods
Visa
MasterCard
Paypal
Neteller
Skrill
Paysafe
Applepay
Muchbetter
Banktransfer
Withdrawal Methods
Visa
MasterCard
Paypal
Neteller
Skrill
Paysafe
Applepay
Muchbetter
Banktransfer

FEATURES

Cash Out
Live Stream
Native App
Bet Builder
Support 24/7
VIP Program

PROS

  • Great deposit withdrawal options
  • Excellent Mobile Apps for Exchange and Sportsbook
  • eSports and virtuals betting available
  • Bets on TV, Award Shows and Politics
  • Live streaming on many sports markets

CONS

  • VIP and Loyalty Program limited to Horse Racing and Poker
  • Lack of Graphics for those games not covered by Live Streaming
  • Great deposit withdrawal options
  • Excellent Mobile Apps for Exchange and Sportsbook
  • eSports and virtuals betting available
  • Bets on TV, Award Shows and Politics
  • Live streaming on many sports markets
  • VIP and Loyalty Program limited to Horse Racing and Poker
  • Lack of Graphics for those games not covered by Live Streaming

TABLE OF CONTENT

Registration Process
>
5 / 5
Deposits and Withdrawals
>
4.5 / 5
Welcome Offer
>
5 / 5
Sportsbook promotions
>
4 / 5
Pre-match Offer
>
5 / 5
Live Offer
>
4.5 / 5
Security
>
5 / 5
Service and Customer Support
>
5 / 5
Design & Usability
>
4 / 5
Mobile
>
5 / 5
Other Products - Betfair Exchange
>
Other Products
>

Not only do Betfair own arguably the world’s most famous betting exchange, but they also offer an all-round traditional sportsbook, casino, and poker site, all available in English, Danish, Dutch, Spanish, Portuguese, Polish, and more. The only question, we suppose, is whether they have bitten off more than they can chew. Well, we’re here to find out with our extensive Betfair review.

Betfair Promo Codes May 2023

Product Betfair Promo Code Bonus
Sportsbook ZBGC01 £30
Casino CASA10 £40 + 100 Free Spins
Poker Use Qualifying Link 35% Rakeback + Access to Exclusive Races
Bingo BIN050 200 Free Tickets & £20 Slingo Bonus
Exchange VAL225 £50 Exchange Bet

As you can see, Betfair consistently offer a wide variety of promotional codes across its many products for both new and existing customers to enjoy.

Opinion
We suggest that you review all available welcome offers to find the one that best suits your needs. For those interested in sports betting, the 'Bet £10 and get £30' offer is an outstanding choice.

Registration Process
5 / 5

  • One-page sign-up sheet
  • Excellent deposit limit options
  • Welcome bonus promo code automatically entered

Betfair Registration Screenshot

Here is where we generally do a step-by-step guide through the registration process. That isn’t because these things are usually complicated, but often people who haven’t signed up to a betting site for some time, or possibly ever, are put off by the registration process needlessly.

However, there’s no need to do a step by step this time, at least not beyond the first step. That’s because Betfair has managed to slim down its registration process to a mere single page. As you can see, there’s not too much here, but it does require pretty standard details, including your first and last name, date of birth, country, address and mobile number for your details.

Next up, you’ll need to include information about your Betfair account, which will include your email as a further contact detail, a password, security question, currency, deposit limit, a relevant promo code, and finally how you want to receive communications from the site.

Make sure that the password you choose is secure. To meet the minimum requirements, your password must be between eight and 20 characters long and contain a number, a capital letter and a special character.

The deposit limit options allow you to set both limits and time periods, they deserve a lot of credit for putting the importance of responsible gaming in such a prominent position.

Finally, be sure to verify that the promo code for your chosen welcome bonus has been entered correctly.

And that is it. You can enter your bank details immediately after, or not – that’s entirely up to you. We really can’t imagine having much negative to say regarding the registration process at Betfair.

Deposits and Withdrawals
4.5 / 5

  • Plenty of options to choose from
  • Pay with cash at Paddy Power retail shops
  • Lack of cryptocurrencies only notable flaw

Betfair Banking Page

Since the deposit process follows the registration page, we may as well follow suit here. Betfair offers a wide range of options to make deposits and withdrawals as easy as possible for its users. Currently, the following methods are accepted for payments: debit card, Apple PayPayPal, Bank transfer, paysafecard, NETELLER, Skrill, and MuchBetter.

Cards and cash* have a minimum deposit of £5, while all other payment methods, including e-wallets and bank transfers, have a minimum deposit of £20. All deposits are processed instantly except for bank transfer, which takes 2-5 working days.

For withdrawals, there is a £0.01 minimum for debit cards, MuchBetter and Apple Pay. Meanwhile, a £1 minimum for PayPal, NETELLER and Skrill applies, and a £10 minimum for bank transfers. Processing times vary depending on the method chosen, with the full details found in the table below.

Method Min Max Processing Time Fee
Visa £5 Instant None
Mastercard £5 Instant None
PayPal £20 Instant
Neteller £20 Instant None
Skrill £20 Instant None
PaySafe £20 Instant None
ApplePay £5 Instant None
MuchBetter £20 Instant None
BankTransfer £20 1-5 working days None
Method Min Max Processing Time Fee
Visa £0.01 2-5 working days None
Mastercard £0.01 2-5 working days None
PayPal £1 1-4 hours None
Neteller £1 1-4 hours None
Skrill £1 1-4 hours None
PaySafe £5 2-5 working days None
ApplePay £0.01 2-3 working days None
MuchBetter £0.01 Up to 24 hours None
BankTransfer £10 1-5 working days None

*Another option is PaddyPower shops, which allows you to deposit funds via cash at a Paddy Power retail shop using your username. This is a huge plus for many, and is an option not commonly available across many bookmakers.

At Betfair, you must withdraw using the same method through which you deposited, which could take from one hour up to 5 days. While there are no fees from Betfair itself, there may be fees from, for instance, your bank.

Important Note for New Customers
Before you can make any withdrawals from your Betfair account, your account should first be verified. This is a standard requirement across all licensed, legitimate bookmakers who must adhere to certain rules and regulations set out by authorities within the industry.

If, for whatever reason, your account doesn't automatically pass the site's electronic verification, you need to do it manually. To complete this process, you need to submit a copy of official documents such as your passport or driver's licence. For proof of address, you must send a utility bill or a copy of a bank statement, as long as they are under six months old. In order to submit these documents, all you need to do is message Betfair through their contact page and proceed accordingly.

Betfair aims to verify customers from the UK and Ireland within 72 hours. Should there be any unexpected delays, feel free to contact customer support.

How To Make a Deposit

To help you see for yourself just how straightforward it is, we went ahead and made a deposit at Betfair ourselves, detailing every step of the way below for your reference.

Deposit

After logging in, click on the ‘Deposit’ button located next to ‘My Account’ at the top of the screen. This will take you to the payment method selection screen, where you can choose whichever option you like. We went with debit card by selecting the ‘Add Card’ option. Following this, we entered our card details, along with our desired deposit amount.

Quick Deposit

As soon as we hit the deposit button, we received confirmation that our deposit was a success and our balance was updated. From here on, we were free to bet on whatever we wanted.

How To Place a Bet

Bets

We decided to bet on Manchester United to beat Derby, because despite the short odds, we thought their chances of winning were even higher than that. We just added how much we wanted to bet and hit “Place bets”.

Bet Placed

We then received the above confirmation bet slip which displayed both our stake and potential returns. You can view this receipt in the ‘My Bets’ section of your account. Additionally, you can check the result of your bet in the same section after the outcome has been determined.

My Bets

We were lucky enough to win our bet, meaning that we now had £7.75 to withdraw.

How To Withdraw

Win

Withdrawing funds from my account was a breeze. All we did was select “Withdraw funds” within our account, and then input our desired amount within the box that appeared. Due to Betfair’s policy, we had to use the same method here that we used to make our initial deposit: our debit card.

WIthdraw

Once we hit the withdrawal button, we received the above confirmation, and when we checked our account, the additional funds were already there. As you can see, this whole process was really easy and straightforward and really didn’t feel like any extra effort at all. In fact, everything felt similar to buying something online.

Everything about banking at Betfair is professional and straightforward, across a solid variety of options. However, we can’t quite give it a perfect score, as some will be disappointed by the lack of cryptocurrency options.

Welcome Offer
5 / 5

  • Get up to £30 in free bets
  • Use promo code “ZBGC01”
  • Deposit a minimum of £10 with a debit card

Betfair Welcome Offer Screenshot

Betfair may be known for having one of the best betting exchanges in the world, and that’s fair enough. However, the rest of their site is just as brilliant, with their sportsbook right up there with the very best. As proof, you don’t need to look any further than their welcome offer.

Betfair’s bet £10 get £30 welcome bonus is one of the more generous promotions of its kind we’ve come across for new customers, with the £30 granted in free bets. Find out how to take advantage of the offer here:

  • 1
    While signing up, enter the code ZBGC01 in the relevant field.
  • 2
    Deposit a minimum of £10.
  • 3
    Verify your mobile number.
  • 4
    Place a £10 bet.
  • 5
    Get your reward!

It’s as simple as that! However, as with all promotions, there are a number of conditions that must be adhered to – otherwise, you may lose the offer altogether. Below are all the terms and conditions you need to know.

  • Once you have registered, you have 30 days to complete all of the above requirements.
  • Verify your phone number via SMS.
  • Your first deposit of £10 must be made with a debit card.
  • The £10 must be placed on a single bet.
  • System bets are not eligible for the offer.
  • Bets placed on SP (starting price) do not qualify.
  • The free bets are awarded to you in the form of 3 x £10 bets.
  • You have 30 days to use your free bets once they have been credited.
  • If your free bets are successful, the £10 stake will not be credited to your account, i.e. only the winnings will be paid out.

If all this sounds good to you, click on our link below to get started:

Sportsbook promotions
4 / 5

  • Several other free bet promotions are available
  • Turn points into prizes with Rewards4Racing
  • Immense value across multiple offers

Betfair Promotions Screenshot

As impressed as we were with Betfair’s welcome bonus, we still had to determine whether or not the rest of the bookie’s promotions matched up to it in terms of value. Fortunately, we turned out to be very happy campers with what else was on offer. Here’s a quick look at what was available at the time of writing.

One thing we’ve noticed is that Betfair excel in offering frequent, short-term special promos – often on current sporting events. One example would be their £5 free bet builder on the Italy vs England match. There were also ‘Extra Place Races’ for the Cheltenham Festival and Dundalk, meaning Betfair were willing to pay out the top four or five horses instead of the top three.

The wide range of these short-term promos indicates that Betfair’s sportsbook promo section is regularly updated, and frequently provides attractive deals and offers to their customers. There’s even a refer-a-friend promotion, where you receive £10 cash for every new user you bring to the site (maximum five).

Additionally, there are a few promotions that are associated with a particular game or event, such as the “Substitute Guarantee” offer, which voids a bet if a player is substituted off within the first 10 minutes. You can also nab a £2 free bet for any £10 acca or bet builder on football.

Meanwhile, horse racing and greyhounds enthusiasts are sure to appreciate Betfair’s Best Odds Guaranteed, which ensures customers receive the best possible price on their bets. In a nutshell, if the Starting Price (SP) is higher than the odds taken when the bet was placed, Betfair will pay out at the higher odds. This promotion applies to all UK and Irish races.

Best of all, it’s not just sports bettors who are taken care of at this bookie, but also those who enjoy a dabble at bingo or their favourite casino games. Even the Exchange has its own welcome offer. Basically, every Betfair product has its own dedicated page featuring unique bonuses and promotions.

Opinion
We love the special promotions Betfair provide, especially the match and event specific offers that give us an added boost on events which we probably would have bet on in the first place.

VIP/Loyalty Service

The loyalty scheme at Betfair is specific to horse racing, meaning you receive points for each bet you place. These points can be spent on real-life horse racing events at 30 racecourses across the country, including the likes of the Grand National and Cheltenham Festival. You receive one point for every pound you bet. We do find this really interesting, however, a lack of information on how many points it would take to get certain experiences does make it tough to assess.

In terms of VIP schemes, Betfair offers a high roller programme with different rewards depending on how much you deposit. VIPs will benefit from many special offers, prizes and much more, including a dedicated customer service team for immediate assistance. The main drawback is that it is difficult to find out more about the VIP programme unless you’re actually in it.

Pre-match Offer
5 / 5

  • Amazing mix of traditional sportsbook and betting exchange
  • Also includes esports and a wide selection of specials
  • Cash Out available
  • Odds in decimal

Betfair Pre-Match Offer Screenshot

Sports

Although Betfair is primarily known for its astonishingly varied betting exchange, the choice of sports on both this and the traditional sportsbook is simply sensational.

At the time of writing, Betfair offers over 25 different sports, including favourites such as football, horse racing and rugby, as well as niche sports such as mixed martial arts, winter sports and Gaelic games. The list goes on, as there are also dedicated markets for esports, virtual sports and specials betting.

The number of leagues covered amongst these sports is just as impressive, meaning that the sports selection is not merely bloated to look impressive. The betting options truly have depth. This is also true when it comes to the number of markets available.

In terms of margins, this, of course, doesn’t apply to the betting exchange, but does for the sportsbook, so we’ll take a look at the overround to assess the odds in that regard.

By way of explanation, a bookmaker’s overround is the amount the total odds converted into percentages come to over 100%. Logically speaking, the total amount the odds of all possible outcomes should come to should always be 100%, because that means that one of the outcomes coming true must be certain.

However, the odds of all outcomes on a sportsbook will be over that amount. This is the bookmaker’s margin and is how they consistently make money. In fact, it is the lack of this which makes the betting exchange so attractive. With that in mind, we’re going to take a look at an example below along with its results. Anything under 110% is generally considered good.

In a randomly selected match, Stoke vs Swansea in the English Championship had odds of 21/20 for a home win, 23/10 for a draw and 14/5 for an away win. Converted into percentages, these come to 48.8%, 30.3% and 26.3%. Altogether, this comes out at 105.4%, which is well within the realms of respectable to very good.

Esports

Betfair Esports Screenshot

Further proving the dedication Betfair has to variety is its esports selection, including all the big hitters like League of Legends, CS:GO, DOTA 2, and Call of Duty. There were 20 events when we checked at random, and it wasn’t exactly a peak time, so there’s plenty of events to look forward to. Most bookmakers only cover winner markets too, which is not the case with Betfair, as on League of Legends, for instance, you have the opportunity to bet on First Tower and First Blood.

In terms of margins, a game between G2 Esports and Mad Lions came out with odds of 1/7 and 4/1. Converted, these are 87.5% and 20%, which together is 107.5%. That’s still well under that margin of respectability, and do keep in mind that esports margins tend to be a touch higher.

Virtual Sports

Virtuals are the next big thing in betting, so to speak, and have taken the betting world by storm. If you’ve never tried them out before, Betfair provides you with a perfect opportunity to do so.

Betfair Virtuals Screenshot

Put simply, virtual sports are computer-generated simulations of real-world sports events. These simulations are designed to mimic actual, real-life sports, but without the need for physical athletes, horses, greyhounds, or venues.

Outcomes are completely random, generated by a combination of artificial intelligence and algorithms to ensure completely unbiased results. In addition, realistic-looking graphics and gameplay are implemented to create an experience as authentic as possible.

Virtual sports can be bet on or watched at any time, and do not carry the same risks of injury or other external factors that could affect your wager.

Betfair offers four virtual sports: football, horse racing, greyhounds, and motor racing. The markets are quite extensive compared to other bookmakers, with live countdowns to approaching events clearly visible on the main navigation bar.

Other Specials (Politics, Weather, Celebrities)

Also known as novelty bets, specials involve betting on outcomes that are not related to sports or other conventional markets. Instead, they are usually based on pop culture, politics, or entertainment. At Betfair, punters can enjoy a wide range of specials, ranging from TV shows and film to politics and the WWE.

Pop Culture
At the time of writing this review, customers can bet on a range of events, including the winner of the Eurovision Song Contest, upcoming WWE wrestling matches, the BBC Sports Personality of the Year, the next actor to play James Bond, and even the highest-grossing film of 2023. However, bear in mind that these markets are subject to change as events unfold and new betting opportunities arise.
Politics
At the moment, there are more than 20 diverse markets available to bet on, which is an impressive variety. These include the UK, Irish, New Zealand, and US general elections, as well as more niche bets such as the next country to leave the EU. Additionally, there are intriguing options such as whether North and South Korea will reunite, and when a referendum will take place on the reunification of Ireland. Again, it's worth noting that these markets are subject to change depending on how global events unfold.

Bet Builder

Betfair has begun offering bet builders, although this hasn’t always been the case. As it hasn’t been available for too long, the betting market still needs some time to improve. We’re sure that this will change as Betfair continues to improve its overall service.

Cash Out

Cash out is indeed available on a wide variety of markets, although it may not be available at times of low liquidity in the market. In our experience though, the amount of options is pretty vast, so that’s certainly not the case too often.

Another interesting feature offered by Betfair is the possibility to cash out a partial amount of your stake. This means that punters can reduce their stake without losing the bet altogether. We have a whole guide on Betfair’s cash-out option.

Live Offer
4.5 / 5

  • Live selection every bit as impressive as pre-match
  • Selection of livestreaming events
  • Only a lack of graphics lets it down

Betfair Live Sportsbook Page

Speaking of Cash Out, Betfair’s live betting section does indeed have plenty to offer with a huge array of matches being available to bet on with a generous selection of betting markets really bringing it all together. The introduction of bet builders has really breathed new life into live betting markets and given players more reasons to bet in play.

Liv streaming is available on Betfair, there is a wide range of sports and events that have live streaming capabilities and is a brilliant way for bettors to immerse themselves in the sport. Live betting is also best placed when actually watching an event.

Of course, what is available really does depend on the logistics and licensing of that event. The only area where Betfair is let down in their near-perfect offering is a lack of graphics for those games not covered by live streaming.

Security
5 / 5

  • Fully licensed by the UK Gambling Commission and the Malta Gaming Authority
  • SSL encrypted
  • Responsible gaming tools are well promoted

Betfair Security Information

Being as big a name as Betfair, it should come as no surprise that they are a fully licensed and secure betting site. After all, you don’t get that level of recognition without putting your customer’s safety and privacy as a priority. For anyone with reservations though, you can rest assured that they hold licenses from and are regulated by both the UK Gambling Commission and the Malta Gaming Authority.

They have a clearly laid-out privacy policy, which can be accessed via a link at the bottom of each site page, alongside a security page which outlines all the measures they take to keep customer information secure. These include a two-step authentication process to protect customer accounts against attacks and the utilisation of SSL technology to encrypt data, alongside biometrics, guards and cameras to secure the servers in their data centres.

This dedication to their customers extends into the promotion of responsible gambling as well. Their responsible gambling page outlines their commitment, tips and contact details for their dedicated support team. This is available alongside a selection of management tools, including deposit and transfer limits, reality checks, self-assessment, self-exclusion and the option to take breaks from your activity on the site.

Service and Customer Support
5 / 5

  • Excellent support page
  • 24/7 live chat feature
  • Help also available through social media

Betfair Customer Service Screenshot

Even with an operator as trusted and reliable as Betfair, you may still face issues from time to time, including Betfair not working. That’s why it’s important that customers can access quick and insightful support, so their problems can be resolved promptly, and they can get back to enjoying their betting experience as soon as possible.

If you have a common query, then you can simply head to the support page, where you will find the most frequently asked questions and their answers. This includes a list of the top queries, different categories to help you find the information you need and even a search bar, so you can navigate your way with ease. All in all, this is wonderfully laid out so you shouldn’t have any trouble here at all.

However, if you can’t find what you need, then you can always get in touch with Betfair’s friendly customer service team. The easiest and quickest way to contact them is by the live chat feature, which is available 24/7. Alternatively, help is also available on social media, through Facebook and Twitter, with telephone betting also being available 24/7.

While we can’t speak for the experience of everyone, we found the Betfair customer support team to be extremely helpful. They responded promptly, were friendly and answered all our questions in a professional manner.

In fact, here’s an example of our test of their live chat function.

Live Chat

They responded straight away, and I got a link to the promotional page within about a minute. There are these automated messages which probably aren’t needed for a question as simple as ours, but we can see why they would help streamline the process for more complicated queries. They also offered additional information about the terms and conditions, which is always appreciated, and made sure that we were happy and understood everything we needed before ending contact. All in all, we couldn’t fault our experience.

Design & Usability
4 / 5

  • Recognisable brand look
  • Effectively laid out for ease of use
  • Tips and guides also available via betting.betfair.com

Betfair Home Page Screenshot

Balancing a slick and simple design with a burst of their famous yellow brand colour, the Betfair website looks great. It may not be winning any prizes for innovation or grabbing worldwide attention by breaking the mould, but this type of classic site design has become so popular for a reason. It works and it works well.

Everything is laid out in a logical way, with the Exchange, Sportsbook, Casino, Slots, Live Casino, Poker, Exchange Games, Bingo, and Virtual Sports tabs laid out across the top of the page. Sliders direct your focus to generous promotions, popular game titles or various sports markets, while the Responsible gambling, Help and Security links can always be found at the bottom of the page. It works smoothly and seamlessly, and we’d be surprised if anyone found anything to complain about in this regard.

Alongside all this, they also offer betting tips, advice and reviews to customers, which can be accessed via betting.betfair.com. This gives guidance and insight to readers on a huge variety of different topics and markets, cementing Betfair’s reputation as a true authority in the industry.

The biggest drawback of the website is the lack of a search bar. The search bar is extremely useful when looking for specific events, but you can bypass it by moving through a series of dropdown menus. This may be a big problem for punters who like to place future bets, as these aren't displayed as prominently on the homepage as the in-play bets.

Mobile
5 / 5

  • App available on Apple Store and Android devices
  • Unique features like price graphs and my market settings available
  • App directory takes things to the next level

Betfair Mobile Page

If you’re a fan of wagering while on the go, then you’ll be happy to hear that Betfair does have a dedicated app for their Exchange platform. It’s available on both the Apple Store and on Google Play, delivering the same excellent betting experience as the desktop site. In fact, it goes one step further, with a number of unique features too, including full market depth, price graphs and favourites/my markets settings.

Betfair’s dedication to the smaller screen doesn’t stop there though. Their app is ranked under the top 5 best football betting apps. Additionally, they also offer an app directory, where you can find a huge selection of recommended betting apps, learn more about their features and benefits and download them straight from the vendor’s site.

The only minor inconvenience is that you have to download the sports betting app and the exchange app separately in order to use both on your mobile phone. However, this problem doesn’t detract from the overall excellent product.

Other Products - Betfair Exchange

  • One of the best exchanges in the world
  • Huge variety of sports to choose from
  • Promotional offers available

Betfair Exchange Screenshot

What is the Betfair Exchange?

The Betfair Exchange allows for customers to bet against one another rather than a bookmaker. This means customers can offer odds to, or request odds from, fellow Betfair gamblers and ‘back’ or ‘lay’ the outcome of a specific market.

What Is The Betfair Exchange?

The traditional type of betting entails transactions between a customer and a bookmaker where the customer ‘backs’ a bet and the bookmaker ‘lays’ it. Exchanges effectively cut out the bookmaker and allow the opportunity for a punter to do both, giving customers more control and a better prospect of making money.

Currently, there are no welcome offers on the Betfair betting exchange site, this may be a little disappointing, but it’s one of the biggest betting exchange sites in the world for a reason. The product they offer is one of the best out there around, and they have had welcome offers in the past – they may yet bring them back.

What Is A Back Bet On The Betfair Exchange?

Just like when wagering on a traditional sportsbook, a ‘Back’ bet is where you stake money on something you think will happen and will therefore make profit if it does.

The benefit of using the Betfair exchange is that you can ask for a better price (bigger odds in the case of backing).

To place a Back bet, simply select the market you want to back, enter your odds (into the box on the left) and stake (into the box on the right) and click ‘Place bet’. You will then be placed in a queue until someone agrees to take your bet on.

Betfair Back Bet

How To Place A Back Bet On The Betfair Exchange

  • Select your market.
  • Enter your odds.
  • Input your stake.
  • Click ‘Place bet’.

What Is A Lay Bet On The Betfair Exchange?

A ‘Lay’ bet is where you play the role of a traditional bookmaker by offering odds for something not to happen. If indeed the specified event does not occur, then you win the person’s stake.

For example, there may be a team that you strongly expect NOT to win the World Cup, but you’re not quite sure who will. Well, by ‘laying’ that team, you are effectively backing every other team to win.

To place a Lay bet, simply select the market, enter your odds (into the box on the left) and stake (into the box on the right) and click ‘Place bet’.

Remember, when laying a bet, you want the odds to be lower in order to decrease your liability. Betfair will show what your liability is when you have laid the selection which is calculated by multiplying the odds you offered by the customer’s stake and then subtracting the stake.

Betfair Exchange Back and Lay Screenshot

Above is an example of both a lay bet in the first case (top) – we’re betting against Italy to win, and a back bet in the second (bottom) – we’re backing Ireland to win.

How To Place A Lay Bet On The Betfair Exchange

  • Select your market.
  • Enter your odds.
  • Input your stake.
  • Click ‘Place bet’.

Trading On The Betfair Exchange

The ability to both back and lay in one place means there is an opportunity for trading.

Similarly to stock exchanges and financial markets, where a trader will look to buy at a low price and sell at a high price, when trading on Betfair, you should look to lay low and back high. Do this and you can lock in a profit before the event is over or sometimes even before it has occurred.

Trading on the exchange is similar to the Betfair Cash Out option provided within the site’s sportsbook. The only difference is that on the exchange, your bet will continue, despite already locking in a profit, whereas cashing out instantly settles the bet.

Betfair is one of the Top financial betting sites.

Example 1

Let’s say you want to check out Horse Racing on the Betfair Exchange, imagine a horse opens up at 17.0 and you expect it to be a lot shorter come the start of the race. This presents you with a perfect trading opportunity.

You back the horse at 17.0 with a stake of £20 and stand to make a profit of £320 (17.0 x £20 – £20 initial stake) if it wins. The day of the race you check the market and, as you expected, there has been continued support for the horse which is now available to lay at 6.0.

You choose to lay the horse at this price for a stake of £50, meaning a liability of £250 (6.0 x £50 – £50 stake). However you have now locked in a profit and can look forward to the race. After doing the above trades, this is what you’d stand to win from the following outcomes:

  • The horse wins – The back bet brings in a profit of £320 but the lay bet means you have to pay out the liability of £250. This means you’d make a profit of £70 (£320 – £250).
  • The horse loses – The stake on your back bet of £20 is lost but you have gained the £50 backer’s stake meaning a total profit of £30 (£50 – £20).

Example 2

Another way to look at trading would be for a golf tournament, which is slightly different to Example 1 as you will likely be executing the moves In-Play rather than before the event.

Backing a golfer at odds of 125.0 pre-tournament can provide a great trading opportunity, if they perform like you expect them to.

Let’s imagine the golfer is in contention after round 1 and you decide to sit tight before he moves up the leaderboard in round 2 and is now sitting second.

The golfer is now available to lay at 8.0. You can now lay a fair amount while still letting your back bet at such big odds continue because he’s played well so far.

The key to trading is finding the edge. This at times can be as simple as taking advantage of a price quickly enough before it collapses. Finding overreactions with prices being either too big or too short also provides trading openings while it is also good to monitor market behaviour.

In-Play

In-Play betting allows you to assess an event before parting with your money. You will know if Betfair is offering In-Play odds on a market when you see the green tick under the name of the event.

One aspect of Betfair’s In-Play options that stands out is within their horse racing markets. The ability to bet on a race in real-time can provide an opportunity to be hugely profitable and is one of the reasons why Betfair Exchange Horse Racing betting is so popular.

Betfair Exchange In-Play

Betfair Exchange Commission Structure

So you may be wondering how Betfair make their money? Well, in exchange for allowing you to use their platform, Betfair take a small % of commission on all winning bets. You do not pay a commission on losing bets.

This is how Betfair calculate their commission:

Commission = Net Winnings x Market Base Rate x (1 – Discount Rate)

  • Your Net Winnings are what you stand to win on a bet once your stake has been deducted.
  • Market Base Rate is the most commission rate you pay on a market and is determined by the country you are living in. If you reside in the UK, Ireland, Italy, Gibraltar and Malta then the rate is 5%.
  • Your Discount Rate reduces the amount of commission you pay and is based on how many Betfair points you have earned. You can earn Betfair points whether you win or lose – the more points you earn, the less commission you pay.

Example

Let’s imagine you have £400 Net Winnings, a 5% Market Base Rate and a 40% Discount Rate. The calculation would be as follows:

£400 x 5% x (1 – 40%) = £12 commission to pay.

For every 10 pence of commission you have paid or would have stood to pay if you won, you earn one Betfair point. Over 7000 Betfair points gives you a 10% discount rate.

Betfair Exchange Commission Graphic

Betfair Exchange Market Liquidity

Something that is not usually mentioned when it comes to the Betfair exchange is the liquidity of the market you are getting involved in.

Liquidity is the amount of money available for you to bet (Back or Lay) at the corresponding odds on the corresponding selection.

The liquidity is displayed on the odds buttons of each selection on which you can bet while you can also see the total amount of liquidity.

High liquidity markets provide a higher likelihood of your bets being matched as there is more interest and turnover involved. A market with low liquidity can be easily noticed and therefore avoided until interest increases.

Generally speaking, anything less than five figures would suggest there is little liquidity in the market. Gaps in the prices of backing and laying also suggest little money is involved whilst the amounts of money waiting to be matched under the odds will give you an idea of the interest in the market.

Betfair Liquidity

While it would be wrong to say avoid low liquidity markets entirely, they do come with their disadvantages.

When there is little money involved in the market it is hard to make money, especially if you are considering trading, because the lack of interest can force you into taking prices you wouldn’t normally want to.

On the other hand, high liquidity markets offer more money and more customers which in turn gives you a better chance of getting better value.

Betfair Exchange Start Price

Betfair Start Price (BSP) is different to that of the Start Price (SP) that is associated with traditional bookmaking.

Betfair Start Price is based on the bets placed by both backers and layers in any markets and unlike with traditional bookmakers, there is no margin for profit built in which is why BSP normally tends to offer better value.

As the BSP is not accounting for a profit margin, it can be calculated to guarantee the fairest odds for both backers and layers.

While BSP correlates mostly with horse and greyhound racing, it is important to note the starting prices of football games in particular. Prices for teams involved in the most recognised games and leagues (Premier League for example) normally go off on Betfair at the correct value due to the large amounts of money involved from professional syndicates and punters.

Betfair Exchange Mobile App

The Betfair Exchange app provides a fast, secure and easy-to-navigate betting experience.

Login to your account and have access to back and lay betting markets and view live sports scores which automatically update alongside live price refreshes, ensuring you always have the best odds and market information available.

Betfair Exchange Mobile App Key Features

  • Auto Cash Out – Set your target and enjoy the race.
  • Racing Pages – Archive video and improved navigation.
  • Bet In-Play – With the creators of In-Play betting.
  • Live Streaming – Watch over 100,000 live events each year.

Betfair Exchange App

What Do Users Think?

The Betfair Exchange app has a sufficient number of reviews on both the Google Play Store and on the Apple App Store for us to get an honest feel of what regular users of the Exchange app think.

At the current time of writing, the Betfair Exchange app has attained an excellent average rating of 4.3 stars on the Google Play Store, however, things are even more positive on the Apple App Store where Betfair’s iPhone Exchange app stands at a current rating of 4.7 stars.

In the past, the Android app had a much lower rating due to a number of technical issues and crashes reported by users. This has now changed and the app runs as smoothly as the Apple version.

Other Products

We’ve mentioned time and time again just how impressive the variety available at Betfair is and it does not stop at either the exchange or the sportsbook. Their Casino, Slots, Live Casino, Poker, Exchange Games, and dedicated Bingo sections are all truly top-notch.

Casino

Betfair Casino Welcome Offer Screenshot

The casino section is sleek and easy to navigate, promoting some great brands including Megaways and Slingo. There are thousands of games on the site, with daily jackpots to be won at any given moment.

The casino’s welcome offer is top notch, offering 50 free spins for new customers and a further 50 free spins once you have deposited and played £10 – use code: CASF51 when you register. In addition to the welcome offer, the online casino features cash drops, weekly giveaways and prize pinball.

Live Casino
The live casino is an extension of the casino site focusing on live table games, with roulette, blackjack, baccarat and various game shows being the most popular. The welcome offer can also be used here.
Slots
The same applies to the slots section at Betfair - it's an extension of the casino section, without table games. Free spins can be used here, and many promotional offers are often tied to a specific slot game.

Poker

Betfair Poker Screenshot

Poker is indeed a very popular betting market and, like many other sites, has its own dedicated page with special promotions, bonuses and much more. To play, you need to download and install the programme, even if you’re using a laptop or computer. Once it’s downloaded, you can create an account and start playing.

At the time of writing, there are many promotions available and the welcome offer is particularly generous: ‘Claim up to £40 in free tickets‘. There are also tournaments, challenges and many other prizes to be won.

Click on our link for an exclusive 35% Rakeback welcome offer:

Bingo

Betfair Bingo Screenshot

Betfair is going from strength to strength with its superb bingo page. The site boasts dozens of different bingo rooms to choose from, with various prizes to be won – if you love bingo, this is the place for you.

Another great bonus is the incredible number of promotions on offer – eleven to be exact. The welcome offer – ‘Bet £10 and get 200 free tickets + £20 Slingo bonus‘ is the highlight of them all.

What are Punters Saying?
Betfair is considered a top bookmaker by many bettors, as evidenced by the sheer number of registered accounts with over 4 million registered users and hundreds of thousands of downloads on Google Play and the Apple Store.

Betfair Exchange in particular is widely regarded as one of the best exchanges on the market. It has managed to appeal to customers and is indeed one of the most used exchanges in the world. There is a lot to like about the product.

The only real evidence of negative experiences with Betfair comes from their casino and slots pages. The main complaint is that the odds of winning seem to be very low unless you play very often. Of course, being a casino site, the prizes are random and often scarce, so this may not be as big a problem as some punters claim.

Betfair FAQs

The lowest deposit amount accepted on Betfair is £5 when depositing via debit cards or bank transfers.
Withdrawals from Betfair are available via Visa, MasterCard, Paypal, Apple Pay Neteller, Skrill, Paysafecard, Bank transfer and MuchBetter. You will be able to withdraw via the same method you deposit as per the closed loop policy.
Withdrawals can take anywhere from a few hours to 5 working days to be fully processed – depending on the chosen withdrawal method.
New customers will be able to make use of the welcome offer to claim £30 worth of free bets.
To use your free bets, add your bets to your betslip first. You’ll then be able to select to use the free bets by using the ‘Use available bonus’ button at the bottom of the betslip.
The easiest and quickest way to contact them is by the live chat feature, which is available 24/7. Alternatively, help is also available on social media, through Facebook and Twitter, with telephone betting also being available 24/7.
To close your account, you will need to contact Betfair’s customer service team with the request to close the account and they will guide you through the process. You may also use the ‘Take a Break’ Safer Gambling service.
Simply add your selections to the betslip and add the stake in the first option under the ‘Multiples’ section.
Yes, you can bet on a variety of horse racing events on the Betfair Exchange , in fact horse racing is one of the most popular sports for exchange betting.

ThePuntersPage Final Say

The fact that Betfair manages to keep up its level of quality while dedicating itself to so many different areas of betting is truly astounding. This statement remains true even if you only take into account its sports selection as well. It’s as well suited to beginners and experts, absolutely delivers from a design and technical perspective, has around-the-clock customer service and world-class promotions.

There are few areas in which Betfair does not go above and beyond. However, there are a couple, meaning they don’t quite get full marks. But make no mistake, the negatives are utterly eclipsed by the positives when it comes to Betfair.

Reader rating

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Mrman
on 07.12.2021
First time trying betting exchange

Didn’t really understand what betting exchanges were until reading this review but thought I would give it a go and wow its now the only way I want to bet, they have a normal sportsbook which looks good but for me betting against other people is a game changer because you always know the odds are fair, might not go your way, but they are fair. Also rdead easy to use for a newcomer.

Bryan Crawford
on 03.04.2022
Betfair are a company that fail to get the basics right.

When the punter places a bet be it on horse racing or greyhounds they like to watch a live video of the event they have bet on. The traditional bookmakers recognise this and have invested in technology that provides a reliable live video feed.Betfair have not done this and the bettor is frequently left frustrated when no live video is available. This particularly happens when American horse racing is covered. In consequence gamblers are betting elsewhere and the companies market share is steadily receding.

Bryan Crawford
on 02.05.2022
The A,B,C of a modern betting platform.

Betfair has been loosing it market share for sometime.
Unlike conventional bookmakers their appear not to understand the simple principle of bet and watch.
When customers place a bet on their platform,around 25% of the time the following notice appears. “We’re sorry but live video for this event is currently unavailable”.

rassokolov
on 21.05.2022
Cheaters

Why Betfair shutting down all promotions if you depositing not enouth!!!??? this happenet to me, i regulary deposited 5 quit every week, for years, the helping team only said sorry..
this business decision is taken and made from higher departmental authorities and there would be no way for us to contest this I’m afraid.

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