Betfair Betting Exchange

Betfair Betting Exchange Review

Betfair were the first ever betting exchange to trade and today they are the world's biggest online betting exchange by a country mile. Based in London, betfair.com is one of the UK's big success stories. They have millions of customers and a weekly turnover in excess of £45 million. That means more markets for punters and potentially the best prices that can be found anywhere online.

Betfair offer sign-up incentives that include a free £20 bet for sports fans and up to £1,000 in cashback during your first month with them. If you are new to betting exchanges there is plenty of information available on this website to let you know exactly how it all works and how to use it before you start winning money with them. Another good resource for a full explanation of how they work is this site: Betting Exchanges.

There are no hidden charges at betfair.com, they just take commission on your net winnings on each market. There is no commission to pay on losses. For most clients the rate charged is 5% although lower commission may be charged for customers with sufficiently high volumes. The more you wager the more this commission is reduced but it does take some massive betting volume to make much of a dent in this headline rate. Whilst the commission rate is not the lowest, as nearest rival Betdaq is lower, we consider that it is more than counterbalanced by the quality of the prices you are likely to find.

Betfair History

It was back in the summer of 1999 that two enterprising young men, Andrew Black and Ed Wray got together and founded Betfair Betting Exchange. They had the exceptionally bright idea of setting up an exchange that enabled people not only to make bets but to take other people's bets. This was the first time that customers were allowed to be either conventional punters placing bets or to act as bookmakers and take or lay the bets of others online.

Cutting out the middleman, the bookmaker, proved an instant success. Crucially, it allowed the firm to offer consistently better odds than conventional bookmakers. That concept is a truly international one that has allowed Betfair to thrive worldwide despite the regulatory nightmare that local jurisdictions bring.

Over 2200 people are on the company payroll across the globe. The company's reach is extensive. They jointly own Betfair Australia and employ approximately 100 people there. There is also a US operation which includes TVG, a fully licensed television broadcasting enterprise and a US horse racing based betting business as well as a San Francisco office.

With such wide ranging business operations, gambling licences are currently held in Gibraltar, Italy, Malta, Tasmania and the US by the Betfair Group.

Benefits of betfair.com

Wherever you are based there are massive advantages associated with Betfair. As soon as you take a look at the Betfair website you realise that the sporting coverage offered is a phenomenon - it is not just about horse racing and football. The website lists 'Popular Sports' which includes about twelve of the most commonly wagered on sports such as horse and dog racing, tennis, basketball, golf, motor sport, cricket and rugby to make it easy for the majority of us to find what we are looking for.

If, however, you are looking for something a little less obvious just click on the ' All Sports' tab for an inclusive list of just about every serious sporting contest occurring in the world. American Football and Australian Rules head the list that includes Bandy, Gaelic Games, handball and mixed martial arts.

You will find financial markets and politics listed under the All Sports tab too. If you have a strong feeling on where the FTSE is going in the near or distant future or who the next conservative leader will be or when various individuals will leave the cabinet, odds will be on offer for you to profit from your insights.

If you prefer betting on or taking bets on your favourite TV programme you will also find markets on anything from Strictly Come Dancing, to X Factor, Big Brother and I' m A Celebrity Get Me Out of Here at Betfair Betting Exchange. The chances are that whatever you are watching, other people will be watching it too who will have their own differing opinions so you should be able to back or lay the contestants of your choice.

Where but at a betting exchange can you act as a bookmaker while not actually requiring to hold a bookmaker' s licence? It has always staggered industry observers and insiders that this aspect of the exchange model has gone unchallenged by government. Possibly it is because of a lack of understanding of how betting exchanges work that this 'Achilles Heel' of the business plan has never been addressed at parliamentary level. Obviously many vested interests have tried to attack Betfair on the basis that it does effectively facilitate unlicensed bookmaking, but unusually for the betting industry these arguments have cut little ice where it matters. Other arguments by competing traditional bookmakers include the charge this new way of trading bets encourages corruption in sport as it is now so easy to profit from the failure, rather than success, of a horse, player or team. To the punter who suddenly wants to act as bookmaker it is a major boon. It would be illegal to take bets from your mates in the pub on say UK horse racing or football, but on Betfair you can do it within the law and with no need to be a licensed, levy-paying bookie. That is incredible but true and one of the major appeals of the exchange system.

In- Play Options at Betfair

Not only is there a colossal choice of markets but the in- play options are unlike those that can be found at any traditional bookmakers. At the bookmakers the betting action is over as soon as the race has begun. Yes, they manage to provide in- play options on football and tennis matches but where else can you bet on or lay horses in running?

For racing fans in particular, Betfair provides unique opportunities for you to hedge your bets or add to them once the race has begun. If you have the ability to spot the horse that is going best there is nothing to stop you placing a bet on it at any time, right up to the finishing line, provided there is someone out there who is prepared to take your bet, which with the volumes transacted, there always is.

For gamblers who think strategically and want to manage their exposure to losses, betting on or laying horses in running can provide an invaluable means to hedge the risk of positive bets by laying the same horse in running. The ability to bet on and lay the same horse, at the odds of your choice by placing an order at a specified price, can make all the difference to your gambling profits.

Deposits and Withdrawals

You don' t need a fortune to start making money with Betfair Betting Exchange. Minimum deposit levels are generally just £10. For UK punters Betfair will accept deposits from the majority of mainstream credit and debit cards such as MasterCard, Visa, Visa Delta, Laser, Solo Maestro etc. Deposits are also accepted via PayPal (which has a minimum deposit level of just £5), Neteller (which has a higher minimum of £12) and Skrill (aka moneybookers). You can also deposit by bank transfer or even by cheque (do people still use these anachronisms?), although processing may take up to ten working days by the latter archaic method.

It is quick and easy to make with withdrawals too. For most credit and debit cards the processing time is between two and five working days just because that is the time your bank can take to credit the funds withdrawn on to your statement. The advantage of PayPal, Neteller and Skrill / Moneybookers is that withdrawals will be processed within 24 hours. Betfair do not charge any fees for withdrawals except via Bank Transfer Express which will cost £ 6.

Summary

The company has now expanded to offer casino, poker and games online. It was the first and is today by far the biggest and best sports betting exchange online. The range and depth of markets is unparalleled as well as the quality of prices consistently offered at Betfair Betting Exchange.