The founders were recognised for their entrepreneurial innovation with a Queen's Award for Enterprise in the Innovation category back in 2003. The firm received the Queen's Award for Enterprise in the International Trade category in 2008 due to almost half of its customers coming from abroad. It is now estimated that 44% of the customers that use Betfair are based abroad.
The company was listed on the London Stock Exchange until 2 nd February, 2016 when it was officially confirmed that the firm would be merging with Irish bookmaker Paddy Power to form Paddy Power Betfair in one of the largest sports betting merger deals of all time.
In 2007, the betting exchange was at the centre of controversy when it took the unprecedented step of voiding all bets placed on the tennis match between Nikolay Davydenko and Martin Arguello due to suspicious betting patterns.
Betfair launched a fixed-odds betting service in 2012 to enable it to compete with mainstream bookmakers to allow the company to become more financially viable across the sports betting industry.
For its customers in the UK, Betfair is licensed and regulated by the UK Gambling Commission. For Australian customers, Betfair is license and regulated by the Tasmanian Liquor and Gaming Commission. For its international customers, Betfair is licensed and regulated by the Malta Gaming Authority.Bookie Offers & Promotions
Here is a list of the bonus offers and promotions currently available with Betfair that are being offered on a long-term basis as opposed to only being made available to customers on a short-term or temporary basis.
Bet £10 and Get 3 x £10 Bets New Member Welcome Bonus
Bet £25 on Top Premier League Goal Scorer and Get Free £5 Bet (Football)
Double Odds on Winning Goal Scorer Bets (Football)
Acca Edge Money-Back (Football)Website Design
First impressions of the Betfair sportsbook website are that it is a very clean cut and well-designed main page. In fact, we would even go as far as to say it is one of the best, if not the best, we have ever encountered.
The header tabs offer the different brands which is to be expected but then another set of header tabs below that link to a list of their best features such as in-play, price rush, and cash out as well as a range of the most popular sports that punters will likely be looking to bet on including football, tennis, cricket, and horse racing.
The three column set-up below is standard practice with the left column first offering a set of quick links to the sections of the site that appear to be trending with the punters visiting the site. These consist of popular current markets, daily events, and a range of specials that are being offered by the site. Below it is a list of featured coupons with some highlighted markets and promotions even further down the page.
The main content body down the central column is headed by a dynamic advert graphic that flicks between different promotions being offered by Betfair. Below that are a list of the most relevant current markets with the option to switch between the different sports available at the present time. It is categorised effectively and eradicates any confusion.
Finally, the third column on the right hand side is spot on. The betting slip is present just above the column on the right but the column itself has a list of specials and also picks out the next big horse racing meet race. Scroll down the page and you will encounter some adverts for the other Betfair brands and the gambling awareness advert. The one criticism is that the advert could be a little bit more prominent on the site.
One aspect of the site we did have premature concerns about was the colour scheme. The Betfair brand's colour of orange and black could have blended dreadfully and produced an ugly site but the design team has done well to use the orange sparingly and include some light grey in the mix to switch it up. This results in a slick-looking site that is visually beautiful.Website Navigation
Importantly, the second header of tabs is where the site really flourishes with all the key features and sports listed across the page without a need for scrolling down. Even if you need to scroll down then the quick links and coupons sections on the left along with the latest current markets down the middle column make finger and wrist work easy as you will not need long to find your chosen area.
The presence of the betting slip permanently located on the right hand corner of the page means that if you are shifting through different markets to form an accumulator then you can keep an eye on your betting slip at all times.
It is also great to see the mobile betting link easily visible at the top of the page. It makes the mind boggle that so many bookmakers hide it away as if they are ashamed of it and do not understand the revenue potential of mobile gambling in this modern age.Mobile Betting
As mentioned above, the mobile betting link can be found dead centre at the top of the page. Betfair is not quiet about letting us know it offers mobile betting apps. The two-click process for downloading the mobile app onto an Apple or Android device could not be easier.
Simply go to the mobile betting link and then click on the mobile device you have. The Apple link will take you to the App Store where you can download the app to your mobile device. The Android link will take you to another internal link within the Betfair site where you can download the .apk file onto your mobile device.
Those players that download the mobile app and begin betting will get a free £30 bet when they place their first £10 bet. They will also be able to enjoy all the benefits of the online site with in-play betting, price rush, cash out, and daily promotions all available.Key Features
The cash out feature allows players to cash out their winnings before the end of an event they have bet on if they do not feel their bet will remain until the final outcome. This is something that has invaded bookmakers across the world and is seen as one of the most popular forms of sports betting these days.
Finally, the price rush feature is one that is not widely seen across the bookmaker industry and is something Betfair can offer due to the advantage of its betting exchange. It basically allows Betfair to enhance the odds of a player's bet after the bet has been placed and can even be done in-play. It adds a unique element that makes Betfair stand out from the crowd.Deposit and Withdrawal Options
All of the major credit cards are accepted, amongst other payment options, see below for card options.
Visa, Mastercard, Visa Delta, Visa Electron, Laser.
Skrill, Paypal, Neteller, Western Union and Bank Transfer.Currencies & Languages
AUD - Australian dollar
CAD - Canadian dollar
DKK - Danish krone
HKD - Hong Kong dollar
NOK - Norwegian krone
SEK - Swedish krona
SGD - Singapore dollar
Also, the following languages are available:Customer Service Details
The customer support aspect of Betfair is far more of a positive than a negative as far as the site is concerned. The help section could be more obvious with an understated text link at the top of the page the route to the relevant section.
Once on the help section page you can either browse through a range of FAQs to find the answer to your query or you can check through one of the other methods of contact to speak to the Betfair customer support team about your issue.
There are a number of ways to contact the Betfair help team including live chat which has a typical response time of 30 seconds, a phone number which also has a typical response time of 30 seconds, and an email address that has a typical response time of 2-4 hours.
The quality of the customer service available has drawn a lot more positive reviews than negative reviews. It is far from flawless but it is also nowhere near the gutter standard of some of the public relations atrocities that are out there.
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Betfair is one of the largest betting websites on the web. They are firmly the largest betting exchange online today, with no other site even close. BetFair is regularly at the top of the list for best-betting sites online, which comes as no surprise to us.
Betfair was launched in 1999 by founders Andrew Black and Ed Wray. They pioneered the idea of the betting exchange, allowing customers to wager at odds set by themselves or by other players.
In September 2015, BetFair and one of its largest rivals, Irish-based bookmaker, Paddy Power agreed to terms for a merger. On February 2, 2016, the merger was completed, and Paddy Power Betfair was formed.
The acquisition was reported as Paddy Power acquiring BetFair. Paddy Power Betfair is owned 52% by Paddy Power shareholders and 48% by Betfair shareholders. The business is traded on the London Stock Exchange.
Paddy Power and Betfair still operate as separate brands in a number of countries, including the United Kingdom, Ireland, and Italy. The company is based in Dublin but have offices in several countries.
Betfair holds licenses in the UK, Gibraltar, Malta, Spain, Italy, the United States, Australia, Bulgaria, and Denmark. Betfair.com is not available to US citizens due to federal laws against online sports betting. However, they do hold a license in New Jersey to allow online wagering on horse racing in the state.
Betfair added a fixed odds sportsbook in addition to their betting exchange in 2012. They also offer an online casino, poker room, bingo, and other gaming options.A Personal Opinion on Betfair What We Like About Betfair
There’s plenty to like when it comes to the biggest betting exchange in the world. Their odds are regularly the best online for all kinds of markets, not just sides, totals, and moneylines, but futures as well.
Their futures markets represent a huge bargain compared to other bookmakers. The edge or vig on futures is typically one-third of that of traditional bookies.
Betting exchanges operate without the traditional vigorish of sportsbooks. Instead of playing against the house and trying to win their money, your funds will only be won from other customers at Betfair. Instead, when players win, they pay a small commission on their wagers to the house. Which, in this case, is Paddy Power Betfair.
The company is held in high esteem in their home country of the United Kingdom. They have won several Queen’s Awards. They operate worldwide where they can receive licenses and are strong advocates for legal online gambling in all forms.What We Don’t Like About Betfair
This section will likely be longer than it is for most betting sites with such high marks. To be clear, Betfair is an excellent option for just about every sports bettor. They regularly have prices that are not available anywhere else when compared to the rest of the market.
Betfair’s reputation is sterling aside from one black mark in 2010 with their casino offerings. They ran a casino promotion several years ago that offered players the opportunity to claim an unlimited number of 50% up to £200 reload and deposit bonuses with a 10x wagering requirement during a 4-hour period in November.
The bonus was overly generous, to say the least. It gave even untrained slot or video gaming players a significant advantage if they didn’t play much over the rollover requirement. Betfair had lost a ton of money before they realized their mistake.
Instead of honoring the promotion, paying the players who participated, and learning from their costly mistake – they went in another direction. Shockingly, they locked the accounts of the players who took part in the promo and confiscated the funds out of their accounts.
One player even had his winnings withdrawn from his bank account the next day! Betfair’s actions here are not acceptable in the slightest. They should have honored the promotion and not stolen from players.
We’re not trying to underplay this case of clear theft, but since that time, Betfair hasn’t had any hiccups. In fact, they have been the fairest online bookmaker since that time when it comes to odds and resolving other issues. That’s one of the main reasons you will see them rated 10/10 or A at most betting strategy and review sites.
As far as other negatives, there just aren’t many. With such excellent pricing, most punters aren’t bothered with other small stuff. They also process payouts quickly, so no problems there either.
One major negative for sharp bettors who win a lot of money at Betfair can be their rise in commissions. We will go into later into the article, but once punters have £250,000 in winnings on their account, their commissions will jump quite a bit, making any future action on Betfair a fruitless endeavor.Betfair Deposits and Withdrawals
BetFair offers some of the fastest payouts in the online gambling industry. In addition to Pound Sterling, they accept the Euro, United States Dollar, Hong Kong Dollar, Australian Dollar, Danish Krone, and Swedish Krona.Fast Payouts & Deposits
Their deposit and withdrawal methods are the standard options. They offer debit and credit cards, bank transfers (both UK, Australian and worldwide) and e-wallets, such as Skrill, PayPal, and Neteller.
Payouts are quick. Even bank transfers are often processed within one working day, with a maximum of five business days. E-wallets are the fastest way to receive your funds. Betfair states they handle these as quickly as 12 hours, but many players have reported their funds in just a hours.Using Betfair
Those who have never used a betting exchange before may be intimidated at the prospects of trading on Betfair. At first, it can seem complicated, but once you jump in, you will understand quickly and betting on there will become second nature.
Betfair is an exchange that runs in real-time. There are two ways that players can wager. They can “back” a wager or market. Backing means that you are betting that your selection will win. The other option is a “lay”, which means you’re wagering the selection will lose.
Both of these options are tied together in the exchange. For a wager to take place, a player must simultaneously “lay” a wager while another player “backs” it. Once this is done, a trade (wager) can take place on a particular market.Commissions and Betfair Points
Betfair makes their money by charging a commission on wagers placed through their exchanges, which is only paid on winning bets. Betfair’s commission starts 5%, but as players earn more Betfair points, this will decrease.
As players earn Betfair Points, they will achieve a discount rate. These are earned at a rate of £0.10. For every 10 pence bet, a player will receive a Betfair point. This commission is calculated by multiplying your net winnings by their market base rate. The discount rate is calculated each week at Sunday at midnight.
Betfair does accept a variety of different currencies. However, all points will be earned at the rate of 10 pence or currency equivalent.
This is known by punters as “weekly decay.” Once the commission calculates your Betfair Points balance will be reduced.
Punters will be able to prevent weekly decay of their Betfair Points by using a Betfair Holiday. Players can continue to bet during their holiday, but will not earn any Betfair points during the period.
All customers will receive one Betfair Holiday when they register and an additional on every three months after that. You can use the holiday at any time, cannot have more than four unused holidays on your account.
All in all, Betfair’s point system does an excellent job of making their already elite odds even better. The only problem comes for those who are extremely successful at their exchange.
Premium charges can become an issue if you’re sharp punter. Betfair states that “a small number of our most successful customers will incur Premium Charges.” Each week Betfair calculates your gross profits and total charges generated over the lifetime of your account.
Those who have net lifetime earnings of over £250,000, commission generated less than 40% of lifetime profits and bet in more than 1,000 do meet the criteria.
These rates are nothing to laugh at if you’re winning hundreds of thousands at Betfair. Keep in mind that only about 500-800 players out of Betfair’s 4 million or more customers meet these criteria. However, it can cause some major problems for those that do.
It’s a cash grab for Betfair and a shot across the bow for sharp high limit bettors. A group that Betfair apparently doesn’t want playing at their exchange with policies like this.If Your Wager Doesn’t Get Matched
One of the few negatives of exchanges is that your bets need to be matched for them to have action. On the main markets, the majority of wagers are matched. Even when it comes to smaller markets, punters can usually find an option to “lay” or “back” whichever makes the most sense.
If you’re looking for a hedge a bet at another sportsbook and need to be sure your bet is matched, we would recommend placing it well ahead of time of the event. Players can also cancel unmatched bets, which will allow them to place the bet at another bookmaker or using Betfair’s traditional sportsbook offerings.Betfair Sportsbook Highlights Lots of Markets, Elite Interface
Betfair’s elite odds are just one excellent aspect of the sportsbook. Their betting markets are massive, and they cover nearly every sport in the world. The most popular markets at Betfair are football, tennis, and other European sports.
Although, unlike some English and Irish bookmakers, their betting markets aren’t centered on those sports.
Betfair has markets on American Football, Australian Rules, baseball, basketball, boxing, chess, cricket, cycling, darts, football, Gaelic sports, golf, greyhounds, handball, rugby, horse racing, mixed martial arts, motor sports, winter sports, rugby, and more.
The in-play markets are one of their best attributes. In-play betting is invaluable at Betfair. Just about every pre-match market they have is available for in-play betting. At Betfair, it’s live betting with both elite pricing and interface.Maximum Winnings
Since you’re not competing against the house, maximum bet sizes aren’t an issue with Betfair’s exchange. As long as your bet is accepted, you can wager and win any amount of money on a single day or wager.
As mentioned above, Betfair does provide a traditional sportsbook alongside their betting exchange. Their limits are on the higher end for tennis and football, but other sports are lower than some of their competitors.
Top flight football leagues, including the English Premier League, FIFA World Cup Finals, French Ligue 1, German 1 Bundesliga, Spanish Primera, Champions League and internationals all have a max payout of £1,000,000 on match results.
Other leagues have considerably lower maximum wagers, but that is standard practice among bookmakers when dealing with lower level football leagues. Most other sports have limits that are lower, usually in the £100,000 range.Excellent Support
Speed when it comes to email and live chat is ridiculously fast. They answer all emails in usually just a few hours. Live chat wait times are rarely longer than a few minutes.The World’s Best Exchange
Betfair isn’t just the world’s largest betting exchange. They’re the best option for any sports bettor. High limit premium charges aside, there few times that bettors will be able to find a price better than Betfair’s on most markets. They’ve had a single hiccup in their history and are one of the most trustworthy gaming companies in the world.Best Betting Site Alternative to Betfair 100% up to $100 Bonus
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