Betfair In Detail
Betfair is actually a betting exchange and not really a bookmaker by conventional definition. The company was founded in UK in 1999 but was formally launched in 2000.
By 2003, they experienced what can be defined as a ‘growth at cosmic scale’ and went on to win the Queen’s Award for Enterprise, which is UK’s highest and THE MOST prestigious business award. Today in 2014, Betfair is the world’s largest online betting exchange with employee base of 1,800 catering to the needs of 4 million global customers. Betfair User Guide Here.
The company’s headquarters is located in West London and it is publicly listed on London Stock Exchange.
Betfair is the only betting exchange to have an Australian license. The company is registered and licensed in both Tasmania and Gibraltar. Join Betfair Today, 20% Winning Boost Offer Up To $300.00
Betfair is actually a betting exchange and not really a bookmaker by conventional definition.
The company was founded in UK in 1999 but was formally launched in 2000. By 2003, they experienced what can be defined as a ‘growth at cosmic scale’ and went on to win the Queen’s Award for Enterprise, which is UK’s highest and THE MOST prestigious business award.
Today in 2014, Betfair is the world’s largest online betting exchange with employee base of 1,800 catering to the needs of 4 million global customers.
The company’s headquarter is located in West London and it is publicly listed on London Stock Exchange. Betfair is the only betting exchange to have an Australian license. The company is registered and licensed in both Tasmania and Gibraltar.
Betfair is more like a marketplace. Customers are allowed to set odds and other customers can pick those odds.
This allows customers to act as punters as well as bookmakers. Most of Betfair’s income comes from commissions. For sporting events, the commission is between 2% and 5% and for racing events, it can be as high as 6.5%. All commission are calculated on net winnings.
What Makes Betfair Standout From The Herd?
The primary reason why Betfair stands out from the herd is that it is a betting exchange. Apart from this, there are several interesting features available with Betfair. Let us take a look at a few most important features offered by Betfair.
They go to great lengths to ensure that punters enjoy the online wagering experience. Betfair are not bookmakers, they are a Betting Exchange, which means punters can back or lay their selections on racing or sporting events against other punters around the world.
- Betfair offers new customers a 20% Winning Boost Offer on all winning bets in your first 7 days.
- When it comes to promotional offers, there is a whole range of interesting offers rolled out from time to time. For horse and dog owners, the company offers a 20% bonus every time their pets win a race. There are ‘Three Times a Charm’ and ‘Best of Four’ bonus offers for those who do not own any animals. In case of ‘Three Times a Charm’, if customers back 3 winners in one listing, they get $100 bonus. There are free tipping competitions where customers can participate without spending a dime and win up to $10,000 as prizes. There are boosted doubles as bonus offers for weekly AFL and NRL seasons. These promotional offers are not constant and keep changing from time to time. New promo offers are all updated on the website of the company.
- For online betting, Betfair allows a minimum bet of $5, which is significantly higher than many bookmakers but given the business model of Betfair, it is necessary. $50 is the minimum bet allowed for phone betting. Minimum bet for Fair Price Betting is $0.50. Maximum payouts are completely dependent on the event and the level of market activity. Maximum stake allowed for multi bets is $10,000. To deposit and withdraw funds Betfair offer the following, Visa, Mastercard, Debit Cards, Paypal, Neteller, POLI, Moneybookers, Bpay, and Bank Transfer.
- Betfair’s exchange model is pretty new for Australians and keeping that in mind, the company did an excellent job in keeping its website very user-friendly and easy to understand. The market coverage provided by the website is very deep and extensive. The website has a 3-column layout with a very easily navigable menu. Live video is also available with the website. However, this feature is available only for a selected range of sporting and racing events. The company also takes care of community engagement with dedicated forum and polls section.
- Betfair offers mobile betting only for iOS based devices. There is a dedicated iOS app available for download from iTunes. However, the company also has a very powerful mobile site that can be accessed using any standard mobile browser.
- The customer service department of Betfair is very strong with educated and polite professionals. The company compensates for its lack of live chat feature by promising ‘within-2-hours’ reply for all emails sent by the customers. The excellent ‘call-back’ service allows customers to request a callback from the company without having to wait in queue.
- Betfair are famous for there "In Play" betting on selected horse races and sporting events. To bet in-play you either bet on a horse or sporting event to win or lose or Lay whilst the event is live and happening.
- Not only can you get the best odds from the Exchange, they also offer odds from the TAB if you choose. For racing, they automatically supply you with the best payouts available betwixt the TAB, NSW, Tatts, SP and Betfair SP. This eliminates the step of seeking the best odds as a separate step.
- Betfair Cash Out, be in control of your money – Cash Out is available on selected Exchange markets and allows you to lock in a profit or limit your liability before an event has finished.
- If you are serious about getting the best odds available on any betting event, then you must have a Betfair account that is for sure. Speak to any professional punter and they will say the same thing.
Final Conclusion
Yes, Betfair’s exchange model is very new for Australians but they are gradually grasping this whole new concept.
The very idea of allowing a customer to act both as a bookie and as a punter is completely out of the world and is very interesting.
The best of all features is the absence of a third party that can devour a part of net earnings of the customers. This allows customers to make more money as compared to conventional bookies. Once Australians get a complete understanding of Betfair’s exchange model, there is nothing that can stop Betfair from becoming the best betting company in Australia.
There is absolutely no doubt that Betfair is highly recommended for serious sports fans and punters. Join Betfair Today Receive a 20% Winning Boost Up To $300.00
