Betfair is not a bookmaker in conventional sense. It is a betting exchange. The company was founded in year 1999 but was officially launched in UK in 2000.
Ever since their launch, the company experienced growth on cosmic scales and in 2003, they were awarded with the most prestigious and highest official award for business in the UK – the Queen’s Award for Enterprise.
In 14 years, Betfair has today emerged to be the world’s largest internet-based betting exchange.
With employee strength of 1,800, the company boasts a client base of 4 million. Listed on London Stock Exchange, the company is headquartered in West London. Betfair is the only betting exchange that holds an Australian license. The company is licensed and registered in Tasmania and Gibraltar.
In 2007, Western Australia experienced a ban on using betting exchange.
This was a result of fierce resistance from bookmakers and totalisators on account of Betfair’s Australian expansion. However, Betfair eventually managed to enter the market by challenging the law. Betfair own the case because the ban was a direct violation of the Australian Constitution.
A turnover charge was introduced by Betfair in 2012 on those customers who bet more frequently on Australian racing. This charge was necessary because Betfair needs to pay a huge amount of fee to the Australian Racing Industry. Betfair Bonus: 20% Boost on all Winning bets up to a maximum of $300.00
As mentioned, Betfair is not a conventional bookie.
It is rather a betting exchange and operates as a marketplace. Betfair members are allowed to set odds for any event and other members are allowed to pick up those odds. Thus, customers at Betfair get to act as both bookmakers and punters. The primary source of Betfair’s income is the commission it charges. For sporting events, the commissions can range anywhere between 2% and 5% while for racing events, commissions are charged at 6.5% on net winnings.
Welcome Bonus: Just like other conventional bookies, Betfair too offers welcome bonuses to its newly registered customers. Receive a 20% Boost on all Winning bets up to a maximum of $300.00.
However, this bonus offer is not made available for residents of Victoria and South Australia. The bonus money usually is credited within 24 hours from the time of initial deposit. However, it may take up to 5 days for the money to show up in the account.
Promotional Offers: Betfair also rolls out ongoing promotions for all its customers. Those who own dogs or horses are entitled to get 20% bonus whenever their animals win a race. For those who do not own any animals, Betfair offers Best of Four and Three Times a Charm promo offers.
With Three Times a Charm promotional offer, customers get up to $100 bonus if they happen to back three winners in any given listed meeting. Apart from this, Betfair also offers free-to-enter tipping competitions where customers can win up to $10,000 in prizes. Sports fans are not left unattended.
The company offers boosted doubles for NRL and AFL seasons every week. These promo offers may vary from time to time and customers are required to keep an eye on latest promotional offers rolled out by the company from time to time.
People who love to wager online, the minimum bet allowed is $5.00. The minimum bet is definitely higher than any other bookmaker but given the commission structure of Betfair, it is necessary. For phone betting, the minimum bet allowed is $50 and for Fair Price Racing, the minimum bet allowed is $0.50.
The market activity level an event determines the maximum payout. Betting limits of customers depend on market availability. For multi bets, the maximum stake is generally $10,000. 20% Boost On All Winning Bets Up To $300.00
Spot on! That is the only adjective that comes to mind when describing Betfair’s website. Though the exchange model of betting is fairly new in Australia, the company did an excellent job to keep its website very user-friendly and easily comprehensible.
Despite their exchange model, the company actually manages to give a wide coverage of Australian markets and the depth provided for the markets is very respectable.
The overall design of the website is plain and simple with a 3-colum layout. The navigation menu is very functional. The website also offers live video.
This section show live footage of some selected sports and horse racing events. A separate community section is available with the website where polls and forums are made available to keep their customers engaged.
Mobile Betting: Betfair offers dedicated mobile applications for most mobile powered devices. The application can be downloaded from your apps store.
The mobile site is equally powerful and the market coverage is outstanding.
Customer Service: The Company offers an excellent customer service. Staff members are highly trained professionals. Live chat is not available but the company promises to reply to all emails within 2 hours.
Betfair offers a very useful callback service whereby customers are not required to stay on phone to get answers to their questions.
Betfair is a betting exchange. Exchange system is relatively new for Australians and some people do find it difficult to understand. However, investing time in understanding the model is time well spent, thanks to the loads of features and benefits available with Betfair that make betting a sheer pleasure.
Those who are serious about sports betting and race betting, Betfair comes highly recommended because there is no third party involved that eats up a slice of net earnings and this is possible only because Betfair is a betting exchange and not a conventional bookie.