Betfair is one of the most popular betting website and since its establishment back in 1999 year it has made a great breakthrough in sports betting sphere because of its innovative idea to give customers a chance to bet against each other.
This so called betting exchange has been added with a section based on the traditional and well-known fixed odds. The section was opened in 2013 year. Thanks to this section punters have a choice whether to place a bet against other punters or against the bookie in the Sportsbook section.
The company is a Queen’s Award for Enterprise winner for 2003 year and today it is the biggest betting exchange in the world with a repeatedly big number of customers in comparison to the rest of worldwide betting exchanges. Although Betfair operates only online – with no active physical shops – it has employed over 2000 specialists from software and betting spheres. These experts take care of the audience’s best customer experience ever.
The bookmaker has been licensed by the hazard commission in British territory of Gibraltar, where international licenses are given to the rest of the world best and most popular players of today’s sports betting industry.
What is the difference between a betting exchange and a traditional bookmaker?
Since to some of you betting exchange term is something new, probably, additional information and explanations are needed. Thanks to them you will find out how Betfair betting options actually work.
By using the betting exchange in this website customers bet against each other. They place bets on or against other customer’s suggestion about the final result of a certain game or event. And in this betting experience Betfair plays only the role of a third party broker that collects the money from each placed bet and sends the profits to the winners. A winner is a bettor that has guessed the final result of a certain event or game.
By betting at the betting exchange customers can play two roles:
- A punter who bets on a certain end of an event (Back bets). For instance, you bet Ronnie O’Sullivan’s win during the World Snooker Championship.
- A bookmaker that bets against a certain end of an event (Lay bets). For instance, Lay bet on Ronnie O’Sullivan’s win during the World Snooker Championship means you will win if the Rocket DOES NOT win the title.
As to the odds determination, punters have once again two options:
- To accept the most profitable available odd on the market for their Back or Lay bet. In this case, the bet will be placed immediately as there is already another punter who has is ready for action to place a bet against you and on this odd specifically.
- To determine a more profitable odd from the highest one at this particular moment and to wait for other punter to accept it. Have in mind that no punter will respond to your odd in case there is a better odd on the market right now. This is why the option should be used only when you expect the odd for your bet to increase in your favor. Otherwise, the odd will be pointless.
The biggest benefit of the betting exchange is that you are deprived of the negative bookie margin on the win and that the odds are completely fair and truly attractive. Thus, if traditional bookies offer odds for a certain event with two equally possible final results would be 1.90-1.90, the betting exchange provide odds 2.00-2.00.
Of course, Betfair is a company that aims to make a high profit. For this purpose, a commission on the net profit is established and it is:
☛ 5% for the following countries: Great Britain, Ireland, Italy, Gibraltar and Malta.
☛ 7% for the following countries: Albania, Armenia, Croatia, Monaco, Serbia, Slovakia and Montenegro.
☛ 6,5% for the rest countries
(These are basic levels of commissions for new customers as the commissions will gradually slumped. Depending on your activity, you can win up to 60% deduction of your commissions)
Even after finding a deficit of the maximum commission, the profit remains bigger than profits you win in traditional bookies. Betfair can afford to work with so small commissions as the company does not take any risk on any placed bet while the traditional bookies can endure losses in cases when all placed bets for a certain result are more than for the other / the other results and this one occur winning.
If we have to point out some weak point of the betting exchange, we should name the lack of liquidity for some markets. No matter how many Betfair customers are it is inevitably for you to find markets that have no offered odds. It cannot happen to you on markets with football events from European leagues and other events with higher popularity. Though, it is possible when it comes to less popular sport events and disciplines.
Exactly due to this purpose the Sportsbook section was created. Here, fixed odds are offered. The section with fixed odds cannot be called the best bookie in the world, but, yet, it does its job for the cases we have explained above. We have to notice that recently the company has done quite a lot in the sake of the increase of offers in Sportsbook section. And today, more than 50 000 sports events are offered per month, which is almost the same number most of the biggest bookies provide these days.
Though, odds aren’t good enough either in comparison to the betting exchange on the website, or to the leading bookies on the market, like Bet365, for instance.
Betting exchange bonus
Betfair’s betting exchange offers a free bet to its new customers with quite simple rules:
You place a bet with €20 on the betting exchange and if the bet is unsuccessful the website will give you the lost €20 back.
The section with fixed odds offer 100% bonus up to €100.
This bonus has a turnover requirement according to which you need to place bets of an amount that is 3 times of your deposit + 3 times of the bonus. Then, you can withdrawal your bonus from your bookie’s account. A turnover is available when bets are with odds of at least 1.60.
Please, keep in mind that bonuses are provided only to players that have deposited money either with a debit or credit card, or via PayPal.
Just like in Bet365, Betfair Poker is a part of iPoker net where full tables with cash games either with low, or with high blinds can be found 24/7, as well as a rich tournament program with high guaranteed prize funds.
Betfair Poker room offers 200% bonus up to €1000. This bonus has a bit more different rules for acquisition in comparison to the casino or the sports betting section. In the poker room, the bonus isn’t offered with the registration process, but in parts and after acquiring the Status Points. For each 1250 pack of gained Status Points you will receive €10 from the bonus up to its whole amount.
On the other side, the poker room offers 35%rakeback and other promotions that will thrill the biggest poker lovers.
Betfair casino was established back in 2013 year. Currently, it uses Playtech software.
The casino contains more than 150 games in Slots category, as well as other additional games from the rest of casino categories: like table games, cards games, arcade games, video poker and games with live dealer. The casino offers various games that will satisfy all types of tastes and interest a punter can have.
The casino has three different deposit bonuses the players can choose from:
- 1. 100% deposit bonus €100 for all customers
- 2. 100% deposit bonus up to €1000 for slot games
- 3. Receive €10 bonus for a bet of €10 in the live casino section
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