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Betfair is an online betting firm which was established in 2000 in United Kingdom and was different from other betting systems for it brought the concept of ‘Betting Exchange’.
It acts as a gambler’s perfect gateway to various sports betting and cultural events open to gambling. Owing to its ability to provide best odds to the players, by 2005 it was able to set up branches in Australia and many other countries like USA, Austria and Germany.
Betfair soon became the very first and the only betting exchange that holds a license in Australia. It is licensed and regulated by Tasmanian Gambling Commission as well as by Lotteries and Gambling Authority of Malta. These international licenses that Betfair has backed outside UK speak for its reliability and genuineness.
Betting exchange is the stark opposite of the ‘bookmaker’ environment. Betfair like other online betting websites doesn’t set odds i.e. the typical scenario where ‘sites set odds and players bet and leave’ doesn’t exist with Betfair.
In this case the players themselves act as gamblers as well as bookmakers as per their choice and an environment more like a market emerges where no margins are built into odds (prices offered). These markets are observed to be more favorable and Betfair itself says that players get 20% better odds when no professional bookers are involved.
In Back Bet players bet on an outcome which is more likely to happen.
Lay Bet is an offering that is unique to Betfair only for it is the case where the player can place bet on an outcome which is most likely not going to happen.
Market view shows a pink column where a price is shown, it is called Lay price. This price entered by a player for a back bet which is not yet matched. Therefore if the player wants to go with that bet, he/she can go forward with the bet instead of entering his/her own odds. Laying bets has three components:
Take an example where a player X has entered an odd of AU$4 for a stake of AU$ 5 and the indicated profit is, say, AU$ 16.
If you ‘Back’ this player’s odds, it will mean that you are backing the player X to win AU$ 16, whereas
If you lay, then you are risking AU$ 16 for a win of AU$5.
What if the bet remains unmatched?
The market view showcases the existing odds and against each bet, its corresponding ‘back/lay’ bet prices are shown. A number of such prices are listed in row for each participating bet, out of which the best bet prices are highlighted in blue and pink respectively.
Each price entry has two parts – the upper one gives the ‘best back/lay price’ followed by ‘the actual amount available for that price’. Other information like the total current bet amount which has been matched and market percentage etc are also shown in the market view.
*If one’s bet size is more than what is being offered than one should either go for a lower price or ask someone to match the remaining amount.
Its promotion says— “Get a free AU$ 20 Bet” It means that a new player on registration receives AU$ 20 free of cost.
This is the special feature available for the Australian players. Main wallet account is used when bets on international sports and races are to be placed, whereas second account is solely for Australian events.
This is because of Tasmania Gaming Commission as this makes it easy for it to keep an eye on the placed wagers.
Belfair’s only source of income is the commission which it charges from the player’s winnings. Every market has its own Market base rate which decides the commission amount one will have to pay in case one wins at Betfair. Go to the rules section of the market view to know more about the commission being charged.
When in-play appears on the market view, it means that that sport is in real-time play and the players are allowed to place or change bets while the sport is on the go.
In-play racing is available online as well through phone, whereas an in-play sport betting is only available through phone.
Betfair SP (starting price) is the amount calculated at the start of the game after taking in consideration the amount of money not matched and as per the money requested by the opposing customers.
Hence in case one’s bet is not matched, one can choose to take Betfair SP at the start of the event. It means that in case your bet gets matched before the event starts then your original bet stands and if it is not matched then it will directly take Betfair SP price
Note: In order to place SP bet go to the setting and tick the ‘Betfair Starting Price’ checkbox.
Betfair on mobile can be played directly on mobile website m.betfair.com.au or by downloading the mobile app.
It allows the player to place lay/back bet and also allows one to keep track of one’s bets. It allows the users to view market rules, see matched volumes and withdraw or deposit funds.
Cash out is one of the products offered by Betfair through which a player can lock in a profit before the event finishes. The cash out value made visible refers to the minimum amount one will receive in case of a successful cash-out.
The markets that allow it bear the ‘cash out’ label and when the player decides to go ahead with it, it is done by placing bets in the market to lock a position.
Many banking options are provided but cheques or other third party payment are not allowed. Visa, MasterCard, POLi, BPAY, Bank Transfer, Credit Union Transfer and other methods are available for Withdrawals and deposits at Betfair.
Customer support is available through live chat, calling or email.
Live chat can be done 7 days a week any time between 9 am- 7pm.
One can reach them through email: email@example.com.
Helpdesk 1300BETFAIR (1300 238 324) is available 7 days a week from 8 am – 10pm.
*Visit Betfair’s official website for more details