Betfair is a betting exchange platform that allows its customers to match bets against each other. Betfair exchange betting works by two people betting against each other, rather than against a bookmaker. Betting exchanges then make their money by charging a commission on winning bets for the use of their platform.
Betfair Review
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Summary
Betfair revolutionised the way people are able to bet on sports by allowing them to lay bets and essentially act as bookie as well as punter and win when their bet loses.
Pros
- Best betting exchange liquidity and market depth
- Largest range of markets to bet on
- Decent welcome bet offer for new punters
Cons
- Expensive commission rates
- Platform can look a bit functional
- Site navigation in search defaults to fixed odd
Latest Betfair Free Bets & New Customer Sign-Up Bonuses
See all the latest free bets and offers from Betfair and get free bets and discounts. To use the free bets, click on the code or the button to take you directly to the offer.
- This offer is only open to customers aged 18 or over, whose country of residence is UK or Rep of Ireland or any of the following from the list of countries found here.
- To qualify for a reward, both the Referring Customer and the Referred Customer must have accounts registered in the same country.
- Customers registered in other countries may not be eligible for rewards under Betfair Refer and Earn, or the terms and values might be different to those set out here.
- Applies to accounts referred from 12pm, Friday 31st January 2020.
- To be eligible for this promotion you must have made a deposit using a Debit Card.
- Join now with promotion code ZBGC01
- Deposit a minimum of £10.00
- Verify your phone number
- Bet £10.00
- Get your rewards
Compare Betfair To Alternative Betting Exchanges
How to bet on Betfair exchange
Betting exchanges do look different to traditional bookmaker sites, so you’ll see Betfair is set up quite differently and you can be forgiven for wondering how to bet on Betfair exchange.
To bet on Betfair follow these steps:
- To place a bet, click on either back or lay for the market you are interested in betting on.
- You then have to choose your stake, which will be a minimum of £2 with Betfair, and your potential profit will be displayed alongside that stake if you are backing it, or your risk will be shown if you are laying it.
- Simply click to submit and wait to see if your bet has been matched, which means the bet has been placed.
What is an exchange bet on Betfair?
An exchange bet on Betfair allows you to back or lay a bet on a market you are interested in betting on. When you back a bet, you are betting on an outcome to happen. When you lay a bet, you are betting on an outcome not to happen.
How does betting on the Betfair exchange work?
To place a bet on Betfair, just click on either back or lay for the market you are interested in betting on. You then choose the stake you wish to place, which will be a minimum of £2 with Betfair. When you back something, you are betting on it to happen. When you lay a bet, you are betting on something not to happen.
Betfair exchange betting works by two people betting against each other, rather than against the bookmaker. For example, if you want to place a £10 bet on Team A to win at 2/1, you need someone else to risk £20 at 1/2 for Team A not to win. Betting exchanges then make their money by charging a commission on winning bets for the use of their platform.
What’s the difference between bay and lays bets on the Betfair exchange?
When you back a bet, you are hoping the outcome will happen. When you lay a bet, you are hoping the outcome won’t happen. To place a bet on the Betfair exchange, simply click on either back or lay next to the outcome you are interested in betting on.
Can you bet each way on Betfair exchange?
Yes, you can bet each way on Betfair exchange and there are a couple of ways to do it. If you wanted to bet on a horse each way, Betfair offer each way odds, so you can back or lay the horse to place.
Or you can back on the horse to win as a separate bet, then back it to place on the place market, so you have that safety net.
How to bet multiples on Betfair exchange?
Basically, if you want to place an accumulator bet, you need to use the Betfair Sportsbook. Choose your selections and the bet slip on the right-hand side of the page will create your multiple.
You can then choose your bet type – double, treble, fourfold, etc. You will see your potential winnings and then click ‘Place Bets’.
How to lay a bet on Betfair exchange?
Lay betting means betting on an outcome not to happen. For example, if you lay a football team to win, your bet will be a winner if the team loses or if the game ends in a draw.
In horse racing, if you lay a horse, you’ll win if any other horse in the race wins. However, if the horse you bet against wins, you lose and you must pay the backer his winnings, which could be a lot more than the stake.