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General
I must admit, that this review might be a bit biased. It simply has to do with the fact, that I don’t see any bookie able to compete with Betfair in terms of odds and fun. Well still I’ll try to make an independent review.
Betfair was the first betting exchange established on the internet. It’s 100% online based and for those, who don’t know what a betting exchange is all about, I’ll try and explain it.
The revolutionizing thing about a betting exchange is the fact, that there actually are no one trying to make a profit when setting the odds. Those offering the odds are punters like you and me. You can yourself lay or buy odds at any price. The only requirement for placing a bet, is that some other person is willing to match it.
Betfair makes money by taking commission of the amount won. This commission is 5%. For markets in soccer betting and some other sports you can use their Asian handicaps. Please pay attention to their reward system, which reduces your commission, if you bet a lot. Since Betfair don’t have an interest in the odds the best punters will benefit from this service.
Those capable of setting odds early often will have their bets matched even if the odds they are laying or buying are much in their favour. This happens simply because more inexperienced punters can’t judge what the right odds are. This also makes arbitrage possible. If you have the feeling that odds might fall you can buy the odds and sell it later, when the odds is lower. This will give you a risk free bet.
Betfair gives you so many possibilities to improve your betting strategies that I’m sure, that everybody will join me in the praising of this betting exchange.
Some facts about Betfair: They are licensed in England and Wales. The company behind Betfair is The Sporting Exchange Ltd. They have customer support in several languages. They have received the “Queen's Award for Enterprise”, which is one of the highest recognitions for companies in England.
Registration
The registration is simple, and they offer you a demo-guide to see how to register and place a bet. We recommend that you see this demo.
You will probably at some point be asked to document your identity.
Bonus
Betfair offers a free bet up to 25£. By using this promotion code: BTE111 you can stake 25£ on the first bet. Whatever result of the bet you’ll receive 25£. Please see the requirements beneath.
Wagering requirements Quote taken from Betfair:
“Enter the promotion code detailed when joining Betfair and we’ll credit the free bet amount to your account after you’ve had at least the value of the free bet amount settled. “Settled” means a market of the Betfair betting exchange has been completed and any due funds have been returned to customers accounts.”
Odds and games
I have already explained the odds at Betfair. With the right timing and knowledge you’ll be able to receive a return of a lot more than 100% on certain matches. They offer a big market for all sports, but some markets, that are small, you’ll find it hard to match your buy or lay offer. This only applies to really small markets like for example the Danish 2nd division and similar markets.
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