|Key Betfair Offer Terms & Conditions|
|Free Bet Expiry:||30 Days|
|Bonus Format:||5x £20|
Betfair was founded in 2000 with the aim of providing customers with something different that no other company could offer. They have achieved this by becoming the world's first and largest betting exchange. Here, people can choose a sports event, set their own odds and subsequently post those odds on the exchange for others to bet against. Therefore, instead of placing bets with the bookmaker, players bet against each other with Betfair holding the funds until the outcome of the event is decided. Betfair then charges a small portion of the winning bet as commission.
As well as the betting exchange, there is a more traditional sports betting site where Betfair set the odds on a range of sports and customers place bets using those odds. Since the company was started, it has grown to employ over 1,200 people, won the Queens Award for Enterprise, and gained around 3,000,000 customers across its various betting sites.
The sportsbook is well designed, with information on sign-up bonuses, major sports and an introduction to their cash out facility. Visitors only have to click once to go between the sportsbook and exchange sites, depending on how they wish to place their bets.
This part of the site is similar to those offered by other major sports betting companies, with customers able to place wagers on all of the main upcoming events, as well as in-play sports. The range covered includes everything from football and cricket to Gaelic sports and mixed martial arts, plus special bets like 'I'm a Celebrity' winners, or the name of the next royal baby. It's not the widest selection, but only the most obscure games that very few people would look for are missed out.
Placing a bet is simply a matter of clicking on a sport and deciding which market to bet on before adding it to the Bet Slip and confirming the wager. Many sports have multiple betting options; for example with football games, customers can bet on full time, half time and over / under total scores. For horse racing, Betfair have a best odds guarantee, so if a bet is placed and the Starting Price is better, a winning bet will be paid out at the SP.
The betting exchange works by letting members choose an event from Betfairs menu and setting their own odds on the outcome of that event. Other Exchange members will be able to see these odds and can choose to accept the bet, so instead of placing bets with the sportsbook, two customers are betting against each other. To ensure that someone is willing to lay the bet, the odds must be set at an attractive level, which Betfair estimates leads to an average of 20% better odds available, although players must remember to consider the commission that will need to be paid on each bet.
The cash out feature lets customers take their winnings at any time during an in-play event to either maximise their winnings, or to stop their losses. For example, if team A are winning a football game by the 60th minute and a customer has a win bet on them, but Team B look as though they will imminently score, the bet can be cashed out to secure that bet. The odds may not be as good, and Betfair take a small cut, but it's a way to make a profit from what could turn out to be a losing bet.
There is an extensive live video streaming facility available for registered customers that covers all major events from around the world as well as providing plenty of audio tips, previews and advice.
For anyone away from home or office, Betfair provide a good mobile version of the site, compatible with all Android, Apple and Blackberry devices, which can either be accessed from a browser or from the App Store, although new accounts cannot be set up via a mobile and players must have a card already registered at the main site.
To new customers, Betfair will usually offer a free bet, or match the amount of the first wager with a welcome bonus. In common with most online sportsbooks, there are no huge incentives to get people to sign up, but there are always a number of ongoing promotions that regular players can take advantage of. These change all the time depending on what sporting events are taking place and tend to be in the form of cashback on second placed horses, or returned bets if one leg of a football double loses, plus extra bonuses on particular events.
Betfair accept payments in 10 currencies from 43 countries or territories, although this does not include the USA. All major credit and debit cards are welcome, as are payments using the most common money transfer systems, although oddly, they do not accept prepaid cards or vouchers. In common with other online sportsbooks, a small commission based on a percentage of the deposit amount is charged for some methods and there is a detailed description of how to deposit on the Betfair site.
Withdrawal requests are processed very quickly, usually within one day, and will be returned to the card or method was originally used.
Betfair offer betting opportunities that no other sportsbook can match, so for this reason alone, anyone who wagers on sports should give them a try. As well as the unique Exchange and cash out options, the more traditional sports betting site provides a quality service with most sports covered, an extensive video streaming facility, and a comprehensive mobile site. The promotions are average at best, as although new customer bonuses can be quite good, ongoing ones are less so. It would also be nice to see a live chat service for customer support.
|Class leading betting exchange, far superior to any other.|
|Cash Out facility.|
|Good range of sports covered.|
|Lots of tips and advice.|
|Live streaming of all major events.|
|Quality mobile website and apps.|
|Limited welcome offers.|
|Customer support could be better.|
|License Number: 39561|
|Registration Number: 91|
Appointed in August 2012, Breon Corcoran is the current chief executive officer at Betfair, a company employing 1,800 people worldwide.