Founded in the year 2000 and known as "the" online betting exchange, Betfair is not only one of the largest operators in the world, but one of the only licensed online betting exchanges in Australia.
Although Betfair focused on offering fixed odds and tote betting, a recent partnership with CrownBet has resulted in it shifting its focus to exchange betting.
Exchange Betting Explained
Before we outline the finer points of Betfair's Australian exchange, it's important to give you an insight into betting exchanges in general.
In a nutshell, betting exchanges allow customers to speculate on the outcome of events determined by the market. However, instead of the betting lines being controlled by a single bookmaker, the odds in a betting exchange are set by community of vendors buying and selling action.
Because the market is dictated by individuals setting their own odds and others buying action, there is a lot more dynamism in a betting exchange compared to a fixed odds bookmaker and this can often lead to better odds for the canny punter. Another benefit of wagering via a betting exchange is that you can trade in real-time throughout an event and choose to cancel bets and limit your losses, which means you're a lot more in control of your finances.
In fact, when it comes to making a business profit, bookmaker operators generate revenue by offering less efficient odds. It's this difference between the true odds and the market price which allow bookmakers to earn some money. In contrast, however, betting exchanges normally generate revenue by charging a transaction fee which is calculated as a percentage of net winnings for each customer. Because of this structure, betting via an exchange is usually more profitable. In fact, even with standard commission charges ranging from 5% to 7%, it's usually possible for an experienced punter to make more money when they bet via an exchange.
One of the main drawbacks of exchange betting is that you may not be able to find the same amount of liquidity in this venue as you would in a standard bookmaking platform. Because online exchanges concentrate their liquidity in few markets, it means they aren't the best options for parlay betting (often known as accumulator betting).
The Betfair Exchange Interface
Although the mechanics of an online betting exchange or different from the provisions offered by standard bookmakers, the overall feel of Betfair's site isn't any different. In fact, if you didn't know any better, then you may think you're actually betting on standard booking platform.
As it does for its other online portals, Betfair utilises a dropdown toolbar that lists the most popular betting markets at the top of the page. Once you've found what you're looking for in terms of a sports betting market, the list of available wagers is tabulated and sit in the centre of the page flashing as they change.
In fact, because odds in the exchange are a constantly shifting, the interface can look somewhat intimidating at first. However, within a few minutes of watching the odds change, you'll soon feel more comfortable with the overall structure and shouldn't have too many issues finding the most attractive odds.
To complement this international system of odds and vendors, Betfair offers a range of payment options, including: Visa, MasterCard, PayPal and Skrill. Alongside these options, Betfair also has provisions for multiple currencies, such as: AUD, CAD, DKK, EUR, GBP, HKD, NOK, SEK, SGD and USD.
Betfair Exchange Betting Options
Inside Betfair Exchange there are two main options: "back" and "lay". The former is one that means you're backing the winner, while the latter is a bet intended to say that a competitor will lose.
Naturally, for one person to back a proposition someone else must lay it and when this happens it's known as a match. This, in essence, is exchange betting in a nutshell; however, not all matches are possible and, at Betfair, if the wager is not immediately matched, you have the option to cancel it, or leaving it unmatched. If the latter option is in play, the offer remains live until it is either cancelled or matched.
This structural process aside, the Betfair Exchange has a vast array of sports betting options. Indeed, when you click on the 'sport' tab at the top of the main interface you'll find a cascading list of betting markets that includes: European football, horse racing and cricket. Moreover, you'll also find a plethora of American sports, such as baseball and basketball, as well as a selection of obscure sports betting options that you won't find at standard online sportsbooks.
Because the exchange is controlled by customers and not a single bookmaker it means there's a lot more scope for diversity. Everyone has their own betting styles and preferences and this means the range of sports and specific wagers is infinitely more varied than traditional online sportsbooks.
To give you a final overview of Betfair Exchange's main conditions, here's a quick bullet point rundown:
- Odds format: EU
- Commission: 5% - 7% on net winnings
- Minimum bet: £2
- Maximum bet: Varies by vendor
- Live betting available
- Odds set through a dynamic of backing and laying which often means more favourable odds for canny punters.
- Commission rates become progressively less intrusive as you generate more action.
- Easy to read interface once you become comfortable with exchange betting.
- Dual wallet allows you to ante-up on domestic and international events.
- Established brand with an international reputation for safety, security and quality.
If you'd like to try your hand at exchange betting and want the best experience possible, then make sure you follow our dedicated sign-up link for Betfair. Our direct link to the interface will have anteing up and making money within a few minutes.
Betfair's Betting Extra
One of the nice features built into Betfair's platform is its dual wallet system. To comply with Aussie gaming laws, all Betfair members are given two wallets. The Australian part of this wallet is used for wagering on native sports and racing events, while the so-called "main" wallet is used for wagering on overseas sports and races.
Wagers placed using the Australian wallet are regulated by the Tasmanian Gaming Commission while wagers placed using the Main wallet are regulated by the Maltese Lotteries and Gaming Authority in Malta. Both wallets use Australian dollars and members can transfer money between the two with just a few clicks.
Should You Ante-Up on the Betfair Exchange?
If you're a fan of fantastic options and massive diversity, then the Betfair Exchange is the perfect option. Because thousands of users are on hand to offer thousands of different bets every day, it means you can pick and choose the options that are right for you.
Although the system may seem somewhat confusing at first, Betfair has done its best to make things are simple as possible. Not only that, but if you ever need any assistance a dedicated customer service team is one hand throughout the week to guide you in your quest for a profit.
So, if you're looking for a different way to speculate on your favourite sports and make some money, then follow our dedicated download link and join the Betfair Exchange today.