BETFAIR AUSTRALIA REVIEW
REASONS TO JOIN BETFAIR AUSTRALIA
- Biggest odds offered
- Lay betting available
- Leading betting exchange
- Not a traditional Australian bookmaker
- Not to everyone's liking
Betfair started life in Britain in 2000 when launching as the first betting exchange and they remain the world’s biggest. If you haven’t got a Betfair account then you a missing out. That is because of the unique nature of the bookmaker.
They are not a bookmaker in the true sense. They are an exchange where odds are traded as punters bet against one another by backing (blue on the website) and laying (red) horses, teams, results or outcomes. There is no liability on Betfair’s part. Instead they take 5% commission from the inpidial with the winning bet.
As we’re dealing with differing opinions of punters at Betfair, you often get better odds than any fixed-odds bookmaker. Better still, you also have the flexibility of placing a bet knowing that you can lay off for a profit before the result has been settled in much the same way that you can cash out bets with traditional online bookmakers.
The technology on betfair.com.au is more advanced than any other betting site in the world and very few customers know the full capabilities of all the various trading tools available.
Treating it simply as a fixed-odds bookmaker is what a lot of people choose to do and there is nothing wrong with that. You get the benefit of often bigger odds and are under no obligation to use the lay options whatsoever.
Betfair is the trading name of Betfair Group plc, which was founded in August 1999 and started life as an online exchange in 2000. Unlike fixed odds bookmakers such as BetEasy, Ladbrokes Australia, Sportsbet and TAB, Betfair is a betting exchange, allowing customers to choose whether to back a selection or instead effectively act as the bookmaker themselves and lay a selection instead.
The first ever sporting market traded on Betfair was the 2000 Oaks at Epsom and, in the space of a decade and a half, Betfair became the world’s biggest betting exchange and effectively revolutionised the betting industry in the process.
Betfair originally had headquarters in London but have now moved offshore to Gibraltar, which is home to many other bookmakers.
The Australian arm of Betfair was first started in 2005 when a deal was struck with the Tasmania government and a licence to trade granted. Betfair Pty Ltd is licensed and regulated by the Tasmanian Gaming Commission and has rapidly grown in popularity since launching in Australia.
ODDS AND MARKETS
Although Betfair Australia market that their odds are, on average, around 20% better than fixed-odds bookmakers, this largely depends on the liquidity available on a certain market. While you can regularly get bigger prices on horse racing and global soccer matches, you’ll often struggle to find your bet matched at reasonable odds when it comes to the more obscure markets like chess or martial arts.
While the volume of markets they set up and settle is beyond anything their rivals can offer, the odds and amount you are offered at that price always comes down to how many customers decide to bet on that particular market. It should be noted that you can always request the odds you want on a certain selection although there’s no guarantee that your bet will be matched. If it is unmatched, you will get your stake back regardless of the outcome of the event.
If you are reluctant to bet on the exchange, you can now also place your bets through the Betfair Sportsbook which works in the same way as a fixed-odds bookmaker.
The Betfair Australia website is entirely different compared to most fixed-odds bookmakers. Betfair Australia are essentially hosting a marketplace where thousands of users meet online to bet again each other, much in the same way that eBay does with your unwanted items. It’s an incredibly quick and user-friendly interface which allows customers to access their markets quickly, with each sporting market refreshing in real-time according to the liquidity available.
In-Play betting at Betfair Australia is an unrivalled experience with no bookmaker able to offer customers the chance to close out for a profit during a soccer match, horse race or other sporting event. Betfair’s unique back and lay system allows punters to cash out winnings during an event without having to wait for the final outcome.
There are a host of educational videos and article available to help you discover how to use the Betfair website and how back and lay betting works.
The Betfair customer service is excellent. If you have any questions, check the FAQ section on the website or call the helpdesk, which is based in the UK and provides support 7 days a week from 7.30am to 12.30am (UK Time). Alternatively, you can tweet your query to @BetfairHelpdesk.
Ready to take your bookmaking experience up a notch? Check out our list of the top Australian online betting sites where we review and give comprehensive details on what bookmakers are best for you!