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Betfair Betting Review
Betfair opened its doors in 2000 with a product that was destined to revolutionise the world of online gambling. They were already far ahead of their time, as their betting exchange permitted users to create their own odds and also bet with each other, benefiting from better prices and undercutting the middle man.
Over the years, the company has added a large number of quality products, which have helped them become one of the biggest gambling companies in the whole world. In this review, we are looking at the offerings of this popular betting site and providing an honest and unbiased review.
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If you are looking to bet on Betfair you will notice that the site has been laid out a bit differently compared with the traditional betting sites. This is because Betfair is a versatile company that offers not only a sportsbook but also a betting exchange. Betfair uses its own proprietary software for its sportsbook offering. This is coming from the very beginning, as nobody was licencing betting exchange software. They, therefore, didn’t have the choice to build this for themselves.
Over time, they have kept making improvements to the website. Now, even if you are looking for the most obscure market, placing a bet is very easy. Regardless of whether you are on a computer or a desktop, and if you are betting on the sportsbook or the exchange, you will have a very smooth experience. Their casino is one of the best in the industry and is provided by leading firm Playtech.
Having achieved such a position in the market with the betting exchange was great for Betfair. This hasn’t stopped the company from also wanting to take some sportsbook market share. The Betfair sportsbook engine is very powerful and gives odds on thousands of sporting events happening all over the world.
The odds are particularly competitive, and the company doesn’t just have some of the major professional leagues. For football, tennis, and nearly every professional sport, you will find betting markets at Betfair.
Betfair in-play section is also right there with the best in the market. At any hour of the day or night, you will find a massive array of markets to bet on. If all the real sports are not enough, on Betfair you will also find plenty of virtual sports simulating events.
Casino and Poker
Even though Betfair is primarily a sports betting site, they also have a great casino offering. The company has put money into this line of business so that it can offer its customers the best product possible. As soon as you visit their casino, you will realise the quality on offer. There are plenty of slots that are provided by the leading company, Playtech.
The graphics are excellent, and you will also find plenty of table games. If you prefer playing against the dealer in a live scenario, Betfair will not disappoint you either. In their live dealer section, you will find plenty of games in a live and interactive streaming environment. In addition to the casino, you will also be able to play poker and other arcade games.
The registration process for Betfair is pretty simple and straightforward. Even if you have never signed up to a betting site before, you will find that the whole process will only take you a few minutes to complete. Betfair has worked hard to slim down the registration process to just one page. As you will be able to see on that page, you will need to enter all the necessary information to create a new account. These are: first and last name, date of birth, country, address, and mobile number.
In the next step, you will include the information that will be linked with your Betfair account, like the email, password, security question, currency, deposit limit, promo code, and marketing preferences. For security, the password needs to be at least eight characters long and have at least one letter and one number. In the deposit limit, you can set limits and time periods: this feature is crucial for responsible gambling, which is why it is placed in such a prominent position.
You will also find that the promo code for the welcome bonus should already be automatically entered in the related field. That’s all! You can decide if you want to enter your bank details right away or if you want to add them later. Overall, we haven’t found anything negative in the Betfair registration process, which is intuitive, simple, and only asks for the needed information.
Deposits and Withdrawals
There are plenty of ways to deposit and withdraw from Betfair. For the deposit, you will find that you can use debit cards, e-Wallet like Neteller and Paypal, bank transfers, Paysafecard and Skrill. If you opt for a debit card deposit, the minimum amount is £5, and the same applies to Paysafecard. For e-wallets like Skrill and PayPal, the minimum is £10, while Neteller is £12.
All these deposit methods are instant, with the exception of bank transfers, which take 2–5 working days. You can also go to a PaddyPower shop, where you can use your username to make a deposit. This method allows you to deposit funds using cash. When it comes to withdrawals, these are made in the same way that you have deposited. There are no fees on withdrawals from Betfair, but there might be fees from other institutions involved, like your bank.
Withdrawals via bank transfer usually take 2–5 working days, but other options are either immediate or have a shorter waiting time. We have gone through all the steps various times, and we are pleased to report that everything about banking at Betfair is very professional and straightforward, regardless of the payment options you will pick.
The fact that there aren’t many cryptocurrency options isn’t great, but we think this might be fixed soon. Many people believe that banking with betting sites will be daunting, and this is why top operators like Betfair have made every effort to keep the process easy, trustworthy, and straightforward. If you buy things online, you will find that depositing and withdrawing with Betfair is a completely seamless process.
Betfair Exchange: What it means to Back and Lay?
Backing and laying are two of the exchange’s most crucial components. Every bet has two sides: one side, known as the backing, bets for the outcome of the event, while the other side, known as the lay wager, bets against it. In contrast to conventional bookies, the Betfair Exchange allows you to bet on either (or occasionally both) sides of the event. You can Back and Lay on the Exchange, but only after you fully comprehend what each phrase means.
This is the same you would do with conventional bookmakers. You are betting on the outcome of the event if you go to one of our many betting providers and place a wager there. The bookmaker is betting against you in that bet and risks losing money if you win.
Naturally, you may also put back bets on the Betfair Exchange, but there is a significant difference in that another Exchange user is acting as the bookmaker. You can place back bets on the Exchange by selecting one of the blue buttons and entering your stake. To calculate the potential return on a back bet, multiply your stake by the decimal odds. Simple. When choosing the other end of the bet, though, things are a little different.
Traditional bookmakers take the opposite side of your bet when you place one with them. By doing this, they are laying the bet, which is just betting against the outcome. On the Betfair Exchange, we can do this by taking the opposite side of back bets that other customers place. We have two options: We can take the bets of other users or we can set our prices. You do all of this using the Betfair Exchange interface’s red side.
However, when laying a bet, there is a crucial distinction known as liability. It’s crucial to comprehend this concept before getting involved. When you input your stake for a lay bet, you are entering the stake of the backer. This is the potential return you would get if your lay bet is successful. Your potential loss, or liability, is the sum the backer stands to gain if their bet wins. Keep in mind that you are placing a wager against real individuals. If one person succeeds, someone else must fail.
Reversing the procedure when placing a bet is the most effective approach to keeping this in mind. Consider your stake as a liability and the Backer’s stake as your possible profit. Here is how we would determine our liability for a lay bet of £10 at odds of 4.0. It’s just important to know that in this case, you’re placing a £30 bet instead of a £10 bet. Thankfully, the Exchange platform provides you with all of this data when you place the bet.
To win a tenner quickly, placing bets on 100/1 shots with a cost of £10 could seem like a decent idea. However, 100/1 shots do come in, when one does, you’re down by $1,000. Just think back to when Leicester won the Premier League in 2015–16. For the potential to win a tenner, you would have lost £50,000 if you had placed a lay bet on that for £10 at 5,000/1. That kind of loss might be absorbed by the bookmakers, but could you? So, it is very important to always gamble responsibly and truly understand how the back and lay work before risking your money on a betting exchange.
Why It is Worth Setting Up Your Own Odds on the Betfair Exchange
Why not take advantage of higher odds?
We obviously always seek the greatest odds, and if you set the odds slightly higher than those that are being offered, there is typically a strong probability that the other side of the bet will bite and match your wager. Better odds equate to more winnings—it makes sense.
In play betting
The approach of waiting for odds to reach a specific level before making your wager is probably known to you if you enjoy betting in-play. The team you’re rooting for to score, for instance, might not usually score until the second half. In this situation, you can just “put an order” at your selected odds and wait for your wager to be matched rather than waiting around for the odds to improve.
Similarly, you can use the cash-out functionality and wait for a certain payout before closing the bet. This functionality can be helpful if you’re laying the goal markets but are aware that the squad or teams in question frequently score late goals. For example, you could place a low-priced bet on Over 2.5 goals, watch the odds rise while praying for no early goals, and then place a higher-priced bet on Over 2.5 goals, making a profit.
Anticipate movements in the ante-post markets
You can even use this strategy to make a return before the start of a game. Consider that you are an expert on a particular football team, and you believe that the team’s best player won’t be playing. Once the lineups are known, the odds will change to reflect that. For example, if a star player suddenly doesn’t show up, the team’s odds will get longer. Before the game even starts, you can lay the team in question, wait for the lineups to be released, watch the odds rise, and then place a back bet to cash out for a profit. This can be done hours or even days before kickoff.