Betfair Review
3.5/5

Betfair Review

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Home » Online Sportsbooks » BetUK Review

Our review of Betfair measures it against other betting exchanges in the market, detailing the unique features available on their platform for bettors. As the world’s leading betting exchange, Betfair is the go-to destination for both backing and laying bets.

Betfair Review 2023

Pros
  • Fantastic odds
  • Great deposit withdrawal options
  • eSports and virtuals betting available
  • Large welcome bonus
  • Live streaming on many sports markets
Cons
  • Lack of Graphics for those games not covered by Live Streaming
  • VIP and Loyalty Program limited to Horse Racing and Poker
  • Bonus for sportsbook not exchange

Key Takeaways:

  • Betfair pioneered the betting exchange model, allowing users to both back and lay bets.
  • The platform offers comprehensive live streaming and in-play betting options.
  • Betfair’s mobile experience is seamless, but users may have to download multiple apps for different sections.
  • Some users might face transaction fees, and high earners have experienced increased commissions.
  • Despite a few concerns, Betfair remains a trusted and dominant player in the online betting industry.

Review of Betfair

Betfair stands out for its unmatched liquidity and extensive range of markets on their exchange, making it my primary choice for sports trading. I’ve been a loyal user for over a decade.

Additionally, I’ve utilized their bookmaking service throughout these years and am happy to note that I’ve consistently experienced seamless transactions both in depositing and withdrawing funds.

For newcomers to Betfair, there’s an attractive sign-up offer available. However, it’s essential to note that this offer is specific to wagers on the sportsbook, not the exchange. Regardless, it remains one of the most generous bonuses out there.

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Betfair Licensing and Safety

Betfair stands as the world’s preeminent online betting exchange and operates from Gibraltar. Consequently, all their activities are regulated and licensed by the Gibraltar Gambling Commissioner in line with the Gambling Act 2005.

In addition, Betfair has secured a UKGC license, enabling them to cater to the UK market without hindrance. This dual regulation by two esteemed bodies underscores the platform’s credibility and trustworthiness. As per the terms of their licenses, Betfair is obligated to:

  • Prevent underage individuals from gambling until they can comprehend the associated risks.
  • Uphold transparency and fairness in all their operations.
  • Extend support to anyone struggling with gambling-related issues stemming from their platform.

Considering the majority of wagers on Betfair involve punter-to-punter transactions rather than punter-to-bookmaker, you can rest assured about payouts. Betfair retains the funds during the betting process, ensuring guaranteed payouts.

Being a publicly traded entity boasting multimillion profits, concerns regarding payouts from the bookmaking segment are unwarranted.

How to Join BetFair?

How to Join BetFair

  1. Access Betfair

    You can register on both the Betfair website and app. To start, click here to navigate to Betfair.

  2. Begin Registration

    Locate and click the “Join Now” button.

  3. Fill in Personal Details

    A registration page will appear. Here, you’ll be prompted to:
    Enter your personal and contact information.
    Choose a username and password.
    Set a security question.

  4. Select Currency

    Pick the currency you wish to use for your Betfair account.

  5. Terms and Agreement

    After thoroughly reading the Terms and Conditions and Privacy Policy, check the box or click the button to agree.

  6. Complete Registration

    Click the final button to submit your registration.

  7. Start Enjoying Betfair

    Once your registration is successful, your account will be instantly active. Log in and dive into what Betfair offers!

Deposits and Withdrawals at BetFair

Method Fee Time Scale Deposit Withdraw Limit
Visa £0 Instant £5 – £20,000
Mastercard £0 Instant £5 – £20,000
Maestro £0 Instant £5 – £20,000
PayPal &2% Instant £5 – £6,000
Neteller £0 Instant £10 – £32,500
Skrill £0 Instant £10 – £32,500
Much Better £0 Instant £10 – £20,000
Paysafecard £0 Instant £5 – £400
Bank Transfer £0 Up to 5 days £10 – £100,000
Cheque £0 Up to 10 days £10 – £50,000

Compared to its competitors, Betfair scores lower in this category due to the fees associated with certain transactions. We believe these should always be free for players.

How to deposit

Once you’re a member of Betfair, depositing becomes straightforward. Simply click on the grey “Deposit” button located at the top of the webpage or within the app, and it will lead you to the banking section of your account.

By default, the Debit Card option is selected. However, you can choose from other payment methods available in the “Alternative Methods” section.

Enter your desired deposit amount or pick from the preset options of £100, £50, or £25. Once you’re set, click the yellow “Deposit” button.

Your funds should immediately reflect in your Betfair account.

How to make a withdrawal

Firstly, when wishing to withdraw funds from your Betfair account, ensure they are in your Main Wallet. If you have money in other wallets, like the Poker or Exchange Games wallets, transfer those funds to your Main Wallet before attempting a withdrawal.

To begin the withdrawal process, click on the “My Account” button. In the app, you’ll be directed immediately to the withdrawal option. However, on the website, navigate to “My Betfair Account” first, and then the “Withdraw Funds” option will become available.

Simply specify the amount you’d like to withdraw from your available balance.

The withdrawal will be processed using the same payment method through which you made your deposit. For instance, if you deposited using a debit card, the withdrawal will be credited to the same debit card account.

How long does it take to withdraw at Betfair?

Withdrawal times vary based on the chosen payment method:

  • eWallet services, including Skrill, PayPal, NETELLER, and Qiwi, can take up to 24 hours, but in some cases, it may be as quick as four hours.
  • UK Express Bank transfers are typically completed by the next working day, though a fee applies for this service.
  • Standard bank transfers generally take 2 to 3 working days.
  • Withdrawals made through Debit Card and ApplePay usually take between 2 and 5 working days to process.

What is the Betfair Welcome Bonus?

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Betfair is currently extending a free bet offer of up to £20 for all new customers when they open a new account, which becomes available after placing an initial £5 bet at 1.50 odds. However, it’s important to note that this offer applies only to bets made in their sportsbook section, not on the betting exchange.

This approach by Betfair may raise some eyebrows. While they seem to encourage customers to use the sportsbook, many might have signed up primarily for the betting exchange. While not necessarily deceptive, the tactic can be perceived as a bit indirect, especially since the sportsbook might be more profitable for them.

New Customer Offers at Betfair

To claim the bonus, follow these steps:

  1. VISIT Betfair.com by clicking this link (it will open in a new browser tab).
  2. On the homepage, click either a green ‘Claim Now’ button or one of the ‘Join Now’ links.
  3. Fill out the requested details and create a username and password for your account.
  4. If the bonus code field is empty, there’s no need to enter anything.
  5. Log into your newly created account and deposit £10 or more using your preferred method.
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Betfair Markets and Odds

Betfair stands tall as one of the most recognized names in the UK’s online gambling sphere, thanks to its series of high-profile television ads. As the world’s largest and most active betting exchange, Betfair boasts impressive liquidity across various markets, including:

American Football Australian Rules Bandy Baseball
Basketball Bowls Boxing Cricket
Cycling Darts Floorball Football
Golf Greyhound Racing Handball Horse Racing
Ice Hockey MMA Motor Sport Olympic Sports
Pelota Rugby League Rugby Union Snooker
Tennis Volleyball Winter Sports

But that’s not all. Betfair also delves into niche markets, such as politics and TV series.

The depth of these markets is commendable. From mainstream events to obscure matches, Betfair’s coverage is comprehensive. For instance, in the football category, you can find odds for high-stake international games and, at the same time, games from lesser-known leagues like the Chilean league. And it’s not just about basic odds – each event offers an array of betting options, complete with back and lay possibilities.

However, as with any betting platform, liquidity may decrease for more obscure events. But such issues are minimal at Betfair. When compared to their closest competitor, Betdaq, it becomes evident that Betfair reigns supreme in the market.

BetUK boasts an impressive selection of sports for you to bet on, from popular options like football, horse racing, and tennis to niche sports such as handball, futsal, and even esports. With such a wide range of options, you’re sure to find something that piques your interest, whether you’re a seasoned bettor or a newcomer to the world of sports betting.

In-Play Betting Review for Betfair

The in-play betting section at Betfair stands out as one of the site’s most commendable features. It provides everything a bettor or trader would need for live sports action, presented in an easily understandable format. From the main page, simply select the ongoing match to view dynamically changing odds as the game unfolds.

Betfair continuously updates the odds every few seconds, allowing you to follow market fluctuations as bettors back and lay various outcomes. Only during significant in-game events are markets momentarily suspended. In-play trading on Betfair is a primary tool for many professional online gamblers; it’s arguably the most lucrative platform in the sports gambling arena. Additionally, it’s worth noting that all the features found on the desktop version are seamlessly integrated into the Betfair app.

Betfair Live Streaming Review

Betfair stands out as one of the few bookmakers that provide an extensive live streaming service for all its members. This feature can be accessed by clicking on the “Live Video” tab under the “Sports” page.

The variety of events broadcasted is truly impressive. From international cricket and a plethora of horse races to football matches from around the world, there’s always something worth watching. A convenient list of upcoming events is displayed to the right of the streaming window, ensuring you’re always informed about upcoming broadcasts.

To avail of the live streams on Betfair, one of the following criteria must be met:

  1. Your betting account is funded, or you’ve placed a bet within the last 24 hours (horse racing excluded).
  2. You’ve placed a bookmaker bet of at least 50p on the horse race.
  3. You have a minimum of £5 bet on the horse race via the exchange.

Review of Betfair Website and Mobile App

Betfair Mobile App Review

Betfair provides distinct apps for the various segments of its platform, which can be slightly cumbersome if you’re keen on seamlessly transitioning between the Exchange and the Sportsbook services.

While the Exchange app has a convenient shortcut to the Sportsbook, the latter doesn’t offer a direct link back to the Exchange (one needs to navigate via the A-Z menu).

Minor inconveniences aside, Betfair’s mobile service is commendable. The app is swift, user-friendly, and encompasses all essential features, including special offers.

For an optimal experience, we recommend punters to install both the Exchange and Sportsbook apps to ensure smooth navigation between the tw

Betfair Desktop Website Review

Contrary to the app, the Betfair desktop website provides a unified access point to all its offerings. Although the website appears a tad more congested than the app’s homepage, this might be attributed to the expansive display space available on desktops and laptops.

The Exchange section clearly displays the primary sports markets available for betting and laying. Coupled with top-notch In-Play and live streaming features, the broad range of betting opportunities solidifies Betfair’s reputation as the premier exchange for UK bettors.

Betfair Customer Service

Betfair’s customer support, while robust, seems somewhat limited compared to other platforms. They do have an extensive Help section, which comprehensively addresses many common questions users might have regarding various facets of the Betfair platform.

If the Help section doesn’t address your concern, or you require a more direct interaction, there’s a 24/7 Live Chat service on the site. Through this feature, users can engage with a customer service representative and promptly address their concerns.

While the Live Chat representatives are efficient from what we’ve observed, the inclusion of a dedicated phone line or email support would have been a valuable addition for some users.

For Betfair to achieve a higher rating in our customer support evaluation, they would need to incorporate phone and/or email support into their service offering.

Overall Conclusion

We evaluate each betting site we review based on the site’s quality and its treatment of customers.

Betfair has some issues we’d like to highlight. Firstly, we’re concerned about Betfair’s eagerness to shift the cost of financial transaction processing onto its customers. Many deposit options at Betfair carry a fee for users, and we believe that Betfair should absorb the processing fees they impose.

Furthermore, there’s a more pressing issue we’ve observed. In July 2011, Betfair increased the commission for anyone who’s secured over £250,000 in winnings on their platform, setting it to 40% or higher. This suggests that if you’re a highly successful punter on the exchange, Betfair might not be in your favor, even though they only facilitate bet matching and don’t operate as traditional bookmakers. Since they earn commission solely from winning bets, this policy seems counterintuitive. We’re wary of this approach; it’s a concerning precedent, and there’s no telling when they might decide to increase commissions again.

Despite these concerns, Betfair remains the top betting exchange in the market. For those wanting both back and lay betting options, Betfair remains the primary, trusted choice.

FAQs

Is Betfair legit and reliable?

Betfair is licensed by the UK Gambling Commission and has established itself as a prominent name in online sports betting. While they cannot guarantee 100% uptime, they are among the most dependable betting sites, consistently honoring winning bets.

What is the welcome offer for new users at Betfair?

The welcome offer for new users at Betfair is a free bet worth up to £20. This is provided after an initial bet of £5 at 1.50 odds is settled. However, this offer is only valid for bets placed via their sportsbook section and not on the betting exchange.

Is Betfair a trusted site?

Betfair is the world’s largest and most renowned betting exchange. If you’re interested in backing or laying, it’s the ideal platform for you. Due to their unmatched liquidity and extensive market offerings on the exchange, they’re my preferred site for sports trading. I’ve been a loyal customer for over 10 years.

Is Betfair a bookmaker or a betting exchange?

Betfair provides both a traditional sports betting platform and a betting exchange. Initially, the site was launched exclusively as a betting exchange. However, in 2012, a sportsbook was introduced to compete with larger online gambling platforms.

Do people make money on Betfair?

Your earnings will be influenced by the time you invest in learning, gathering experience, analyzing, and trading on Betfair. As with many endeavors in life, the effort you invest often correlates with the returns you achieve.

How much can I withdraw from Betfair?

What is the daily withdrawal limit at Betfair? The maximum withdrawal amount is £500,000 per day. However, the minimum withdrawal varies based on the withdrawal method you select. Betfair offers several efficient withdrawal options that are widely preferred by users.

How to close a Betfair account?

Betfair provides several temporary self-exclusion options. If you wish to close your account permanently, you must contact the Betfair Customer Services team through the Live Chat facility. If you’ve previously closed an account and wish to reactivate it, reach out to customer services for assistance.

How long does Betfair take to give money?

Following your initial Instant Bank Transfer (which may take up to 90 minutes), subsequent deposits and withdrawals become instantaneous. In both cases, payments are verified directly by your bank, ensuring that personal details are never stored or shared with third parties.

Is Betfair better than Bet365?

Both platforms provide competitive odds. Bet365 is renowned for consistently offering good odds, while Betfair’s betting exchange, due to its peer-to-peer betting nature, can sometimes present even higher odds.

Betfair Review Details

Deposit Methods
Withdrawal Methods
Currencies

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4.0
Licensing & Safety
4.0
Games & Software
3.0
Bonuses & Promotions
3.0
Customer Support
3.5 Overall Rating

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Betfair Review
3.5/5