Betfair entered the online sports betting arena in 2000 with a completely new, revolutionary idea that gave and continues giving the customers and alternative method to place bets in comparison to the traditional bookmaker’s form where the bookmaker creates the odds and the player makes an odd against the bookmaker. In other words, we are talking about the so popular these days innovative idea behind the betting exchange market, but you will learn more details about later in our review.
At first, let us give you more information about the company. In 2016, it merged with the biggest Irish bookmaker – Paddy Power – and today the united company is called Paddy Power Betfair. This doesn’t change the betting services at all as both operators continue working separately.
Exchange app android & iPhone download: apps.betfair.com
What is betting exchange market and why it’s a better than the traditional way of betting?
As we have already mentioned, the traditional bets are correlation between the bookie and its customers where the customer agrees with the offered bookie’s odd and place a bet on it. So far fine, but in this case the bookie takes the risk of money loss and to neutralize this risk the bookie doesn’t offer a fair odd for any event – the difference between the odd provided by the bookmaker and the fair odd that is supposed to be given is called margin.
Here’s where the betting exchange market comes to neutralize this unfairness. They are made in completely different way, so betting options they offer are also different. In this case, the correlation isn’t bookie-player, but player-player. Instead of conforming to bookie’s odd, you actually receive the chance to make your own odd and place bets on this odd. The only condition is some punters to place bets against your odds to appear.
You can also place back bets – like traditional bets you are used to – but in this case you are free to get in the bookie’s role and to place lay bet where you will be the winning side in case this bet appears lost. For instance, if you make lay bet on Borussia Dortmund’s win in a match in German Bundesliga, you will win if Borussia does NOT win.
And since in this case the betting organizer – in our case Betfair – does not take the risk the margin isn’t counted as usual. So this means that the odds will remain fair and dependent only on the market. In other words, if the market “has decided” that two volleyball teams have equal chances to win, the odd for each of them will be 2.00.
Of course, Betfair isn’t a charity organization. The company has its own way to profit, though: thanks to the commission it has introduced for each winning bet. The commission for a winning bet in Ghana is 6.5%. These 6.5% are extracted from the net win. For instance, if you have placed €100 on 1.20 odd and you win the operator will extract a % commission only from your €20 net win.
In spite of this commission, the wins remain quite big and even bigger than the amounts from the traditional winning bets. It’s because a traditional bookie’s margin is bigger than this commission. The betting exchange market, on the other side, can afford to take a smaller commission as it is not exposed to any risk, because it will win some commission no matter which punter is going to win. But in traditional betting there’s only one winner: the bookie or the punter.
Why choosing Betfair instead of any other betting exchange market?
Today, there are other betting exchange markets, but Betfair is still the main leader in this category. By all means, we need to appreciate the company’s first owners for their innovative idea that has driven the appearance of the same approaches in sports betting in other bookies. Yet, there is no other bookmaker on the market today that can beat Betfair as to its betting exchange platform. And the company’s number of customers is a real proof.
That’s the main reason we believe this is the best bookie with a betting exchange market. The availability of big audience is a condition number one for a betting exchange to function properly. After all, you can’t bet in a betting exchange if there are no punters to bet against, right?
But Betfair faces this problem once in a while, too. It happens with least popular events and sports markets that aren’t that interesting or active so they aren’t visited by punters at all, which means they don’t offer any bets for you to bet against. In these cases you need to offer your own odd, but no one can guarantee you that there is going to be someone interested in it to accept it.
But while the bookie has such a problem only with small events and leagues (however, during the last few minutes before their start the betting activity with them increases) the rest of its competitors face it all the time. And their customers eventually leave their websites.
Besides the bigger activity, there is one more serious reason for you to try the offers by this betting exchange market – its welcome bonus. The bonus is a free bet for €20.
Unlike some bookmakers’ deposit bonuses that are bound with many confusing rules and conditions, Betfair deposit bonus comes with simple rules – make a deposit of at least €20 and you will get a bonus of the same amount. If the bet fails the operator will return your money.
Betfair – the traditional bookmaker
Since 2013 in parallel with the betting exchange Betfair has its own bookmaker with the traditional bets and odds placed by the bookmaker, selected or not by the punters.
The bookmaker’s platform was established mainly because of the general program the betting exchange markets face – we have explained it above and we remind you that it concerns the moments when there aren’t any punters to make a bet for the rest to agree or disagree with. After the release of this platform the customers on this website are free to place traditional bets when the betting exchange market has nothing to offer them.
The odds here are worse than those from the exchange market and from popular bookies’ odds. But yet, the additional sports betting platform to the exchange market makes Betfair a complete betting website to join.
Bonus system (bookmaker)
Betfair’s bookmaker deserves to be tested at least for the sake of its deposit bonus, which is €30 in an exchange of €10 investment only. To get these €30, which are given in from of 3 fee bets of €10 – you need to make a deposit and to place a bet of €10.
As an addition to sports bets players can try the company’s casino games that are more than 200 and developed by famous software specialists like Playtech, EGT, IGT and Microgaming. There are live dealer games among these 200 casino games, too.
What else you will find on the website:
● Live betting
● Live streaming
● Acca Edge
● Cash out
● Android and iOS mobile apps
If you are sick and tired of traditional bets or you want to try something new, the betting exchange market is something we would definitely recommend you. And once you test it, there’s a big possibility for you to never go back to the traditional bets in betting houses where you bet against the company, but not against the other punters.