As Paul Newman quoted in the movie The Color of Money, “A dollar won is twice as sweet as a dollar earned…” We agree. However, we also recognize that the best gambling takes a discerning taste. We like thinking critically about where to put our winning dollar. That’s why today we are reviewing the Betfair site.
Betfair, operating since 1999, is a pioneer in the bookmaking industry. Why, you ask? Because they were the game changer when they offered the exchange- based betting model. It was a massive shift in control in favor of the punters. Besides some of the services, reliable bookies use and offer today were also pioneered by Betfair. They were the first to include live streaming on their online site and the first to add cash-out services.
Betfair operates globally and gives online sports betting customers an unparalleled offer with its market-leading Exchange and Sportsbook.
The Pros of Betfair
Betfair is considered a pioneer for a reason. We have listed some of the benefits of betting with Betfair below
You can trade your bets
Betfair was the first, most prominent, and most recognized site to allow users to act like bookmakers. This model meant it soared through the internet and gambling ranks. Betfair was the pioneer as a betting exchange. Betfair Exchange is a unique tool that facilitates betting between customers (rather than with a bookmaker), typically resulting in better odds and enhanced trading capability. You set odds for an event, and other punters choose to take up those odds. Betfair argues this trade-based system means players can get better odds than other standard bookmakers. It is a very good option for punters who lose standard bookmakers accounts for being a smart bettor.
Lack of available money on other exchanges (like Betdaq or Smakrets) has been one of the main reasons why so many of Betfair users are showing loyalty to Betfair and are prepared to pay higher commission in order to have possibility to place more money on the event.
Acca Edge feature
If you choose to use this feature it allows you to receive your money back if your bet loses by one selection, this is available for bets consisting of 3 or more events. This feature is one of the most competitive form of insurance in the betting industry. In order to use this product you have to select the matches for which this will apply and consequently this will update the odds of your bet. This is a great option for punters who like to place accumulators and often find themselves in situation where only 1 team fails to win.
Great variety of products
Betair also has regular sportbook available, online casino games and slot machines that can be linked to the same account. Betfair Exchange and Sportsbook provide a unique combination for core bettors and it seem the company seeks to bring the products even closer together, launching more integrated promotions, making navigation between the sites easier, and giving customers more choice over what pricing and promotions they receive across both products.
Betfair claims to offer a better competitive price and if you have a low commission rate, in most of the cases, indeed it is true. Betting in exchange removes the need for the margin that fixed-odds bookmakers incorporate into their odds offered and provides the opportunity for a more efficient marketplace, which is why in most of the situations you can get better odds on the Betfair.
Strong emphasis for responsible gambling
Besides the self-exclusion, which is available in almost all the bookmakers, Betfair are aiming to improve their ability to identify customers at risk of harm or problem gambling. This way they can intervene early in a way that helps customers regulate their play. Betfair make over 70,000 monthly responsible gambling awareness interactions and around 1,200 customer interaction calls per month.
The Cons of Betfair
We have yet to find perfection in a bookmaking site. Therefore, we have listed some of the places where Betfair could improve below.
A bit overwhelming for new players
The navigation panel is simple enough, but the exchange sports betting interface is overwhelming. Many new players will find the language and statistics that change according to gameplay very confusing. Not to mention the mathematics behind punter’s back wager and lay bet can give you a headache. The site and the confusing betting slip layout take a lot of getting used to. The complicated slips, interface, and marketplace turn away a some new or learning punters.
Although Betfair is aiming to provide more tailored local product, and to increase available languages and currencies, currently they offer relatively few languages in comparison with other major bookmakers.
Slow response from the support team
Almost every bookmaker site we review has complaints about slow response times from support staff. Betfair is the same. Forums report that punters have had to wait up to 2 weeks for staff responses, leading some users to withdraw their winnings and bet elsewhere.
Betfair sometimes takes Up to 5% on winning trades which is a very high number. However it is important to notice that Betfair Discount Rate reduces the commission client pays and is calculated for client by his accumulation of Betfair Points. Discount Rate is calculated from client current Betfair Points every Sunday at Midnight. Betfair discount Rate will be capped at 20% unless the clients completes Betfair's identity and verification requirements.
The Final Verdict
Betfair is a pioneering, modern, and responsive bookmaker site. It shot through the punting ranks for the genius idea of making punters bookies and is excellent for those of us who like to stay in control of the odds. It can be tough for new users, but the site is worth the initial confusion. Betfair is trustworthy, fun, and armed with quick payouts. For this reason, we recommend the website to experienced players and responsive punters who like modern experiences.