As you may well know, Betfair is an online gambling company that offers a fixed odds online casino and online sportsbook as part of their product portfolio in addition to poker and bingo products.
Throughout the UK, Betfair is famous for these things, however, what many people do not realize is that Betfair also operates the world’s largest online betting exchange. This is the go-to resource for everything related to exchange betting and the Betfair Exchange serves millions of customers throughout the UK and beyond.
What is Betfair Exchange?
At the Betfair Exchange, players bet against one another rather than the bookmaker who, in this case, is Betfair. Using the Betfair Exchange, players can offer odds to or request odds from Betfair gamblers and ‘back’ or ‘lay’ the outcome of a chosen market.
As you will know, the traditional and ‘normal’ type of betting sees you, the customer, betting against the bookmaker; the customer ‘backs’ the bet and the bookmaker ‘lays’ it.
A betting exchange essentially cuts out the bookmaker and allows the customer to both back and lay their bets. This provides them with more control overall and improves their prospects of winning money.
Back to top ↑What is a 'Back' Bet?
Just like when you make a regular bet on a traditional online sportsbook, a ‘back’ bet is where you wager money on something that you think will happen. If it does, you win money.
On Betfair Exchange, you can place a back bet by selecting the market you want to back, entering the odds you want and how much you are willing to stake, and then clicking ‘Place bet’. Once you do this, your ‘back’ bet will be queued until somebody agrees to take your bet on.
The benefit of doing this via the Betfair Exchange is that you can request bigger odds than those that would be available through a regular bookie.
Back to top ↑What is a 'Lay' Bet?
A ‘lay’ bet is where you, or another customer, takes on the role of the bookie by offering odds for something not to happen. If the event being bet on by the backer does not happen, you win the person’s stake.
The person playing the ‘lay’ role agrees to take a backer’s bet on—if you agree with the odds they have chosen to back and you think that they won’t come through, you can ‘accept’ their odds, take on their bet, and win their original stake if it doesn’t.
When laying a bet, you ideally want the odds to be lower so that you can reduce your liability and losses if the backer’s bet comes through and they win.
Back to top ↑Betfair Exchange Mobile App
The Betfair Exchange has its very own mobile app that provides you with a fast, convenient, and secure way to use the exchange. Using the app, you simply login to your account using the same information you use to login via the main website. Once you have logged in, you will have access to the back and lay betting markets in addition to a whole range of live sports results.
Other features of the Betfair Exchange mobile app include in-play betting, live streaming, racing pages, and automatic cash out.
The app is available for both Android and iOS devices and can be downloaded quickly and easily from either the Google Play Store or Apple App Store.
Back to top ↑Betfair Exchange Conclusion
In conclusion, Betfair Exchange is a great alternative to a traditional sportsbook for punters who are looking for something a little different and want the opportunity to play with higher odds that cannot be found anywhere else.
Many customers use betting exchanges like Betfair’s for the more transparent and fairer nature, too.
Whilst Betfair Exchange isn’t for everyone, it certainly has its place in the online gambling market. The only thing we would say is that punters should exercise a degree of caution when using it; certain markets have a lack of liquidity and it can be easy to get carried away when you are able to select your own betting odds.
Remember—you are still gambling with real money and you should treat it like any other sportsbook.
Back to top ↑Deposit And Withdrawal Information
Withdrawal Methods Accepted: Debit/Credit Card, Wire Transfer, Skrill, PayPal, Neteller, WebMoney, Qiwi
The withdrawal and deposit methods on Betfair are quite expansive. You can choose from a variety of eWallets, or choose to go for the standard debit/credit card.
We’ve provided an overview of the withdrawal times for each payment processor below:
- Debit/credit card: 2-5 working days
- Wire transfer: 2-5 working days
- Skrill: 12-24 hours
- PayPal: 12-24 hours
- Neteller: 12-24 hours
- WebMoney: 12-24 hours
- Qiwi: 12-24 hours
Summary
In summary, Betfair is one of the better online sportsbook websites available today. Their welcome offer gives customers many reasons to make a series of bets when they first sign up, and their promotions make it worthwhile to stop by from time to time.
