If you’re in the process of choosing an online bookie, it’s quite likely that you’ll have considered bet365. So if you’re wondering how to…
Are you confused about how to use Betfair points? Maybe you’ve never heard of them, or are unsure about what they are. We explain it all in the latest of our in-depth Betfair tutorials.
If you’re a Betfair customer, you have the choice between using their sportsbook or the exchange. Some people prefer the sportsbook for its simplicity because it works just like any other bookmaker. Others like to use the exchange because of the additional features you get with a betting exchange. The main benefit of a betting exchange is the ability to place lay bets. These are when you are betting on something not to happen. For example, a back bet on Liverpool to beat Arsenal would win only if Liverpool won the match. A lay bet on Liverpool would win if Liverpool ended up not winnings the match ie. Arsenal won or the match ended in a draw. You can’t place lay bets with a bookmaker and so a betting exchange is needed and Betfair Exchange is the largest betting exchange in the world. Another advantage of using a betting exchange for your bets over a standard bookmaker is that you generally get better odds. This is because there is no bookmaker overround at a betting exchange as exchanges instead make their money by charging a commission on bets.
It is when using Betfair Exchange that you are able to accumulate Betfair Points. Betfair Points are not rewarded for wagers placed on the Sportsbook, Arcade, Casino, Live Casino, Bingo, Poker or Exchange Games.
As mentioned, Betfair Points can be accumulated by placing bets on Betfair Exchange. It doesn’t matter whether your exchange bets win or lose as you’ll still receive points. The more you bet on the exchange, the more points you will accumulate.
Betfair Exchange, like any other betting exchange, charges a commission on winning bets. With Betfair, the standard commission rate is 5%. However, you can use your Betfair points to reduce the amount of commission you pay resulting in more profit on your winnings bets!
The maximum discount available is 60% which s is a significant saving. Therefore when you use the exchange regularly, the discount rate makes a big difference to your profits.
You will earn 1 point for every £0.10 of commission you paid if you have net winnings or would have paid if you have a net loss.
How to calculate how much commission you will pay
The amount of commission you will pay on winning bets depends on how many Betfair points you have collected. Remember you don’t pay commission on losing bets.
The image below helps explain how Betfair’s commission structure works by integrating Betfair Points.
As you can see, in the example used in the image above, £12 commission would be paid on net winnings of £400. However, without the discounted rate due to the accumulation of Betfair Points, the commission would have been the market base rate of 5% which would have resulted in £20 commission.
As mentioned, you will not pay any commission if your bet loses. However, you can still earn points on losing bets. Therefore, as the amount of points you will receive are based on the commission you pay, you need to calculate the implied commission on your losing bet in order to determine the number of points you will receive.
The image below helps explain implied commission for losing exchange bets.
You don’t actually have to do anything to use your Betfair points as the discount on your commission charges is applied to your account automatically. The various discount rates are outlined at the Betfair help hub. This explains how commission is calculated, and how many points you need to reduce the rate you pay.
If you are not betting on Betfair Exchange then you will not be accumulating points. Betfair reduce your discounted rate by 15% each week and so you need to continue to place exchange bets in order to keep receiving the discount. However, you can also freeze your Betfair points to avoid this.
When you freeze your Betfair points, it lasts for one week. You can’t freeze your points week after week but you will be credited with a ‘1 week freeze’ when you register an account with Betfair and be allowed one additional week to freeze your points very three months after that. You’re allowed to freeze your points a total of four weeks on your account.
be aware that you will not accumulate points for any bets placed on Betfair Exchange during the freeze period. However you can continue to place bets as normal. You can also cancel a points freeze up to 3 hours before the 15% reduction is set to be applied which is every Sunday at 9pm GMT.
To start earning points today, simply open a new Betfair account. When you join via the button below, you are also eligible for the Betfair sign up bonus, which is currently [betfairfreebet].