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What Is Betfair Exchange? Back & Lay Bets
Betting Markets Betfair Rewards
Market Liquidity In-Play Betting
Live Streaming Customer Service
Betfair Exchange App Banking Options
Betfair Exchange is an online betting exchange. Betting exchanges work differently to bookmakers as customers can place both back and lay bets. They are also betting against each other as there is no bookmaker. As there is no bookmaker and no overround, you’ll generally find better odds available on Betfair Exchange than on standard bookmaker websites.
One of the advantages of using a betting exchange is the ability to place both back bets and lay bets. If you’ve used a traditional bookmaker before then you will be familiar with back bets. However, lay bets can only be placed on betting exchanges and are new to a lot of people who haven’t used them before.
Back Bets: Back bets are when you are betting on something to happen. For example, if you placed a back bet on Arsenal against Liverpool, your bet would win if Arsenal won the match and lose if Liverpool won or the match ended in a draw.
Lay Bets: Lay bets are when you are betting on something NOT to happen. For example, if you placed a lay bet on Arsenal against Liverpool, your bet would win if Arsenal didn’t win the match (Liverpool won or the match ended in a draw) and lose if Arsenal won the match.
You can place both back and lay bets on every market on Betfair Exchange. The back odds are displayed in the Blue boxes and the lay odds are displayed in the Pink boxes. Simply click on either of the boxes to add the selection to your betslip, enter your stake and confirm your bet to place it.
Betfair Exchange offers betting markets for a huge range of sporting events taking place around the world each day. Some of the sports available to bet on at Betfair Exchange include:
The number of markets available for events is also extensive although you won’t find as many as you would at a bookmaker. Markets for football matches include match winner, over/under goals, BTTS, corner betting, goalscorer markets, whether or not a penalty will be taken, HT/FT and many more.
As there is no bookmaker involved with betting exchanges and you are actually betting against other customers, the odds are generally a lot better on Betfair Exchange compared to with bookmakers. This is because bookmakers shave a little bit off the odds so that they can make a profit. This is called the ‘overround’. As Betfair Exchange doesn’t make a profit this way as bookmakers do, they charge a commission on winning bets. We will discuss the Betfair Exchange commission rates below.
Betfair Exchange Commission Rates
As standard, when you join Betfair Exchange, you will pay 5% commission on net winnings on exchange markets. The commission you pay can be reduced if you earn a certain amount of Betfair points but the majority of users will be 5% commission. You will not pay any commission on losing bets.
In October 2019, Betfair introduced ‘My Betfair Rewards’ which allows customers to pay a commission rate as low as 2%. For many years, other betting exchanges have been competing with Betfair Exchange by offering a commission rate lower than Betfair’s standard 5% rate which has been the reason many bettors use exchanges such as Smarkets or Matchbook. Now that Betfair give customers the chance to pay just 2%, they are attracting more and more customers back to their platform given that they generally have more liquidity and markets than other exchanges.
Customers have the choice of 3 Betfair Reward Plans. Basic, Rewards and Rewards+. The Basic plan offers 2% commission on net winnings on exchange markets but it does come with a price. Customers who opt to move onto this plan will no longer be eligible for Betfair promotions across the exchange and sportsbook products. However, many feel this is a reasonable sacrifice to pay a lower commission and that savings will be made in the long term by choosing this option.
You can read more about Betfair Rewards and opt-in to a plan by clicking here.
Market liquidity is a term which you may not have come across if you haven’t used a betting exchange before. The liquidity is the amount of money which is available to bet on a selection. For example, if there was £100 liquidity for Arsenal to beat Liverpool at odds of 2.1, this means that you could bet up to £100. You could bet more but any amount above £100 would be initially unmatched. It would only be fully matched if more liquidity became available at those odds at some point.
You can view the liquidity on Betfair Exchange below the odds button of each selection. This applies to both back bets and lay bets. As you are betting against other people, the liquidity is determined based on other peoples bets. This differs from a traditional bookmaker who may simply just accept any bet that you place,
In-Play betting is available at Betfair Exchange on a range of sports and markets. You’re able to place both back and lay bets in-play, giving you an excellent choice of bets.
In-play betting is available for all sports including horse racing. As the odds on betting exchanges are influenced by bets from other users, in-play odds can fluctuate very quickly. This can open up a great opportunity to traders who can predict which way the odds will move, allowing them to potentially lock in a profit regardless of the end result.
Customers at Betfair Exchange can stream all UK and Ireland horse racing as well as races from Australia, Singapore and the UAE.
For Great British, Irish, UAE, Latin American and Australian horse races, a minimum matched bet of £2 must be placed to qualify to watch that particular race. To watch US and RSA horse racing and RPGTV greyhound races, you must have a funded account with a balance of at least £2. Bets must be placed on the day of the race to qualify.
Betfair Exchange customer support is available via live chat, email or telephone with live chat being available 24 hours a day, 7 days a week. We have found that the average response time on Betfair live chat is more than with the majority of other bookmakers but it’s never been a huge issue.
For those who have a question they believe may have been asked before, Betfair provide a comprehensive help section which contains answers to the most frequently asked questions. This section can also be very useful to betting exchange beginners who are looking for more information on how betting exchanges and Betfair Exchange in particular works.
The Betfair Exchange App is a must for anyone with a Betfair account. The free to download app is available for both Android and iOS devices and allows users to quickly access their account and place both back and lay bets on all available sports and markets directly from their mobile device.
The Betfair app is easy to use if you have placed bets on the Betfair Exchange website before with back and lay odds clearly shown in the corresponding blue and pink boxes.
Individual sports can be found by using the A-Z menu and once selected, users can filter the results further by selecting a league or competition. All of the markets which are available through the Betfair Exchange desktop website can be found in the app and quick navigation is made simple by the categorisation of the markets.
Cash out is also an option which is available via the app and Betfair have made the process as easy as it can possibly be by having a Cash Out button in the sticky menu at the bottom of the screen. Clicking on this button will display all of your open bets which are available to be cashed out.
There are also a selection of casino games which can be accessed directly through the app such as online slots, table games and even a variety of live casino games.
Overall, the Betfair Exchange app is excellent and is an extremely convenient way to place your exchange bets when on the move.
Customers at Betfair Exchange have the choice of card, e-wallet, prepaid card and bank transfer payments to fund and withdraw from their account. It’s worth noting that iOS users also have the option to deposit via Apple Pay which is a quick and convenient method of payment that is billed directly to your Apple account.
|Method||Min. Deposit||Withdrawal Time||Min. Withdrawal|
|Debit/Credit Card||£5||3 Working Days||£10|
|Bank Transfer||£10||3-5 Working Days||£10|
Betfair Exchange is the biggest and best betting exchange online today. Compared to their competitors, you’ll find more markets and more liquidity available, giving you more choice when betting and a greater chance of having your bets matched.
The introduction of Betfair Rewards which gives customers the option of paying just 2% commission on net winnings in Exchange markets is a huge bonus and just another reason to sign up and start using Betfair over other exchanges.
Click the button below to sign up today and claim the Betfair Exchange welcome offer.