Betfair Review by GoBet Not a GoBet partner Betfair is the world’s best-known, and arguably first, betting exchange. If you don’t know what that means, don’t worry – we’ll explain everything in this Betfair site review.
Basically, you’re betting against other people, instead of a bookmaker. Although Betfair did release a traditional betting platform in other countries, it continues to operate only as a betting exchange in Australia.
Our guide discusses all you need to know about Betfair, including its deposit and withdrawal options, customer support channels and betting features.
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Betfair at a Glance
| Launched | 2000 (International) 2006 (Aus) |
| License | Northern Territory Racing and Wagering Commission Malta Gaming Authority + others |
| Number of Sports | 20+ |
| Horse Racing | Yes |
| Greyhound Racing | Yes |
| Esports | No |
| Live Streams | Yes |
| Cashout | Yes |
| Multi Builder | No |
| Mobile App | YesApp Store: 4.5* Google Play: 4.4* |
| Minimum Deposit | $10 |
| Minimum Withdrawal | $15 |
| Withdrawal Times | 1 to 72 hours |
| Customer Support | Live chat: N/A Email: service@betfair.com.au Phone: 1300 238 324 |
A Brief History of Betfair
The world’s biggest and best-known betting exchange, Betfair launched in the UK back in June 2000. The brainchild of Andrew Black and Edward Wray, the platform allowed regular bettors to act like a bookmaker by laying selections.
Betfair was originally a horse racing exchange – its first ever market was the Epsom Oaks – but soon expanded into other sports. By 2005, it had gained a license in Malta, matching its first bets in Australia the following year.
Crown Resorts took full ownership of Betfair Australia in 2014, leasing the technology from the parent company. That was previously Betfair Group, which became Paddy Power Betfair in 2016 after a merger, and later rebranded to Flutter Entertainment.
Pros
World’s best-known betting exchange Quality iOS and Android mobile apps Far better odds than regular bookiesCons
Charges commission on winning bets No live chat customer support service Doesn’t offer bonuses and promotionsIs BetDeluxe a Trustworthy Betting Site?
BetDeluxe is generally trustworthy, but it’s been in trouble with the Australian Communications and Media Authority (ACMA) in the past. For example, in February 2023, it was announced the business had paid a $50,172 infringement notice due to spam.
The punishment was issued for sending more than 100,000 SMS with no option to unsubscribe, plus 820,000 SMS that failed to include the sender’s contact information. These messages were sent between December 2021 and February 2022.
Still, the online betting platform appears to have improved since then, with no further violations to date. The company is licensed to operate by the Northern Territory Racing and Wagering Commission, and is governed by the South Australia Gambling Codes Of Practice.
Is Betfair a Trustworthy Betting Exchange?
Absolutely. Parent company Betfair Pty Limited has a license from the Northern Territory Government, and its operations adhere to the South Australian Responsible Gambling Code of Practice.
What’s more, Betfair isn’t a traditional bookmaker – it’s a betting exchange. As such, it has no interest in anything other than matching backers with layers and taking a commission. There’s no incentive for them to withhold winnings, for instance, or to refuse to take big bets.
Betfair Betting Site Review
First of all, it’s important to understand that Betfair isn’t a traditional online betting site, like Ladbrokes, TAB or BetReal. Instead, it’s a betting exchange, whose job is to match backers with layers.
Backing and Laying
Not sure what those terms mean? Well, whenever you place a regular bet, you are “backing” your selection. You place money at fixed odds provided by a bookmaker.
What the bookie is doing is known as “laying”. Essentially, they are betting the selection will fail to win.
For a bet to happen, you need two parties. A backer, who thinks one result will occur, and a layer, who believes the opposite. Whenever that dynamic exists, and the two parties can agree upon the odds, we have a deal. Betfair simply acts as a broker and escrow service.
Commission at Betfair Australia
In return for offering this bet matching service, Betfair charges a commission. This is deducted from any winnings, excluding the initial stake. So, if you backed a selection at odds of 2.00 with a $10 bet, and the commission was 6%, your total returns would be $19.40:
$10 stake returned + $10 profit – $0.60 commission = $19.40
The Betfair commission rates vary by location and sport, as explained by the following table:
| Region | Horses | Dogs | Trots | NRL | Other Sports |
| ACT | 10% | N/A | 8% | 10% | 6% |
| NSW | 10% | 8% | 8% | 10% | 6% |
| NT | 8% | 8% | N/A | 10% | 6% |
| QLD | 8% | 8% | 8% | 10% | 6% |
| SA | 8% | 8% | 8% | 10% | 6% |
| TAS | 8% | 8% | 8% | 10% | 6% |
| VIC | 8% | 8% | 8% | 10% | 6% |
| WA | 8% | 8% | 8% | 10% | 6% |
| International markets | 6% | 6% | 6% | N/A | 6% |
Betfair Odds
The main advantage an exchange like Betfair has over old-school betting platforms is the vastly improved odds. Bets are not placed against the exchange, so the prices are set by other users. As a result, there’s no built-in bookmaker’s edge, and the margins are almost non-existent.
Take AFL footy games, for instance. It’s not uncommon to see win lines with an overround of 100.5%. New bookies like TeamBet and BetFocus set their odds at 106%. Even sites with the best AFL odds, such as TAB and Pointbet are somewhere in the region of 105%.
What do those percentages look like in terms of actual betting odds? Consider the following hypothetical prices below to see what a big difference it makes:
| Overround | Team A | Team B |
| 101% | 1.22 | 5.25 |
| 103% | 1.20 | 5.05 |
| 105% | 1.18 | 4.90 |
| 107% | 1.17 | 4.60 |
| 109% | 1.16 | 4.40 |
Betting Features
Betfair offers a number of interesting features, including the ability to bet in the middle of a horse race or sporting event. However, it’s not possible to create Same Game Multis using a betting exchange.
Cashout is available, but not at the touch of a single button. If you’ve already backed a selection, you can lay it on the exchange to hedge your bet. However, you’ll need to do the calculations yourself.
Payment Methods at Betfair Australia
It’s time for this Betfair betting site review to address payments, starting with the various deposit and withdrawal options, seen in the following table:
| Payment Method | Deposit | Withdrawal |
| Debit Card | ✅ | ❌ |
| PayID | ✅ | ❌ |
| PayPal | ✅ | ✅ |
| Osko | ✅ | ❌ |
| Bank Transfer | ❌ | ✅ |
The minimum deposit amount is $10 when using a card, but $15 for PayPal and $30 for Osko.
You can only withdraw via PayPal or direct bank transfer, and the minimum transaction requirement is $15. PayPal withdrawals are completed within 24 hours – and often much quicker – while bank transfers could take up to 72 hours, depending on the institution.
Betfair doesn’t charge fees for deposits or withdrawals. However, the platform does warn that your bank or card may apply currency conversion or cash advance fees .
Is There a Betfair Exchange Mobile App?
Yes, Betfair has a sports betting app for Android and iOS – and it’s very good. Although it doesn’t quite have the same glowing reviews as Bet Right, one of Australia’s highest rated apps, it’s not far behind:
- App Store: 4.5* (approx. 6.5k ratings)
- Google Play: 4.4* (approx. 1.2k ratings)
The Betfair app is consistently praised for its easy navigation, and of course, the superior odds.
Betfair Australia Promo Codes
We’re sorry to say that no Betfair bonus codes or deposit match offers exist.
The lack of promotions is undoubtedly the biggest downside of this popular betting exchange, compared to regular online bookmakers.
Customer Support at Betfair Exchange
No Betfair review would be complete without a mention of the customer support channels, so let’s address that now.
The headline is there’s no live chat option. That’s unusual in this day and age, but it makes some sense, as customers are betting with each other, not Betfair.
For technical problems, there’s a 24/7 call centre, available on 1300 238 324. Alternatively, service@betfair.com.au is the email address for customer support.
How to Create a Betfair Exchange Account in Australia
- Visit Betfair.com.au or simply click a link on this page
- Hit the “Join Now” button at the top of the screen
- Enter your details, including contact information
- Choose a username and password and set a security question
- Configure a deposit limit – it’s possible to set this to zero
- Read and agree to Betfair’s Ts&CS and other policies
- Solve the CAPTCHA and click the “Sign Up” button
To complete the signup process, you’ll receive an SMS containing a link to upload your verification documents. Your details will be reviewed within 24 hours, with confirmation of the account opening sent to your email address.
Betfair Exchange Review – Final Verdict
As a betting exchange, Betfair offers much better odds than any bookmaker in Australia. Although you’ll pay anywhere from 6% to 10% commission on winnings, you normally end up with greater returns, due to the extremely low margins.
Laying can be tricky to understand if you’re new to exchanges, but you don’t have to use that feature. Just back your selections like you would with a bookmaker.
Other downsides include the lack of bonuses and limited customer support options. But if you’re an intermediate to expert punter, none of these outweigh the vastly superior odds you get from an established exchange like Betfair.
Betfair FAQs
Crown Resorts took full ownership of Betfair Australia in 2014. That company is a separate entity from Betfair Group, which merged with Paddy Power in 2016, and became Flutter Entertainment in 2019. Betfair Australia licenses the platform and brand name from Flutter.
Click the “Betfair Mobile” link at the foot of the website to install the sports betting exchange app. You can then use either the Android or Apple button, depending on your device, and follow the on-screen instructions.
Unfortunately, Betfair doesn’t have a welcome bonus, so there is no promo code.
No. Don’t expect a Betfair bonus, either as a new registrant or an existing player, as this isn’t a traditional online bookmaker. As a betting exchange, Betfair doesn’t offer odds boosts, money back specials or even deposit bonuses.
No. Betfair doesn’t have a friend referral program, so you won’t find any codes.
Click one of the “Forgot your username / password” links on the homepage, just beneath the “Log In” button. If you’ve forgotten the username, enter your email address and you’ll receive confirmation in your inbox. To reset your password, enter your username and date of birth.