Review: Betfair.com
Overall Rating : 8.5/10
Opening an account : 8.5/10
Software & Navigation : 9/10
Betting Limits : 8/10
Sports Offered : 8/10
Odds Offered : 9/10
Signup Bonus : 7/10
Promotions & Bonuses : 8.5/10
Customer Support : 8.5/10
Financial Security 9/10
Deposits/Withdrawals : 9/10
Company Background
Also referred to as The Sporting Exchange, Betfair launched the Internet's very first successful betting exchange in 2000. A little over a decade later, the company can claim to be the largest international online sports betting provider in the world.
Today, Betfair has over three million registered customers and handles around seven million transactions daily. This dramatic growth has been driven by technology, the development of proprietary software that allows customers to come together and wager at odds they propose or are put up by fellow customers, bypassing the bookmaker. The sports betting web site, betfair.com, is now integrated with an online casino, a poker room, exchange games and an arcade, too.
Betfair’s operations are based in Gibraltar, with gambling licenses held there as well as in Malta, Italy and the United States, complemented by separate registration in Tasmania for the Australian market. The main language used is English, with sixteen other languages supported, and the basic unit used for wagering is the British Pound Sterling. No download is required to begin betting.
Opening an Account
Opening a new account on Betfair is a simple process. First a registration form containing 10 fields must be completed. It can be accessed by clicking the “Join Today” link on the homepage. Required personal information includes title, name, address, email address, phone number, mailing address, country of residence and date of birth. Registrants must be at least 18 years old. Also required is the creation of a unique username and a password, plus an answer to a security question. New customers may select any of ten different currencies for their account. Any promotion code received should be entered at the time of sign-up, too.
Software & Navigation
Betfair uses programming of its own creation. It is not dissimilar to what’s found at traditional sportsbooks with one major exception—it is possible to lay odds as well as back them. Navigation is easy, using the tabs located at the top of each page to quickly move from sports to horse racing, football (soccer) and in-play wagering. There are also tabs for transfer to the casino and live casino, poker, exchange games and arcade. All sports categories are listed in the left column with a slide bar and expandable menus for each type of activity from American Football to Winter Sports. Bet slips are easily created a pop-up window that appears whenever a desired market is clicked.
Betting Limits
Although restrictions may apply to some major markets and wagering on the Tote, because the customers set the prices and determine the extent of their own exposure, there are no pre-set fixed limits for exchange wagering. For example, in horseracing, the Betfair rules state quite clearly that “there is no maximum stake for a SP bet.” However, it should be noted that there may be a cap on payouts. For example, when it comes to “Multiples,” the maximum daily payout per customer for all winning multiples bets combined is £1,000,000 (or currency equivalent).
Sports Offered
All major sports are covered, plus a broad range of minor ones. A full section of the web site is devoted exclusively to football (soccer), including league play from Argentina to the Ukraine as well as the British Premiership. All of the major Cup matches are represented, along with international friendlies. What’s more, live betting is offered in real time as matches are in progress.
Also available are markets for American football, Aussie Rules, Rugby League, Rugby Union, ice hockey, basketball, baseball, cricket, and other team sports. Individual sports that can be wagered upon include tennis, boxing, golf and motor sports, to name just a few.
Of course, horse racing is well covered at Betfair, with emphasis on racecourses in Great Britain and Ireland plus opportunities to bet at tracks in the USA, Canada and Australia. Betfair Multiples can be used to create customized racing accumulators, and those who prefer to wager via the Tote may do so directly from the web site by using their Betfair accounts, too.
Odds Offered
What’s unique about Betfair is the vast variety of odds, because they are set by customers, not the bookmakers. It is often possible to find better values here than at the traditional sportsbooks. Also, opportunities for betting arbitrage are abundant, thanks to the ability to lay odds as well as back them. Customers should note that the Betting Exchange takes a commission on net winnings. This amounts to between 2% and 5% on in any given market.
Signup Bonus
To welcome new customers to Betfair, a £25 Free Bet is offered as a Welcome Bonus. In order to qualify, a deposit of up to £25 must be made and then up to £25 wagered on sports. If the first wager loses, it will be matched by the deposit of bonus cash equal to the amount wagered, not to exceed £25. Certain restrictions apply. Currently, new customers resident in the U.K. may use the code VTT300 to increase the bonus to £30. In this case, the amount offered still works like insurance, covering only losing wagers, not winning ones.
Promotions & Bonuses
Occasional “lucky draw” prizes are offered, such as the Prize Mountain merchandise giveaway, but because of the nature of Betfair as a Betting Exchange, there are not a lot of bonuses and promotions offered to existing customers. On the other hand, a Welcome Bonus worth up to £500 is available in the Betfair Casino and newcomers at Betfair Poker may receive up to $2,500 in cash incentives for play.
Customer Support
Verbatim comments from customers are monitored and reviewed, and every three months Betfair publishes an average satisfaction score, based upon Helpdesk Surveys received. The target measure is an overall Customer Satisfaction level of at least 70%, and in the closing months of 2011, a rating of 75% was achieved. Questions can be emailed to Betfair directly, where staff will attempt to answer all inquiries within four hours during Helpdesk hours. Helpdesk and Telephone Betting are manned 24/7 by English speaking brokers and customer service representatives, with limited hours of operations in other languages.
Financial Security
All sensitive data transmitted between customers’ computers and Betfair is securely passed over the Internet using strong encryption, with certificates authenticated by Thawte and Verisign. As of November 2011, Betfair had passed all intermediate ISO 27001 audits that had taken place. Moreover, the company holds customers' funds in separately managed bank accounts, safeguarded independently of corporate funds under the terms of a Trust Deed.
Deposits & Withdrawals
New customers designate their currency of choice at the time of sign-up. As deposit methods, most commonly used credit and debit cards are accepted, including Visa, MasterCard, Maestro and Delta. Other payment channels are NETeller, MoneyBookers, ClickandBuy, Western Union and PayPal. Minimum and maximum levels for deposit/withdrawal apply to each financial method, starting at £5.
Although Betfair processes withdrawal requests almost immediately, corresponding banks may take 2-5 working days to credit the funds—a standard practice for most banks. Most deposits and withdrawals with are processed free of charge, although transaction fees may be assessed by the related financial institution.
Additional Information
One innovation provided on the Betfair web site is “Bet Checker.” This diagnostic tool can be used to compare winnings at Betfair versus the payouts at traditional bookmakers, such as Ladbrokes and William Hill. All that’s necessary is to choose up to four bookmakers for comparison and to designate a market for analysis. Bet Checker will then display a graphic representation of the respective payouts.
Conclusion
The ability to lay odds as well as back them is a real game changer. In effect, Betfair puts all aspects of betting directly in the hands of the customer, a bit like operating one’s own bookmaking operation. Whatever amounts are wagered and subsequently won or lost are strictly between customers. Commissions are paid to the Betting Exchange only for winnings. In this sense, Betfair provides a truly competitive alternative to online race and sports books, which is certainly well worth taking advantage of.
