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First, you must create your account. This allows you to deposit funds, make bets, and withdraw your winnings. As with any betting service, you will need to provide evidence of your identity and age before you can use their site. You can choose to back or lay bets on Betfair Exchange. As you can see, there are three possible outcomes of the match which we can bet on; an England win, an Australia win, or a Draw.
In the example, we have chosen to back England to Win, at odds of 9. You can choose any odds and whatever stake you like, but you cannot guarantee your bet will be matched. If your bet is not matched and the event ends, you are refunded your stake. These odds and the available money to stake will change over time as more bets are placed.
The more people betting on the event the more liquid money in the market and therefore more chance of your bet being matched. Once the event has finished, Betfair will verify the result before customers are paid out. This usually occurs very soon after the event ending.
Any unmatched bets will be cancelled automatically. To get used to using Betfair Exchange, it may be worthwhile to place a few small wagers as practice. It is important not to make any mistakes once we start placing larger bets! This is the simplest way to use Betfair Exchange. This is slightly more complicated but will be explained in the following example. This is where we guarantee that whatever the outcome of a given event, we will win.
Using the previous example where we backed England to win, our lay bet means we are betting on every other outcome than an England win; in this case either an Australia win or a draw. As you can see, all of the odds have changed since we backed England to win. This is normal, as the odds and money available to stake will change as more bets are placed. Essentially, when you place your lay bet, you are taking on the role of the bookmaker. In the above example, we are laying England to win betting on everything except an England win.
Of course, because we will have also backed England to win with another bookmaker, we will still come out ahead. This is where a mistake can be very costly. This is why you must always be on your toes! Again, you can place a wager at any odds and for any stake you choose, but there is no guarantee it will be matched. Betfair make money and a lot of it! Whenever a bet wins, Betfair takes a certain percentage.
This commission changes based on how much you use the service. Betfair has a handy graphic on their website to explain how much commission you will pay on winnings. If you lose your bet on Betfair, you only lose your stake. However, you still gain points! This will help you build up your discount rate even if you lose. Worry about this when you start making more cash! It is also possible to lay multiples doubles, triples, and accumulators using Betfair.
An accumulating bet is a bet on multiple events, where the total return from the first bet is automatically staked on the next bet, and so on for the total amount of bets. One of the common offers from bookmakers we will be taking advantage of is accumulator offers, and may give you free bets for placing an accumulator , or if one part of your accumulator loses, for example.
It is easy to place a regular accumulating bet using most online bookmakers. Imagine your position becomes profitable or favourable, Betfair allows you to cash-out and lock your profits or winnings in. This quickly places your betting faith in your hands, and the ability to bet on other markets rather than having to wait for the game to finalise.
Once these odds are reached, your bet will cash out automatically. Given the size and reputation of this betting site, we found no issues with making deposits or withdrawals within a timely manner. The most common deposit methods are available and include the following:. We highly recommend that you read the terms and conditions of these payment methods to avoid any disappointment and to be aware of processing times.
When making a withdrawal, Betfair advises that you can only make a withdrawal to the same method you made a deposit with. However, in some cases such as UK issued Mastercards do not provide the option to transfer money back to the deposit account. This means that an alternate withdrawal method will have to be chosen. From our experience, the Customer Service is robust. Whilst the support team might not always be as readily available understandable given the size of the brand and company , we found that using alternate methods may lessen the waiting time.
Betfair encourages its customers to make full use of their comprehensive FAQ section which we highly recommend. Alternatively, if you have not found your answer, you may contact Betfair in a variety of ways: phone, email or live chat! Lastly, you might want to try also getting in touch via social media, in particular over Facebook.
The responses from the Customer Service team are detailed and delivered within a reasonable time frame. We, therefore, score this factor highly for Betfair and we hope they continue to improve on their response times.
Hours are poured in by the development team to continuously improve the design and functionality of the website. It may be a handful when first logging on, and it may discourage a new user that wants to place a single bet. However, what you will come to find over a more frequent amount of use, is that Betfair has done an incredible job and segmenting large amounts of information and data which assist the user in streamlining their actions. The colours are inviting and the user interface is friendly.
Whether using the website on browser, the mobile version of the site or the app, we recommend Betfair for their continuous improvement in design and function. Our recommendation is to use the app which on mobile, seemed to be a little more responsive and optimized. The Betfair mobile app is a slick and reliable betting tool that will satisfy the most demanding of experienced and new players. Upon first glance, it does not have the same fanfare the website may have however this is due to the concept of keeping the app more manageable and friendly.
The app is very interactive, meaning that when we navigated through the various markets and sports, the response had very little to no lag and therefore offered a near-seamless experience. This meant that we were comfortable navigating back and forth without the concern of crashing the app or stalling it — we can all agree this is a pain that we wish to avoid especially when making more time sensitive bets.
We recommend the Betfair app over the mobile experience, however it may differ slightly depending on the device you are using, and whether it is an android or iOS. The games are powered by an industry giant, Playtech which means they have access to some of the most popular games on the market.
This, however, is not their speciality and therefore whilst larger competitors may offer more choice, Betfair has made the most popular games available to its audience. The live casino was our favourite feature with 50 live tables available, ranging from Live Baccarat, to Live Roulette, Poker and Live 3 Card Brag to name a few. Betfair is highly regarded as the betting site of choice for the majority of UK punters and since merging with Paddy Power, their reputation has only continued to strengthen.
They are one of the giants in the betting world, and you would be hard-pressed to find a more reliable and trustworthy website. We thoroughly enjoyed the website, the various markets available, including those in-play and finally, we found their customer service to be more than adequate and timely.
Continuous improvements have earned Betfair a solid reputation, one which can be trusted even by the most discerning of new players. The deposit and withdrawal options are plenty, therefore this will not impede you from placing your bets or collecting your winnings.
Finally, we found that it was a pleasure to navigate through their various products including the exchange, sportsbook and casino. Betfair Free Bet 4. CONs Restricted Countries. Rating 4. The most trusted Betfair is the most reliable betting exchange in the world, allowing punters to not only bet versus the traditional bookmaker model but instead, also trade their bets! The qualifying bets must be placed on markets that have the minimum odds specified.
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