Betfair is the oldest and the largest betting exchange in the UK. Having started out with its focus only on sports betting, it has since expanded to offer its own sportsbook, casino and poker, making it in some ways more similar to traditional bookmakers than other exchanges.
So is its exchange still worth using? How do its commission rates and ease of use stack up against its competitors? Is your money definitely safe? In this article, we’ll dive into all the details of Betfair Exchange’s service, so you can decide if it’s the betting exchange for you.
What Is Betfair Exchange?
Betfair Exchange is a betting exchange, which works quite differently from a regular bookmaker. Rather than the customer placing bets against the bookie, customers can place bets against each other, with the exchange typically making money by taking commission. For Matched Betting, an exchange is essential to allow you to place a lay bet against an outcome, thus enabling you to bet both for and against a single outcome, matching your bet.
When it was launched in 2000, the concept of the peer-to-peer exchange website was quite revolutionary (though it wasn’t the first ever company to think of it), and Betfair quickly attracted large numbers of customers keen to take advantage of significantly better odds. It grew rapidly, and floated on the London Stock Exchange in 2010 with a value of £1.2 billion. In 2012, it launched its sportsbook and just a few years later merged with PaddyPower, with the merger completing in 2016.
Its sportsbook arm is now just as large as its exchange, and its casino, poker and bingo sections also attract a lot of custom. But its exchange is still the biggest out there, and attracts large numbers of customers - meaning that it has an excellent range of markets available, at great odds.
Overview
Deposit And Withdrawal Methods
| Method | Min deposit | Min withdrawal | Withdrawal time |
| Instant bank transfer | £5 | £10 | Instant |
| Debit card | £5 | £0.01 | 2 - 5 working days |
| Apple pay | £5 | £0.01 | 2 - 3 working days |
| PayPal | £30 | £1 | 1 - 4 hours |
| Skrill | £30 | £1 | 1 - 4 hours |
| Neteller | £30 | £1 | 1 - 4 hours |
| Paysafe card | £30 | £5 | 2 - 5 working days |
| Much better | £30 | £0.01 | Up to 24 hours |
| Bank transfer | £20 | £10 | 1 - 5 working days |
| Cash (through PaddyPower shop) | £30 | N/A | N/A |
Registration Process
Signing up to Betfair is a straightforward one-step process. Once registered, you have the option to make a deposit immediately, but this isn’t a requirement.
Support
| Live chat | Twitter/X |
|---|---|
| Available 24/7 | @BetfairCS |
Compatibility
| Mobile | Desktop |
|---|---|
| iOS app | Website |
| Android app |
Main Pros And Cons
| Pros | Cons |
|---|---|
| Excellent range of markets | No multi lay tool |
| Great promotions after sign up | Crypto not accepted |
| Mobile app available | No best odds guaranteed |
| 24/7 customer service | Interface slightly less beginner-friendly than competitors |
| Varied deposit and withdrawal options | |
| Low minimum withdrawals |
Range Of Sports
Betfair’s range of sports markets is extensive, covering pretty much any sport you might wish to bet on! Their full range is as follows:
- American football
- Australian football
- Baseball
- Cycling
- Gaelic games
- Handball
- Ice hockey
- MMA
- Motorsports
- Rugby Union
Usability
Betfair Exchange feels like a slightly less modern website than more recent competitors such as Matchbook or Smarkets, but that doesn’t have too much of an impact on its usability. Its homepage features any current promotions at the top, with major current markets displayed centrally, a list of sports available on the left, and quick links to major competitions on the right.
When you choose an event to bet on, you’ll see a clear range of markets, with clear options to navigate to your preferred type of market. On the right, your betslip will appear when you make a selection, and you can decide whether to place your bet immediately or whether it should ask you to confirm your bets before they go through.
Betfair’s Help Centre, meanwhile, has a clearly laid out homepage, with categories for each type of query. On the downside, it can be slightly difficult to track down the information you need from within each category - sometimes, information is spread about within several related articles, rather than available in full from one main page.
Welcome Offers & Promotions
Betfair Exchange’s welcome offer isn’t quite as generous as others we’ve seen - but it’s certainly better than nothing! Deposit and bet £20 on the exchange and, if your bet loses, they’ll credit you with a £20 free bet.
As your sportsbook and exchange accounts are linked, however, you’re probably much better off taking advantage of their sportsbook offer instead, which rewards you with £50 in free multiples bets when you bet £10 on their sportsbook. For matched bettors, this definitely is the better value offer (even if multiples free bets aren’t quite so lucrative as singles).
As an existing customer, available promotions are definitely better than with most of their competitors, but this does depend on the options you select. Betfair offers three different ‘rewards plans’, with different rates of commission and available promotions for each.
If you select the lowest available rate of commission, at 2% with the Basic plan, you aren’t eligible for most promotions on the exchange. In some ways, this seems a bit mean - but on the other hand, that’s little different from other exchanges such as Smarkets or Betdaq, who have a low commission rate of 2% but very little in the way of promotions.
Their most popular option, the Rewards plan, means you pay 5% commission but that you receive a £5 free bet each month (so long as you place enough bets on the exchange) and you’re eligible for other promotions, such as Prize Pinball or their regular free bet streak offer. We recommend this plan as the best value for money for matched bettors.
Finally, their Rewards+ plan charges a somewhat eye-watering 8% commission, but offers a 10% refund on losses in a calendar month as well as the £5 free bet - and, of course, access to their other promotions. If you’re Matched Betting, this isn’t likely to be worth your while, as wins (and losses) on the exchange will be balanced out by your bets at the bookies.
Safety And Security
As you would expect, Betfair is fully licensed by the UK Gambling Commission and by the Malta Gaming Authority, and data is encrypted using SSL technology, ensuring that your details are kept safely away from the prying eyes of potential fraudsters.
Betfair also offers a Safer Gambling help centre, which offers help and support and also a range of tools to allow anyone concerned about their gambling habits to take steps to limit their gambling and move towards safer behaviour.
Service And Support
Although Betfair doesn’t offer email support, it does have live chat available 24/7, so you can always get in touch if you need help, and they also offer assistance via social media.
| Live chat | Twitter/X |
|---|---|
| Available 24/7 via their website | customer service also available at @betfairCS |
Betfair App
Rather than cramming all their services into one app, Betfair have (probably sensibly) separated them out, so the Betfair Exchange app is separate from its sportsbook and casino apps.
Promotions are the main feature on the homepage, rather than available markets, but it’s easy to access the most popular sports markets from the bar along the top. You can find all sports markets from the main menu as well, and when you view specific sports you can view the prevailing odds at a glance - simply swipe to move between back and lay odds.
One slight downside is that, because there are separate apps for the sportsbook and casino, using those options from the bar at the bottom simply takes you to the app store (unless you also have the respective apps) - which may confuse some customers. Still, overall the app is an extremely useful tool, and makes it quick and easy to bet through your phone.
Other Sections And Products
Betfair Sportsbook
Betfair’s sportsbook is now as big a product as its exchange, and really merits its own separate review. Their sportsbook feels slicker and smoother than the exchange, and the site is pleasingly easy to navigate. They also feature regular promotions, including free bets and price boosts.
Betfair Casino
This section offers all you’d expect from an online casino, so there’s plenty for slots fans to enjoy. They have a few crossover offers with their sportsbook (e.g. receiving free spins if you place a sports bet), and a pretty generous welcome offer - get an immediate 50 free spins when you sign up, plus another 50 when you deposit £10.
Betfair Poker
Betfair has its own poker product - though you have to download and install its software, rather than simply using it via the website. When you sign up, you can claim a fairly generous welcome offer - £40 in free tickets once you’ve earned sufficient ‘status points’ (which you can earn by completing ‘missions').
Other Products
As well as the above, Betfair offer bingo, virtual sports and exchange games, which work a little like virtual sports but for computer-generated events, such as a poker game. Rather than taking part in the poker game, you bet on the success of the computer-generated players taking part, and as with the regular exchange section, you can either back or lay your selections.
Summary
There’s a reason Betfair is the biggest exchange out there. It’s got everything you could want from an exchange and offers competitive odds and reasonable commission rates (all the more so if you choose the basic rewards plan).
It stands out for its promotions, which are far more generous than any other exchange out there, and for its sheer range of sports and markets, which make it an essential tool for matched bettors.