How Does Betfair Exchange Work
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A traditional betting shop sets its own odds and the customer has to shop around among bookmakers to find better value (eg 7-4 or 13-8 would represent better value than 6-4).
Betfair Exchange Review – Awesome The Betfair Exchange offers one of the most unique and extensive sports betting platforms in Australia right now. There is simply no denying this fact, as you would be hard-pressed to find an online bookmaker that has more sports and more markets than Betfair does. Betfair do the math to offer you a value in real time of your current bets based on the live market prices. Using a single click you can cash out of all bets placed on a single market. A betting exchange allows members to bet against each other rather than a bookmaker. Customers can offer odds to, or request odds from, fellow bettors. Check out our guide to the Betfair Exchange and plenty more at our how-to use the Exchange hub.
But Betfair allows customers to bet against odds set by other gamblers.
The Derby is one of Betfair's biggest betting events |
So one person can place odds on the site and see if other customers are attracted to the wager.
For example Mr Jones, from Cardiff, might be offering odds of 4.0 on Black Rum winning the 2.15 at Plumpton and Mr Smith, from Newcastle, might take the bet.
Mr Jones is effectively saying: 'I don't think Black Rum will win and I am prepared to pay you if he does.'
But Betfair guarantees anonymity so Mr Jones will not know the identity of the person whom he is betting against, and vice versa.
The Old Bailey jury heard that in order to use Betfair and place bets punters must first open an account by registering with the company.
Customers are given a username and a secure password.
Each customer must deposit sufficient funds to cover the bets they are offering.
So, in our example, Mr Jones will have to indicate how much he is willing to risk. At odds of 4.0, if Mr Smith is willing to bet £1,000 then Mr Jones must have £4,000 in his account to be able to accept Mr Smith's bet.
Punter Jim places a £1 bet on at 3-1 If he wins Jim gets a total of £4 (£3 plus his £1 stake back) |
Jim thinks Tottenham will win against Arsenal and is prepared to bet £1 Steve thinks Tottenham will lose and offers odds of 4.0 (3-1). He is effectively risking £4 Betfair automatically matches punters who want to strike a wager. Jim's bet is accepted and matched with Steve's bet Whoever wins, money is transferred from one account to the other. Betfair earns commission from the winner's takings |
Registration and Payment Queries
How do I deposit and withdraw from Betfair?Betfair has a number of payment methods for depositing into your account. Please visit our Deposits & Withdrawals page for detailed information.
Can someone else make a deposit on my behalf to my Betfair account?
No, Betfair cannot accept deposits from third parties or persons other than the Betfair account holder.
Are there any account fees?We do not charge any fees for opening or operating a Betfair account.
How do I complete the Identity Verification Process (KYC - Know Your Customer) and are there any restrictions until my account is verified?For detailed information regarding verification methods and account restrictions, please visit our verification information page here.
Third party access?Betfair strongly recommends against customers providing third parties (including tipping companies) with access to their betting accounts.
General Enquiries
What happens if I forget my Username and/or Password?
If you forget your password, simply click on the 'Forgot your password?' link beneath the login section of the website. You will be prompted to enter your username, your registered email address and your country. You will then be guided through a series of memorable questions which you are required to answer. Once you have correctly answered the questions you will be able to set up a new password of your choice. The new password must be eight letters and include at least one number. We would recommend using something memorable to you, but that will not be easily guessed by someone else. If you forget your Username please contact the Betfair Experience Team on 1300 BETFAIR (1300 238 324) and they will be able to assist you.
How do I become a customer?There are two easy ways to open a Betfair account. On line by going to the Open an Account page and completing the requested details. Over the phone by calling 1300 BETFAIR (1300 238 324) where our Experience Team operators will open the account for you.
Can I place a bet over the phone?Yes. Betfair have a Telephone Betting Service that is renowned as one of the best in the betting industry. Brokers are on hand 24 hours a day, 7 days a week to place bets on your behalf. To use this service please phone 132 BET (132 238) and quote your Telephone Account Number (TAN).
What is my TAN (Telephone Account Number)?Your TAN (Telephone Account Number) is a unique code that allows you to place bets via our Telephone Betting Service. To use your account over the phone you must quote your TAN when calling our Telephone Betting Desk on 132 BET (132 238). Your TAN can be found within the 'My Profile' section of the web site. You can access this via the 'My Account' link at the top of the main page on the web site.
What is the minimum bet?The minimum bet on the Betfair Exchange is $AUD 5.00 online and $AUD 50.00 through our Telephone Betting Service.
What are Betfair holidays?Betfair holidays allow customers to take a week away from betting without losing (or gaining) any Betfair points. All customers are given one holiday at the time of registering an account and will earn one additional holiday every three months up to a maximum of four. Holidays run from Monday to Sunday and must be booked prior to Monday morning AEST. To view or book simply click on My Account - Betfair Holidays.
Do you have a results service?We do offer a results service. The Betfair Results Service delivers the results of non-Australian markets settled in the past 24 hours. Results are generated from the market settlement carried out 24/7 by our Market Operations team. Results are usually available within a matter of minutes of Betfair settling a market. This site can be viewed by going to https://www.betfair.com.au/hub/racing-results/
What do I do if I think I am gambling too much?We are absolutely committed to endorsing responsible gambling as well as improving prevention, intervention and treatment of problem gambling. If you have any concerns about whether you are gambling too much or feel that you may be getting out of your depth, then please refer to our full Responsible Gambling information page. This page can be accessed from a link at the top of our Homepage, or from within the 'My Profile' section of 'My Account' which you can access this screen by clicking the 'My Account' link at the top of the page, any time. Financial Limits Functionality is available to set Daily, Weekly or Monthly Deposit Limits. These can be set either when you register for an account or from within your 'Account Profile' if you are already a customer. Limits can be amended at anytime from within your 'Account Profile' and more detailed information about this functionality can be found at the Responsible Gambling page here Self-exclusion Should you need to take a break from gambling, we provide a self-exclusion facility. Self-exclusion means that your Betfair account will remain closed for a minimum period of six months, and will not be reactivated under any circumstances during the exclusion period (unlike a standard account closure request). To self-exclude, login and go to 'My Account' and select the 'My Profile' section. Find the area detailing your account currency and limits settings and click on the 'edit' link. From here, you have the option the set a six month self-exclusion. Alternatively, our Experience Team can set self-exclusion for you. Please contact the Betfair Experience Team on 1300 BETFAIR (1300 238 324) if you require any further information or assistance on self-exclusion or individual product restrictions. Further help Information within the Responsible Gambling page includes details about our responsible gambling policy and links to organisations that can help. To receive guidance and support about problem gambling, please visit the relationships Australia website http://www.relationships.com.au), or call the confidential Federal Government Helpline on 1800 858 858.
What are the unique advantages of betting with Betfair?Betfair is a betting exchange. A betting exchange is a bookie which uses technology to make sure you get a better price. It does that by reducing its risk, which means it doesn't have to build in extra margin as a safety cushion. The effect is that punters bet on the price they want and not the price they're told they can have. Imagine two friends having a bet while watching a football match with an impartial observer holding the money while the game is played. A betting exchange works in the same way: our members bet against each other, and Betfair hold the stakes until the bet is settled. Unlike traditional bookmakers, who employ people to compile the odds that they offer, Betfair doesn't set odds, or bet in any event, (excluding multiples). We simply set up a market for our members to bet against each other. This means that if you want to back a selection, the odds are likely to be better than a traditional bookmaker, because individuals are betting on their opinion rather than building a margin into their price as a bookmaker does.
Betting Queries
Can I place an SP (Starting Price) on Betfair?How Does Betfair Exchange Work Email
Yes, with our own Betfair SP. Click the SP box next to the odds to do this.
What is laying?Laying a bet means you are betting on something not to happen - a match not to end in a draw, a horse not to come in first, a rugby team not to win by over 7 pts etc. You can only lay an outcome if someone else is willing to take the opposing view (i.e. bet that the outcome will happen). So if the odds of Hawthorn winning the AFL grand final are $7.00 and you don't think they'll win, you are risking $6.00 to win someone else's $1.00.
How do I know when my bet is matched?Two ways - when viewing a market, watch the 'My Bets' tab on the right hand side of the screen which will indicate which bets are matched and which are unmatched ensuring that you have a tick placed in the matched bets box located at the bottom of the 'My Bets' tab. If the bet remains unmatched, you still have the ability to change the price or stake (the odds and stake box will still be editable). Alternatively, check your Profit and Loss figure which can be displayed beneath each selection when the 'Show Profit and Loss' box is checked. To enable this option, click the 'Setting' arrow button at the top of a market view and then tick the 'Show Profit and Loss' box. The Profit and Loss will update as your bet(s) is matched. Green indicates potential profit, red shows potential loss.
How can I view my previous/current bets?Details of your account information are held within the 'My Account' section, accessible from the menu at the top of the screen when logged into your account. This information is only stored on-line for three months, but the Experience Team can provide you with any historical information about your account that you require. The My Account section includes details of: Current bets (Matched and Unmatched) Your 'Profit and Loss' (how much you have won and lost by sport or time) Your Betting History Your Account Summary, including a full statemente' section of the web site. You can access this via the 'My Account' link at the top of the main page on the web site.
How does a non-runner affect my bet?Our horseracing markets are guarded against possible non-runners with a system of Reduction Factors. Each horse is allocated a Reduction Factor, based on its likely chance of winning the race, as assessed prior to the race by expert racing analysts. Win and place markets are calculated differently. Should a horse be declared a non-runner, the Reduction Factor will be applied to the prices of all matched bets, for both backers and layers. This is to ensure that layers are not unfairly treated and exposed to large liabilities when the chances of other horses winning have improved. The Reduction Factors are designed to be fair to both backers and layers. To learn more go to Betfair: Rules & Regulations
What is In-Play betting?In-play betting involves betting while an event is in progress. At the start of selected events, unmatched bets are cancelled and an in-play market is opened. This allows you to bet right up until the final whistle of a match, the final game of a tournament or the winning post of a race. These events are clearly indicated by this in-play 'tick' icon being displayed at the top of the market view. To place a sports bet In Play just call one of our Telephone Betting operators who are available 24 hours a day, seven days a week on 132 BET (132 238). Horse racing in-play is available over both the internet and telephone for all customers.
What commission do I pay?Betfair charges a Commission on your net winnings on a market. If you have a net loss on a market you do not pay commission. Commission is calculated by multiplying your net winnings by the Market Base Rate (MBR), as shown on the Rules tab of each market. For example, if you win $100 on a market with an MBR of 5%, you will pay $5 in commission. However you can earn discounts from this rate for betting more.
What are Betfair Points?The size of this discount, or your Discount Rate, is determined by the number of Betfair Points you have accrued on your account. Betfair Points are earned in proportion to your betting activity - the more you bet, the more points you accrue, the greater your Discount Rate. You earn Betfair Points every time you bet on a market. You will earn 1 point for every 10 pence of commission paid (if you have net winnings) or implied commission (if you have a net loss). Betfair Points are awarded equally whether you win or lose. To find out more click here. You can view the amount of Betfair Points you have accrued via My Account - Betfair Points Statement
Do you have an 'each way' market?Betfair don't offer each way betting in the traditional manner, but offer 'Win' and 'Place' markets as a direct alternative. As a Betting Exchange, our markets are run differently from the traditional bookmakers in a number of ways, with separate 'Win' and 'Place' markets instead of the usual 'Each Way' markets. If you wish to back a selection 'each way', you have the option to split your stake and place two bets, one to win and one to place. This also means that you can bet a selection to place only. Place markets are usually next to the Win market in the left hand menu and are available on most competitions with large numbers of entrants such as the Tour de France. N.B. When betting in a Place market, it is important to check the place terms. Different events will have a different number of places available (particularly horseracing where convention determines the number of places available on a given race). You can find the place terms under the Rules tab.
Can I place bets through my Betfair Account on My Mobile?Yes, Betfair offers products for most current mobile phones.
How can I see my position in the market, before I actually place the bets?You can configure your settings, to show your 'What if' figure, by clicking on the 'Settings' button, located at the top of the market view screen. A 'pop up' like the one below will be displayed where you can tick the relevant checkbox.
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Contact Us
Have a question or need some help? Or want to share a thought or idea? Our dedicated Contact Center is here to help you get the most out of the Exchange and is monitored 24/7.
Get in touch with us through one of our channels:
1300 BETFAIR (1300 238 324)
Helpdesk NZ
Betfair International AUS
Telephone Betting
Telephone Betting Australia
132 BET (132 238)
Telephone Betting NZ
Betfair Exchange Login
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Want a demonstration on how to use a certain aspect of the Exchange?
Call us between 8am and 10pm.
Betfair Exchange Usa
PHONE: 1300 238 324