Betfair’s sign-up bonus is unlikely to have you dancing on the ceiling. A £20 free bet puts it close to the bottom of list, in terms of getting a bonus on your first deposit, but that’s not what you join Betfair for, anyway.
Unlike traditional bookmakers, Betfair is a peer-to-peer exchange where you make bets with (or lay bets from) other customers. Betfair just take a 5% commission on all winning bets. They don’t care if you win or lose, they just want you to make as many bets as you possibly can. They do also have their own sportsbook, but there is little incentive to use it. You’ll get better value from other bookmakers, especially Bet365.
The only other betting exchange is BetDaq, but it has only a fraction as many users and of those a much higher percentage is made up of non-recreational betters – pros who are likely to be much better than you, at least to begin with. This is very important to bear in mind, when you make your first foray into exchange betting. You are looking to make bets with users who are weaker than you are and who are making poorer decisions.
Fortunately, Betfair has a huge marketing budget and recognises the importance of attracting recreational users to the site. After all, as they only make money from commission somebody has to be losing money if you are going to win. There are many thousands of weak wannabes, trying their luck on Betfair with no coherent strategy and their bankrolls are inevitably extracted from them by better traders – slice by slice. Betfair is all about looking for value, based on available odds and equity (money that you can find to match your back or lay bet).
Don’t be put off by the fact that very little equity is available on Betfair, when standard bookmakers open their early-bird racing markets just before midnight. You may see a horse that can only be backed at 6/1, yet the lay price is 14/1. You need to wait for the markets to firm up and this won’t happen until the race is just an hour or two away from starting. The difference between those back and lay prices will have narrowed, by then and there will probably be just a tiny fraction between them. Most Betfair users switch to decimal odds (in settings). As the race gets close to the off, you might typically see a horse available to back at 7.00 (6/1) or lay at 7.50 (13/2). On shorter-priced runners the difference will be miniscule (eg. 1.33 and 1.36), but don’t fool yourself into thinking the difference is unimportant!
How much money can you make on Betfair? The answer is as much as your talent will let you and we have already lost 2 members of the EveryTip team, both of whom left to pursue successful careers as full-time Betfair traders working from home. One made of £100k last year trading tennis and golf markets, the other considerably less (on UK racing) but more than enough to get by. Both have got fatter and now have the ghostly pallor that comes from spending many hours on the computer and not seeing a great deal of daylight!
What kind of people make good Betfair traders? They tend to be of the same species as winning online poker players, or successful stocks/currency traders. Nerds basically, who are far more comfortable with data than human beings. Their interest in sports only exists in terms of betting and value, usually and few have a sentimental attachment to any team, player or horse. If you plan to join Betfair, just so you can back your favourite team on a hunch, then you will quickly go broke.
As for the site itself, it really is first-rate – as you would expect from a multi-billion pound operation that has had many years to develop. Navigation is very fast and everything is pretty much where it should be. If you are serious about betting, then you MUST get yourself an account at Betfair. This is where fortunes are won and lost and we don’t see any significant rival, either in the industry as it stands or on the horizon.
If you are ready to take the plunge, we wish you the very best of luck. Click here to sign-up with Betfair and claim your maximum available welcome bonus.
Real Betfair User Reviews
Read completely unedited customer reviews of Betfair and decide for yourself if the world’s biggest betting exchange is the right site for you. Betfair offers exchange betting on all horse racing taking place in UK, Ireland, France, Germany, South Africa, Singapore, USA, Australia, New Zealand and Uruguay. Exchange betting is also offered on the additional following sports;
Tennis, golf, football, greyhounds, NFL, athletics, Aussie rules, baseball, basketball, boxing, chess, cricket, cycling, darts, financials, handball, ice hockey, MMA, motorsport, netball, rugby, snooker and volleyball. Other specials are on offer, such as for political events. Click here to create your own Betfair account and claim the maximum sign-up bonus.
by Mike43 – 22 May, 2016
Brilliant for golf, especially head2head match-ups where there always seems to be plenty of available value. No problems with deposits and withdrawals and have had no problem betting on my mobile. Recommended.
#1 For Me
by MTomlinson – 13 May, 2016
The only site I have ever been able to consistently win money on.
by JazzaM – 02 May, 2016
Good but don’t bet on the exhnge until just b4 races, otherwise odds are no gud.
by Seanp16 – 27 Apr, 2016
I’m new to this site but so far so good, plenty of little bonus available across their sports and casino offers, customer care also very good but be aware to double check TS and cs for promotions… I’ve been caught out once or twice. Cash out very good, main stake 10p so covering bets can be expensive , bit overall decent site
One of the best out there
by tbenkogan – 24 Apr, 2016
Betfair is quite simply among the best bookmakers out there, period. The design is simple, the exchange has a lot of activity, the odds are fantastic, and the customer service is beyond reproach. Honestly, it’s my go-to bookmaker, and I’ve tried several dozen before settling on this one.
Sportsbook offer great, but make sure you look at the exchange for trading.
by captinkrotch – 17 Apr, 2017
Sportsbook offer great, but make sure you look at the exchange for trading. I’d be nowhere with out the ability to back and lay.
Take a look at trading tips to expand your mind beyond matched betting.
5 star best site on here
by bateman – 11 Apr, 2017
Dis is the best site on here man.. you juz can’t beat betfair for stuff like cash out and the match betting only downside is that withdrawals take a few days like but thay ain’t too bad
one of the best
by liamfarrell88 – 01 Apr, 2017
This site is great one of the best in my eyes.. the best one for cash out plenty of markets good customer service good pay outs plus you can lay bets which is good
Probably the best
by risky93 – 28 Mar, 2017
There are not many bookmakers out there that offer as many markets as they do. the cash out system is very easy, and there free bets come straight into your account and it is very easy when cashing out.
by vjones1987 – 25 Mar, 2017
Good bookies with good cash out option also laying bets is good option too and the customer service on this site is also very helpful I would recommend this site to anyone I’ll be using again
by Stirling121 – 18 Mar, 2017
by Lindsay16 – 15 Mar, 2017
Very good site
by Gstirling58 – 11 Mar, 2017
Good site really like the exchange so u can lay horses
by BettingKing1967 – 10 Mar, 2017
Dont ever take the enhanced odds offers they use they are bullshit!!!
by deanj1987 – 10 Mar, 2017
this one is prob my favorite the site is good nice and clear the app is so easy to use for football nice and easy cash out play this one is the one for me if im gonna do football put 10 pound in 30 back cant be bad even better when you win i have loads of free stuff from betfair one of the biggest out there i think personally thumbs up from me
by Mgray2014 – 12 Mar, 2017
Great for lay betting
by STEVEN1292 – 11 Mar, 2017
by gavmoore69 – 11 Mar, 2016
excellent site really enjoyed the special promotions on offer
by mccookjames83 – 11 Mar, 2017
excellent site for lay betting and cashout offers.
by tsonder58 – 06 Mar, 2017
As good as Bet365 and Sky bet. Good sign ups and a lot of cash out available sports
by shussain – 05 Mar, 2017
I am a recreational punter, who enjoys punting for interest and fun. Always stake what you can afford to lose.
A plus with punting with Betfair is that you can hedge, eg, an accumulator awaiting one result, by laying off the last result so that you win either way (and not being greedy). I did this with Liverpool: I had backed them at around 22/1 and when they came in to even money, I layed off £100 (and also backed Manchester City) whereby I showed a profit.
Also, another plus with Betfair s that one can punt during, eg. a footbsll match and also cash out.
And finally any queries/questions are always answered professionally by their staff.