Note For Indian Players: While Betfair is a quality betting site, it can be difficult to deposit with from India. For this reason, we recommend Betway. They accept Indian Rupees directly and offer a huge selection of betting options for sports, casino and poker. They are the best option for Indian players.
Founded in 2000, Betfair is the world’s largest online betting exchange. Here over £50 million is wagered every week on sports such as cricket, football, tennis and Formula 1. What sets Betfair apart from other peer to peer betting exchanges is their liquidity. Even though users are not betting against the house, but rather one another, it is possible to use Betfair much like you would a traditional online bookmaker. This is because for the most part every match listed for wagering already has a pool of lay bets available for you to back.
In case you’re not familiar with betting exchanges, a lay bet is a wager that a team will lose. At betting exchanges you can offer a lay bet in hopes someone else will match it. When doing so you end up with far better odds – but you also run the risk your bet won’t get accepted. Alternatively you can skip the entire process and just back the team you would like to wager on. In order to back that team there must be other punters who have already committed to lay that team. While its sounds confusing, backing teams is very easy and works just like it does at a traditional online bookmaker. You’ll see a set of odds and then see a monetary amount. This monetary amount is how much other punters have already committed to lay, so effectively this is the maximum bet you can place at those odds. You can choose to wager less, but not more. If you do want to wager more you’ll most likely see another set of odds punters were willing to lay at, that are slightly worse. You’ll get the first part of your back at the first odds set, and the second part at the next.
If you’re intimidated by this, don’t be. Register an account at www.betfair.com make a small deposit and make small backs and lays until you get used to how the system works. It will only take a small handful of wagers before you’re confident with the process and another week or two before you’re an expert at backing and laying bets.
Reasons to Use Betfair
The reasons to use Betfair over a traditional bookmaker are many, below are some of the top reasons.
- Better Odds – At Betfair you’re not wagering against the house, but instead are wagering against peers. Traditional online bookmakers price 50/50 bets at 1.91 so they’re keeping 9% each time you win a bet. At Betfair you simply pay a commission on “net market win” which ranges from 2% to 5% depending on how often you use their site. Over the long haul the significantly larger payouts add up to a lot of extra rupees.
- In-Play “Trading” – The In-Play wagering options at Betfair are amazing. Just the other day I backed Mumbai Indians in CLT20 match where they were an underdog. Once they jumped out to a fast start and became the favourites, I was able to lock in a guaranteed profit by offering them as a lay which was quickly accepted. While hedging at other sites is –EV, at Betfair it is not the same. This is because Betfair charges a commission only on “net market win”. This means if you lose Rs. 2500 on one team, and win Rs. 3000 you’re only charged the 5% commission on your overall win for that market of Rs. 500. With no-vig and the ability to set your own prices on a lays, what is generally termed as a hedge – can often times be +EV.
- Live Streams – Betfair has International cricket, football, tennis and other sports streamed right on their website. Of course all of these games are available for In-Play wagering as well.
- Advantage Play Allowed – Many online bookmakers ban players who win too much. At Betfair winners are welcome, because you’re not betting against the house but rather are betting against your peers.
- Other Gambling Products – Betfair also offers a casino with no house advantage, this includes roulette with no zero, blackjack with modified rules and payouts, baccarat with reduced commission, and 100% payback video poker. They also offer an online poker room with a large sign up bonus.
- Well Trusted – Betfair is very famous in the UK and sponsor the English Premier League team Manchester United. They are also in partnership with many leagues to help stomp out match fixing. They have data sharing agreements with more than 30 sports bodies, including the Lawn Tennis Association and the British Horseracing Association. This is used by these leagues to spot irregular betting activity in order to spot any potentially fixed matches. Betfair is certainly not some fly-by-night betting site, here when you win – you will get paid.
Using Betfair From India
While Betfair doesn’t accept rupee deposits they are very friendly to Indians. They allow us to register with our home address and deposit and get paid out with Skrill, Neteller or EntroPay. We can also deposit using Western Union and get paid with international bank transfer. Although converting our rupees to GPB, EUR, or USD costs about 1% each way, the odds at Betfair are so good it is worth doing this. If you prefer a rupee bookmaker we suggest Betway, but if you’re looking for the best odds no doubt www.betfair.com is the best choice.
Complaints about the betting exchange of Betfair are quite rare. However if do have a complaint you’ll be happy to know Befair is licensed by the Government of Gibraltar and regulated by the Gibraltar Gambling Commissioner under the Gambling Act 2005 (RGL No.049). To confirm their license is in good standing, or to read about the disputes process visit www.gra.gi.