How does Betfair Exchange work?
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We’ve performed a full review of the Betfair Exchange Australia platform right here – read on and enjoy.
Betfair Exchange How-to: Sports and markets available
The Betfair Exchange was one of the first of it’s kind to enter the Australian market, and sports bettors all over the nation have been reaping the benefits ever since. After you’ve created an account on the Betfair Exchange, you will immediately notice that they offer a ton of sports not only in Australia but on a global scale.
They cover more than 30 different sports as it currently stands, and this includes leagues from all over the world. Soccer is undoubtedly the most popular sport on the platform, but there is evidently a great following for other sports too. For example, sports including basketball, horse racing, cricket, tennis, rugby, and many others constantly serve up a range of betting markets.
Of course, the exchange operates a little differently than a regular online bookmaker, but this doesn’t mean that the markets are different. You can still place a variety of bets such as spread betting, in-play betting, moneyline, tournament outrights, and even specialist bets from within the Betfair Exchange.
The best part is since you are betting on an exchange, you are always presented with lay bets and back bets, which naturally gives you a greater variety of markets than online bookmakers.
Odds & Limits
You will typically find that the odds you see listed on the Betfair Exchange are very competitive compared to what’s on the market. The simple reason for this is that the odds will change based on the interests of users on the platform, and the activity of these users is what makes the odds go up and down. Generally speaking, when Betfair initially publishes the odds on the exchange, they tend to be slightly above the market average.
In our experience of using the platform, we found that the most competitive odds are usually seen for the most popular sports. This extends to a variety of different leagues such as high-profile European soccer and major horse races.
In terms of limits, the exchange again operates a little differently than the mainstream online bookmaker. You will only be allowed to place a bet if there is enough money in the market on the other side of the equation. This is because you are betting against other players rather than a bookmaker, so when you place a bet, there has to be someone betting against this so that your wager is accepted.
In theory, as long as there is enough liquidity in the market that you are betting on, the amount that you can win is uncapped. To make a qualifying bet on the exchange, however, you must make a wager of more than $1.
What is different about an exchange vs. a bookmaker?
With the Betting Exchange, you are betting against other players, rather than against a bookmaker.
What kind of sports does the exchange have?
The exchange has more than 30 different sports to bet on, with many popular Australian sports such as rugby, cricket, and Aussie rules.
Is there a solid range of payment methods?
Betfair offers more than enough payment methods on their platform, including major debit and credit cards as well as e-wallets.
Can I change how the odds are presented?
Yes, Betfair has three different options for you which are fractional, decimal, or American.
Can I live stream sports on Betfair Exchange?
Yes, and this is indicated by the little TV symbol that is shown next to the market, showing that you may stream this event.
Does the site also allow in-play bets?
Of course, but the odds are constantly changing so you have to be very quick to get the odds that you see.
Is it easy to sign up for the exchange?
You can open an account with the Betfair Exchange in just a couple of minutes, but do be warned, you will be asked to verify your details.
Are the odds competitive compared with bookmakers?
We believe that the odds were very competitive across the sportsbook, with the most appealing odds being found for the most popular events.
Betfair Exchange Review: Additional Features
When we first started using the Betfair Exchange, everything seemed a little bit overwhelming. With so many sports and so many odds being shown on the screen at any one time, we almost felt like we didn’t quite know where to begin. However, once you have browsed the site for a short while, it becomes clear how to navigate through the various sports and place your first exchange bets.
Furthermore, Betfair has done a very good job of clearly displaying the odds for both back bets and lay bets, all thanks to the blue and pink color scheme. The only real suggestion that we would have is to somehow condense the enormous range of markets, as sometimes we had to click through many different pages to find the market that we were looking for.
How to place in-play bets
We’ve already mentioned that there are hundreds of in-play betting markets available on the Betfair Exchange. After further analysis, we also discovered that you can filter in-play events by sport, by whether they will be streamed or not, as well as when the event is taking place so that you can set a reminder.
To make an in-play bet, all you have to do is fund your account, to begin with. After doing this, simply click on the in-play link and browse through until you find a market that you would like to place a wager on. There is nothing more to it than that.
You’ll be pleased to know that live streaming is available directly from the Betfair Exchange site. When you are looking through the market, you will see a little TV symbol if that particular event is available for streaming. If you would like to see what events can be streamed directly however, you can just click the ‘sport on TV’ link on the left-hand side of the page.
Betfair is quite generous with its live stream offerings, for as long as you have money in your account, you have unrestricted access to live streaming services. To top things off, we found that the video streams for the vast majority of events were very high quality.
You have the option to download the Betfair Exchange app for both iOS and Android operating systems, and the app is optimized to suit a range of devices as well as tablets. On the whole, the app performs quite well, but it can be slow at times due to the masses of data that it must deal with.
With that being said, you still have the option to place in-play bets, as well as live stream many different events directly from the app, which is always a positive thing.
- Statistical analysis
If you’d like to receive a little extra guidance for any of the sports bets you are thinking of placing, Betfair has a statistics page available. This is where you can find details of the event participants, and it should help you to make a more informed bet.
- Specialty bets
If you ever feel like taking a break from sports betting, it’s good to know that the exchange has many special events including financial markets and even politics.
- Tips and predictions
The Betfair Exchange has a community of sports bettors that regularly provide tips and predictions completely free of charge. Of course, you do not need to take this advice, but it is readily available should you want to take it.
- Scheduling of events
We don’t know about you, but it is a nightmare when you’ve been looking forward to a sports event only to realize that you’ve missed it the following day. Betfair has a schedule of sports events that are constantly updating on the site, so you should no longer need to suffer the frustration of missing an event.
- Sport on TV
This is the section where you can browse the list of events that are available for streaming, and let us tell you first-hand, there is plenty to go around!
Pros & Cons
Over 30 different sports
Odds quickly fluctuate, so you need to be quick
Bets are accepted instantly – no delay
Not many betting chances in lower-level sport
Live streaming options for many events
Can be very confusing to use at first
Hundreds of in-play markets on certain events
Lots of click-throughs needed to find certain markets
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.
There were three key features of the platform that we really didn’t expect to see, which added to our already favorable impression of this site. We loved that they have live streaming options for a number of different events, the in-play markets were extensive, and they have a mobile app that you can download. We really would say that this is an awesome online betting platform.
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