If you’re fed up betting with bookmakers, Betfair offers something totally unique to Australian bettors. They are the only betting exchange in Australia. Here you can lay and back bets against other fellow punters and enjoy many unique betting features.
As a long term Betfair customer, I’m familiar with both the pros and the cons. I reveal what my experience was like in this Betfair review. I know I had a great time with their horse racing offer.
Take a look if you’re about to join and learn everything there is to know about Australia’s only betting exchange.
- The only Betting Exchange in Australia
- The Betfair Hub – Great source for Betting Tips, Guides and News
- In-play Betting
- Odds are usually a lot more generous than you will find with most Sportsbooks
- Live Streaming
- The Hub doesn’t have enough Exposure
- No PayPal
Betfair is the biggest betting exchange in the world and the only one in Australia. Andrew Black and Edward Wray founded the company in 2000. It was an instant success, and just 5 years later, Betfair Australia was founded. The company was eventually sold to Crown Resorts, which stays the majority owner up until this day.
I recall that Betfair was a huge hit when they arrived in Australia. Even though online betting wasn’t as popular back in the day, local punters quickly realised how fun it is to bet against each other. I jumped aboard a few years late and quickly fell in love with their user-friendly interface and unique way of betting. That’s why I still am a customer.
When it comes to the sheer quality of betting products, Betfair has always been among the best in the business. They do offer a completely different type of betting, but still, the way it’s all organised tells me that I’m dealing with a premium bookmaker. Betfair has lots of sport and racing events available for betting.
Even if you want to bet on some lesser sport or an international horse race, this bookie probably has what you need. I particularly like the extra features they offer, such as
- live streaming
- live betting on horses
- the Betfair Hub.
We will cover all of these in more details down below.
How Does Betfair Work?
Since Betfair Australia is the only betting exchange around, I assume some of you aren’t quite familiar with how things work here. That’s why I believe it would be useful to explain the basics before we move on. In case you know how Betfair Exchange works, feel free to skip this part.
You can either back, which means to bet on your selection to win, or lay, which means to bet on your selection to lose. In this case, you’re not betting against the bookmaker, but against other punters. One group is betting on an outcome to happen, while the other is betting for it not to happen. Odds are formed based on demand and supply. Because of that, you’ll usually get better odds than with classic bookies.
You must be wondering how Betfair Australia makes money then? Simple, they take around 5% commission on all winning bets. That’s why they don’t worry about the final outcome of the games. All Betfair needs to do is focus on making their betting platform as convenient as possible.
Take a look at Betfair explanation video to learn more.
Betfair Horse Racing – Lay Bets on Horses
As I mentioned above, Betfair covers both Australian and international racing events. You can bet on races from the UK, the US, Ireland, New Zealand and so on. To see all available events click on the ‘Horse Racing’ button in the top menu. The overall design looks simplistic and even a bit dated. But since Betfair Exchange offers different kind of bets than other operators, I like that they made it all as easy to follow as possible. There are no shiny colours or anything that can distract you. Just a flat design and simple commands.
The main thing why I like betting on horses at Betfair sportsbook is an option to lay bets. In other words, you can bet on horses to lose. This is something you can’t do at any other betting site in Australia. It opens up a whole new world of possibilities, so if you’re into betting on horses, laying bets is something you should try. Betfair Australia also offers a range of usual bet types, such as win, place, each way, match betting and forecast. In case there is some more important event, they may introduce a few additional markets, like winning distance.
The lay bets aren’t the only thing that makes Betfair horse racing offer completely unique. Here you can bet live on horses, which is also something you can’t do anywhere else. I will explain everything about it in the in-play betting section below.
Sports Betting with Betfair Exchange
Betfair offers a decent range of sports. Selection is not as extensive as at BetEasy or bet365 for example, but it still has everything most of you’ll need. They cover all of the Australian sports, including NRL, AFL and Cricket, as well as a number of US leagues. There are also many other popular sports, like soccer, tennis and basketball.
When you enter the site, you’ll be presented with the selection of the best sports odds. Everything is neatly separated by sports, so you’ll quickly find whatever you’re looking for. Since I’m a huge fan of in-play betting, I liked that they have quick links to the live odds on the right side of the screen. In case you want to visit some of the sports pages, you’ll find all the links on the left-hand side.
Same as with the horse racing, you can lay bets on sports as well. Other bookies usually only let you back up a bet. But here you can also lay bet to lose. I suggest you take a closer look at each market before betting and use the provided tool to calculate potential profit and liabilities. This is way more complicated than betting at classic bookmakers, so I don’t recommend it to complete beginners. But don’t let this discourage you. Betfair sportsbook offers plenty of guides that will help you learn everything you need to start exchanging bets.
Betfair Exchange Offers a Market Leading Odds
When it comes to odds, Betfair is almost always one step ahead of all other bookies in Australia. That’s simply due to them having a different business model. While Aussie bookmakers usually have overround of 115% or 120% on horse racing, Betfair is rolling somewhere near 105% in most cases.
Even when you take out the 5% commission, they’re still better than other Aussie bookmakers. Betfair superb prices is actually one of the main reasons why I joined them in the first place. If you’re searching for high-value bets like I always do, don’t miss to give Betfair a look.
Place Live Bets Online with Betfair Australia
Betfair is definitely one of my favourite bookmakers for live betting. If you have any experience with in-play betting at Australian betting sites, then you know that due to the Interactive Gambling Law, bookmakers aren’t allowed to accept live bets online.
But since Betfair isn’t the bookie, but rather a platform where people bet against each other, this ban doesn’t apply to them completely. At Betfair, you can place live bets on horses directly on the website, which is something unique to them. However, in-play betting on sports is available only over the phone.
Selection of live odds is decent. There are enough options to keep things interesting, but not as much as you would find at bet365 or BetEasy. The interface is very straightforward. Just click on the ‘In-Play’ tab, and you’ll see all of the currently live games stacked one below the other. A small detail I especially liked is that they show you which games are aired on TV and where you can watch them. Nice touch!
Even though the selection of sports and usability are pretty average in my opinion, the ability to place live racing bets online is something unique to Betfair. It’s just one of many reasons why I keep getting back to them.
Live Streaming Is Good Enough
Betfair is one of few Aussie betting sites that are offering live streaming. They introduced this feature not that long ago, so don’t be surprised if it doesn’t look as polished as what Unibet or bet365 are offering.
In my opinion, Betfair live streaming platform is far from being the best in the business, but it’s still very usable. They offer a wide range of events for live streaming, including horse racing, greyhound racing, soccer, basketball, tennis and so on. In case you want to start streaming with Betfair, you’ll have to place a bet on the event you want to watch and have a positive account balance.
Betfair App – Android and iOS
If you like betting on the go as much as I do, the Betfair app will serve you well. I remember several years ago when Betfair first released the mobile app. Even then, it had all the basics done right. But after the new release went live, I confidently say that this is one of the best betting apps on the market.
Betfair mobile brings all the excitement of exchange betting to your phone or tablet. It has every feature from the desktop site. You can see the full depth of markets, as well as price graphs and even favourite markets you saved on the desktop. The home page is reserved for the quick links to all of the important pages. I would prefer to see more top bets on the start screen since that can save you a lot of searching time.
I use the Betfair app for Android almost every day, and so far I didn’t have any problems. For the sake of the review, I tried the iOS one as well. They are both pretty much the same, meaning that regardless of the device you have, the Betfair mobile app will work equally great. The only real difference is that you’ll have to download the Betfair app for Android directly from their site. If you want to know more about how to get the app, and why you have to download it from the site, take a look at our in-depth Betfair mobile review.
All of you who don’t like to download betting software can take advantage of Betfair mobile website. Just visit Betfair using a mobile browser, log in with your account and enjoy all the same features as on desktop or native apps.
Betfair Hub – A Free Betting Academy
I love the fact that Betfair makes money out of fixed commissions, meaning that they genuinely want you to win your bets. One of the best ways to boost your chances of winning is to visit the Betfair Hub. It’s essentially their blog where numerous industry experts share their thought about upcoming events and betting strategies.
Here you’ll find lots of game and race previews and betting guides. However, they don’t focus that much on the actual tips. Rather than that, Betfair Hub contains everything you’ll need to make your own informed betting decisions. They cover all of the most popular sports, from racing and rugby to soccer and basketball. Even if there are no articles about your favourite sport, you can still learn a lot form the general betting guides.
Great Range of Banking Methods
Betfair Exchange doesn’t have the best selection of payment methods I have ever seen, but it should be good enough for most of the punters. On top of the usual Australian options, like POLi, BPAY, EFT and cards, you can also use PayPal, Skrill and Neteller.
On the other hand, you can also deposit via PayID and Osko. I personally haven’t used these two anytime before. In case you want to give them a try, note that Betfair is one of only a few bookmakers to have these methods.
You can withdraw funds only via Bank Transfer or e-wallets. Whenever I requested a withdrawal by Bank Transfer, money was in my account within 1 to 3 days. E-wallets should be a bit faster, with up to 2 days of waiting time. Still, that is a lot slower when compared with other top bookmakers which offer withdrawals in less than 12 hours.
|Bank EFT||1 - 3 Working Days|
|PayPal||1 - 2 Working Days|
|Neteller||1 - 2 Working Days|
|Skrill||1 - 2 Working Days|
Don’t forget to verify your account as soon as you register, since they won’t let you deposit until you do so. The process is very straightforward. Just send some of the personal documents and wait for the confirmation. Betfair holds to a very high security standards, so you don’t have to worry about your personal data being misused.
Safety at Betfair Australia
Betfair is one of the most popular bookmakers in the world, meaning that you can be 100% sure that they are trustworthy. On top of the usual safety features, such as 2048-bit encryption, Betfair is also licensed by the Northern Territory Government of Australia. As far as I could see, they have all the safety protocols in place. I have been betting with this bookie for several years now, and I still haven’t encountered a single security issue.
They also have all the tools to help you not get lost while betting. If you think that you may lose control, try using ‘Time Out’, ‘Self Exclusion’ or set deposit and loss limits. I use these tools as well, so don’t hesitate to give them a try. You can also contact some of the agencies that deal with problem gambling. For example, link and the phone number of Gambling Help is in the footer or every page.
Around the Clock Customer Support
Let’s get the bad things out of the way first. Betfair doesn’t have a live chat. I still believe that using a live chat is by far the most convenient methods to quickly solve most of the problem, so this is a big minus in my books. However, they do offer 24/7 phone support, which should be good enough for the most part. You can also send them an email, but from my personal experience, it’s by far the slowest way to get things done.
On the positive side, they offer an option to schedule a live demo where some of their agents will show you how to start with exchange betting and use their special features. Even though the lack of live chat is a serious setback, I believe that Betfair customer support is still very good.
- Phone Number (AU): 1300 238 324
- Phone Number (NZ): 08 0023 8324
- Email Address: [email protected]
Verdict – Best Betting Exchange
As you could see from my Betfair review, this bookmaker unique in so many ways. Betfair Exchange is the only place in Australia where you can lay and back bets on both sports and racing. They mostly have by far the best odds on the market, as well as several great additional features, such as the Hub. If that’s not enough, everything I mentioned above is also available on mobile.
Even though live streaming could be better, and there is no live chat support, I still believe that Betfair is one of the best betting sites in Australia. If you are searching for value and don’t mind trying a new way of online betting, don’t miss to pay Betfair Australia a visit.
It’s not the best betting exchange because it’s the only one! Betfair Australia can deliver!
Betfair Australia FAQs
Is Betfair legal in Australia?
Yes, Betfair Exchange is 100% legal in Australia. They hold the license from Northern Territory Government, meaning that you can legally lay or back bets at Betfair. If you want to learn more about Betfair, check out the review above.
Can I back and lay at Betfair?
Since Betfair is the only betting exchange in Australia, the only way you can wager with them is to lay or back bets. To learn more about this unique way of online betting, take a look at our Betfair review above.
How to use Betfair?
You should first visit their site, register an account and make the first deposit. Betfair offers you an option to lay and back bets. It means that you bet against other punters whether some outcome will or will not happen. To learn more about how Betfair works, check out the review above.
How long does Betfair take to withdraw?
If you decide to withdraw by Bank Transfer, money should be on your account in up to 3 days. Neteller and Skrill withdrawals should be completed within 2 days. If you want to know more about Betfair payment options, take a look at our review.