The largest online betting exchange company of the world, Betfair was initially founded in 2000 by Black and Wray. The company operates its betting exchange under Gibraltar’s license in Hammersmith, West London since March 9, 2011.
In 2016, the company merged with Paddy Power and was renamed as Paddy Power Betfair. On an interesting note, until April 2013, the company had 1,800 employees working for them. This reflects its credibility in the market.
Today, Betfair boasts over 1.1 million active customers. Liquidity is what distinguishes Betfair from online peer-to-peer betting companies. Every week, a sum as large as £50 million is wagered on football, cricket, tennis, Formula 1 racing and other prestigious events running on their online portal. Compared to other traditional bookmakers, the company claims on 20% better odds. It also charges 5% commission on the winning bets.
Free Bets and Bonus
Like most other betting companies, Betfair lets you claim free bets as a part of their welcome offer. All you have to do is open a Betfair account on the online site and deposit £10 to start betting. Once you place a bet worth £10 (with odds of evens or a greater amount) on any of the events, the website will automatically credit £30 to your account. Though you can’t withdraw this amount to your bank account, you can surely use it to place bets online.
Other than this, Casino players can claim a £5 bonus on the Casino promotions page. Betfair also offers 100% match bonus subject to a 10 times wagering requirement. What’s more? You also get a large sign up bonus when you join their online poker room.
Sports Games on Offer
Betfair’s live streams has plenty of team sports like tennis, football, international cricket, etc. on the list. These games are available for ‘live wagering’ as well as ‘In-Play’ betting. The casino doesn’t offer house advantages, but includes interesting games like roulette, Baccarat with reduced commissions, Blackjack with modified rules for pay-outs and other games. There’s also video poker that gives you 100% payback.
TVG Network, a subsidiary to Betfair operates in the United States. Its operations are solely dedicated to horse racing. It features live races, expert interviews and live analytics. Moreover, it provides handy tips to the newcomers.
BetfairCasino.com, one of the other subsidiaries of Betfair, operates in New Jersey. It’s licensed provider of online casino games. In 2005, Betfair also acquired PokerChamps.com to integrate interesting poker games for users.
While betting on Betfair, you need to remember the basic rules. You can place a ‘lay bet’ (a bet when you wager on someone’s loss) and hope for others to match it or you can skip this process and back your favourite team. If it seems confusing to you, just back the teams that you like. It’s much easier this way.
Always wager less than what other punters have committed to lay. However, if you want to wager more, you should consider another set of odds that the punters are willing to lay.
Customer Support, Banking & Security
Being one of the sponsors of English Premier League’s team, Manchester United, Betfair is a famous brand in the UK. It has teamed up with 30 other esteemed sports bodies including the British Horseracing Association and the Lawn Tennis Association. The company was among the recipients of Queen’s Awards for Enterprise in 2003. It means you can rely on Betfair’s services.
Betfair’s customer support system is available 24/7 for the customers. You can call them at their toll-free numbers 0344-9-871-0000 (UK), 1800-944-000 (IRE) or 0044-203-059-8888. They’ll answer you back within 30 seconds. You can also drop a mail at their official id and they’ll reply back within 2-4 hours. There’s a ‘Live Chat’ option too, in case the users want to chat with one of the online customer executives.
With Betfair, you don’t have to worry about your deposits. Betfair allows deposits from nearly all the reputed e-wallets like EntroPay, Skrill and Neteller. The system accepts deposits in USD, EUR or GPB. Users can get local currencies converted to standard currencies with ease. It also allows transactions via international bank transfers and Western Union.
Placing bets at Betfair is not just easy but interesting too, as you don’t wager against the house but against your peers. Unlike other bookmakers, at Betfair, you pay a commission only when you win. You can also indulge in in-play trading. Other bookmakers often ban the players who win big booties multiple times. However, Betfair openly welcomes winners and lets them test their luck in various games and events.