Betfair review and betting sign on bonus
Betfair commenced operations in 2000 and have quickly grown to become the largest online betting exchange provider in the world. In 2005, a new subsidiary, Betfair Australia, was granted a licence by the Tasmanian government allowing it to operate on Australian shores. In 2014, Crown Resorts, the owner of Australian bookmaker CrownBet, purchased 50% of the Betfair operation. Despite, the investment, Betfair continues to provide services to new and existing customers under its own Australian banner.
New customers to Betfair can claim a $500 bonus bet by registering a new account and having a 20% boost applied to any winnings in the first 7 days of the account. It's a good way to get started with the exchange provider, but it's not the most competitive offer available in Australia; all other Australian free bet offers can be viewed here.
The Betfair sign up bonus
- This bonus applies to new customers to Betfair Australia
- Residents of Vic, NSW, SA and WA are not eligible for this offer
- Enter Betfair Promotional Code: 'A20WIN' when registering
- 20% Bonus will be added to winnings bets in the first week
- Winnings of $2,000 will be rewarded with a $400 bonus
- The maximum bonus amount if $500
Betfair is the world's largest sports betting exchange. The Australian subsidiary, Betfair Australia, only allows its customers to place exchange bets, and not fixed odds bets. Bets are placed against other bettors on the exchange, rather than with a bookmaker. There are two distinct advantages to betting exchanges: the odds are usually much higher and punters have the ability to back an outcome to lose, otherwise known as placing a 'lay bet'. It is these two strengths that draw customers to Betfair. They no longer compete with other betting providers with weekly sports betting promotions. They do provide up to a $500 sign up bonus, but really they rely on the strength of their product to satisfy existing customers and attract new ones.
Betting exchange advantages
The fact that Betfair is a sports betting exchange gives them numerous advantages over their competitors.
20% Better odds
Betfair claim that they offer 20% better odds on fixed markets. Whilst the commission (between 2 - 5%) taken must be factored in to winning dividends, the odds are still far superior with Betfair. On outright winners markets, Betfair’s odds offer even greater value. Over the years, we have noticed odds on tournament events like: Australian Open tennis, US Open golf and even the AFL Premiership, whereby the odds on less favoured players or teams are far greater than what you would receive by betting with a fixed odds bookmaker. This exchange phenomenon can produce result in odds up to 50% better than fixed price betting.
Can place lay bets and back a horse to lose
The beauty of a betting exchange is that you can back an outcome to lose. For example, you can back a horse to lose and basically play the role of bookmaker. There is nowhere else that you can do this!
Can trade on sporting events
Betfair allows you to place back and lay bets on the same outcome. For example, you could back a team before the start of a match at $2.50 and lay the same team at $1.30 during the match. You have locked in $1.20 profit and eliminated all risk!
This type of trading takes punting to a new level and is one of the reasons why Free Bet Review recommends Betfair so highly.
Bet live in play
Live in-play betting is taken to a new level with Betfair. The ability to quickly back a team or player if you believe they are the wrong price is enormous. You don't necessarily need to be successful with that bet because you may trade out of it by placing a lay bet.
Fixed odds with Betfair?
Betfair no longer provides a fixed odds betting service like traditional online bookmakers. They did, until Crown Resorts bought a 50% stake in the Australian business. Customers that used that service with Betfair are now referred to CrownBet to used fixed odds betting.
As with all Australian bookies these days, mobile betting is available on any device. Betfair offers both app and android platforms for regular users.