Betfair sign up bonus and review
Betfair is a bookmaker with a point of difference. They provide a betting exchange platform for members to bet against each other, rather than against the bookmaker. In fact, Betfair was the first organisation to introduce the concept of a betting exchange, and today they remain the largest provider worldwide.
Betfair does not provide regular free bets and bonuses to its existing members, instead it relies on the strength of its exchange platform and it's free supply of analytical information in order to satisfy its customers. It's a method that works, as there are many advantages to having an account with Australia's leading betting exchange provider.
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 Australian Betfair operation. Betfair continues to provide services to new and existing customers under its own Australian banner.
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.
Whilst Betfair does provide a competitive sign up bonus to eligible new customers, they really rely on the strength of their product to satisfy existing customers and attract new ones.
- Sign up bonus - 70
- Promotions - 40
- Betting products - 100
Betfair is Australia's leading betting exchange platform. Members bet against each other in return for better odds. They offer a bonus to new eligible customers that accumulate winnings in their first 7 days.
The fact that Betfair is a sports betting exchange gives them numerous advantages over their competitors. The first is that exchange betting platforms almost always deliver better odds, this is because punters match bets against each other, and there is no margin taken by an online bookmaker. Another valuable aspect of exchange betting is that a player can 'lay' a result, and have every other runner or selection effectively result in a win for them. In simple terms, lay betting means backing an outcome to lose.
Another advantage of Betfair's exchange platform is that bettors can in effect trade on certain events. It's possible to back an outcome at odds of $20, then lay off the same selection at odds of $10, resulting in a small profit. If all of this is too much to take in, Betfair has published an introductory guide to exchange betting on their website.
20% Better odds
To illustrate just how much better the odds are with Betfair, we have chosen a real life case study involving the Men's Quarter Final matches at the 2017 Wimbledon Championships. The infographic shows the odds of the two different players in the Milos Raonic vs Roger Federer match. We have chosen the odds from Australian bookie Sportsbet to serve as a comparison. Roger Federer's quote with Sportsbet is $1.18 whilst with Betfair his odds are $1.23. Likewise, his opponent's odds are also better with Betfair, Milos Raonic is quoted at $4.90 with Sportsbet but is $5.30 on the exchange.
Importantly, it must be noted that Betfair does take a commission on winning bets, around the 5% mark. However, even factoring in this deduction, the odds are generally 20% higher with Betfair, as this example illustrates.
Betfair Starting Price
The Betfair Starting Price product allows members to claim up to 17% higher odds than the more prevalent 'best tote' products used by more traditional betting companies like . The starting price is the average price traded on the exchange in the lead up to the event. The graph to the right shows that over the course of a year, the Betfair Starting Price product has delivered on average, odds that are 17% better. The product is the only bet type to rival the Best of the Best product offered by Australian owned bookmaker Palmerbet.
Betfair is one of the best providers of sports betting data and analytical information in Australia. Visitors are able to access informative analytical articles on various sports events, and even download data from popular sports. In addition to this information, they also provide guides and resources to all aspects of exchange betting, suitable for both beginners and trading professionals.