The Pros of Betfair include the trading possibilities, a great variety of markets for many sports, quick payouts, available bet trading, the fact that there are no win limits imposed, the “sure bets” are allowed, the highest betting odds on the Internet, the fact that you can act as a bookie and last but not least, it offers exclusiveness on financial betting. But, there are also a couple of Cons regarding Betfair Exchange, which include the transactions not being free of charge for every payment method, slow response time from the support team, live horse racing can only be viewed if you bet €2 and sometimes seems to be too complex which could be a bit overwhelming for the new players.
Why would you choose Betfair over any other exchange markets?
First of all, it is one of the greatest betting exchanges out there because is one of the most reliable and largest betting exchanges in the world. Besides that, it has a wide range of markets on which you can trade your bets. Is possible to have the most broad range of markets available to everyday bettor.
The quick withdrawals and the huge range of payment methods are surely a big plus for Betfair and you can also cash out and enjoy the top live streaming service they offer. Let’s not forget, Betfair Exchange Market’s great variety of products besides sports betting, such as political, world events, major worldwide tournaments. Also, in-play and the most correct score bets are making a great choice out of this sports betting exchange platform, especially for more advanced players.
In the event that you made yourself acquainted with each blue and pink box and their design and what’s what, you’ll understand why Betfair is considered as one of the cleanest and modern platforms in design in comparisons to other exchange markets. The most celebrated sports betting exchange platform, Betfair, has been in the business since 1999 and have been the pioneers of an incredible number of sports betting events that practically, all high-street bookmakers (and not only) offer today.
As an exchange market, they enable each bettor to act like a bookie himself and lay wagers rather than just support them. Anyway, their reward strategy is thin and maybe, who knows, could see an improvement in near future. Betfair Exchange Market is one of the world’s best-known platforms because of the straightforward design and functionality, that it is altogether unique in relation to other competitors. Throughout the years, Betfair Exchange has become a mainstream betting exchange.
They are a piece of the Paddy Power – Betfair group. After their first fruitful year, they made their passage to the online markets and immediately end up at the highest point of the betting exchange business. Their biggest player base originates from the UK market followed by Spain, Italy and other European countries.
How does Betfair Exchange work?
Betfair Exchange or any other exchange market can be seen as working in a similar way to a stock exchange. In this case, Betfair allows you, as an everyday bettor to use their exchange in order to counter bet (match) other users wagers. In some extend, you can say that Betfair Exchange, on their own platform are acting as a referee and a escrow service which will hold your funds along with your counter bettor until that event is settled. Basically, this means that nobody needs to argue that a bet should have won when it lost or it didn’t.
Without a regulated exchange, there are little options available if you are looking to place a bet within the open market. Therefore, most of people are forced to use a bookmaker, who traditionally will give them a worse odd due to their commission and profit margins. However, in the world of business where nothing comes for free, Betfair will charge a commission also on all winning bets. This is usually 5%, but this will decrease if you are a high volume bettors or traders.
Although commission may seem like an odd concept for anyone who is used to betting with a sports book, but you need to keep in mind that those bookies are cutting the odds to ensure a profit. Also, without this commission, Betfair Exchange wouldn’t manage to maintain their service and ultimately, as any other exchange market, will offer you a better odd than any bookie out there in normal conditions.
Why is my bet not matched immediately?
Most people that traditionally bet on any bookies site or store, are used to bets being matched and confirmed almost instantly once they create and submit their sports betting slip. Bets are confirmed quickly because the sports books within their odds had already considered the risk and their margin of profit.
On an exchange however, your bet may take some time to be matched and confirmed. This maybe will seem odd, especially for beginners, but this happens because somebody needs to match your bet at the other end. Typically bets are matched quicker in more popular markets such as let’s say UEFA Champions League matches, Cheltenham Festival or a major tennis tournaments. Of course, sometimes even on these high-profile sports events, you need to wait couple of seconds, especially if you’re placing bets well above or below the market rate.
Betfair Exchange review – Our Conclusion
The size of the markets, and even the range of markets available make Betfair one of the best exchange for sports trading at present. One of the biggest points which makes this platform great for sports betting industry is their API. The Betfair API has allowed numerous third party tools to be developed and integrated – making their competitors life really harder. Some of competitors are trying to catch up, but along with the market share that Betfair Exchange holds at the moment will make life very hard for any direct or indirect player in the exchange market industry.
Whilst it is certainly one of the market’s leader, Betfair has some bad points. Some of these are: their premium charges are taking a toll into many of big players and can deter and discourages many that would have spent a lot of time trading the markets. Occasionally, but probably is something which any company relying on their hardware, their exchange service can dropped out. This happened in the latest years and should be considered if you want to be a serious trader.
However, the bottom line is that, Betfair Exchange is, probably at this time, still the biggest, most liquid and therefore the most usable exchange of all. Their practice commission isn’t ideal, but Betfair wouldn’t be still here if they wouldn’t do bring value to their customers.
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