A real game changer.
As Australia’s only online betting exchange, Betfair offers a real alternative to betting with a bookmaker. The platform provides a unique range of non-traditional betting methods that can help punters increase payout potential, uncover opportunities and minimise risk.
So, how does Betfair work?
You know how traditional betting works? A licensed bookmaker puts up the odds and you take them. They accept your bet and pay out if you win.
Betfair is different. The Betfair Exchange connects you with punters all over the world to put up your own odds and place bets. With no interference from a bookmaker, the Betfair Exchange invites a real community to interact directly with the odds and control the market, meaning better odds and better value for you.
How do I place a bet?
There are two ways to bet at Betfair: you can either back the odds or you can lay them. To “back” the odds means you are betting that something will happen – a traditional way to bet. By “laying” the odds you are doing the reverse: you bet that something will not happen – and you want to be proven right.
To place your bet, go to your selected market and choose the odds available in either the blue (back) or pink (lay) boxes. Decide how much you want to bet and confirm.
But what if you don’t like the odds you see? Ask for something better! Simply adjust the odds on your betting slip and place your bet. Your request will be submitted to the exchange platform, waiting for the Betfair community to decide if they will accept (or “match”) your offer.
Perhaps you are growing tired of being returned with unmatched bets? This is why we introduced the Betfair Starting Price (or Betfair SP). It guarantees that a punter will have their bet locked in at a fixed price, which is based on back and lay bets placed by the community on horse racing, greyhound racing and harness racing markets.
There are no limits to the size of your bet and the odds you want. There is no margin for profit built into any market by us. At Betfair, it is you betting against the world. Play your way on Australia’s only online betting exchange.
How does Betfair make money?
You might be wondering: if a bookmaker makes money by beating punters and claiming their losing stake, how does Betfair make theirs?
The answer is simple – we take a small cut from the punter’s winnings instead.
Better known as commission, Betfair will charge a small percentage fee or Market Base Rate (or MBR) on all customer winnings. The MBR will vary depending on region or sporting code and is dictated by how much a sporting governing body taxes Betfair for allowing punters to bet on their product on the Betfair Exchange.
So while bookmakers attempt to make profit off losing punters, the Betfair Exchange encourages you to find an edge to win – and win more! We don’t care how good you are or the rate of money you make. Everyone is welcome to bet at Betfair.