Betfair are without doubt the biggest name in online betting worldwide. They commenced operating in the UK back in 2000, but now have operations in Australia and are on the brink of taking this country by storm, as they did in Europe.

Their revolutionary betting experience is the most unique on the internet. They are not a bookmaker, but in fact a betting exchange. This means Betfair are unlike traditional bookmakers because as a betting exchange customers are betting against each other, not against Betfair. To put this into simple terms, you have a customer who is ‘laying’ a bet, and a customer who is ‘backing’ that bet. As a result, you are getting the best odds available.

The Backing & Laying Concept

The backing and laying concept is what makes Betfair so unique. Essentially, Betfair customers are betting against each other that an outcome will or won’t happen. Take this example: Carlton are $1.50 to beat Collingwood at $3.00.

Backing: If you want to bet $20 Carlton will beat Collingwood, you’re in fact ‘backing’ Carlton to win at $1.50 for a return of $30. Backing is the same as traditional betting.

Laying: This means you’re betting an outcome won’t happen. If you ‘lay off’ Collingwood at $3.00 for $20, it means you don’t think Collingwood can win and you’ll get a return of $30. If Collingwood do win though however, you must payout, meaning you’d have to payout the ‘backer’ $60, the same as a bookmaker.

The good thing about this system is that you can choose your own odds. If you think Carlton deserve to be $2.00 favourites rather than $1.50, then you can back Carlton at $2.00 and if your bet is matched, you stand to win more. The important thing though is to be realistic, cause often if you add too much or too less, you’ll rarely get matched. Betfair odds are usually always higher than bookmakers though, which is why they are so popular.

Betfair Sports & Racing

Betfair have a huge amount of different sports and racing markets, as well as entertainment betting. They probably have more betting markets and options than any other bookmaker in Australia, making it essential to have an account here. They excel in sports betting, particularly with soccer, AFL, rugby American sports.

Racing wise Betfair are excellent too. They have a fantastic racing package with markets on all Australian races, as well as international racing. They have form guides and race results as well which are very popular.

Downfalls

Betting exchanges are a relatively new concept for Australian people, which mean the idea can be very hard to understand at first for some people. Also the Betfair website can be a little hard to navigate at first, which can be a bit annoying. If your running a slow connection, then the pages are likely to load very slow we have noticed.

And Not To Mention…

Betfair are a very innovative company. They are always implanting new things to attract customers and the fact their odds are better than traditional bookmakers is big enough a reason to have an account here. Also, of all the mobile phone applications we have seen so far, the Betfair software is by far the best and most available.

Why Should I Register At Betfair?

If the the best odds, the most markets and the best betting experience on the internet isn’t enough to convince you to register with Betfair, then we aren’t sure what is. If you want to visit the Betfair site and register a new account today then click any of the Betfair links here at BettingBlog.com.au and you will be transferred straight to their website, or click the banner below.