Betfair Review: Australia’s Only Betting Exchange

When Betfair first debuted in Australia’s online gambling market, it completely revolutionised sports betting with its stock-market style betting exchange platform. In this Betfair review, we’ve taken a dive into what makes this site so good, and have explored everything from the odds, sports markets, and betting features.

Our Rating of Betfair - AustraliaAustralia Flag

Overview – Click to Find Out More
Sports to bet on 30+
Avg. markets (AFL) 12
Live streaming No
Payout rate (AFL) 97.5%
Partnerships AFL Cricket Australia
Languages offered English, Portuguese, Spanish, German
Customer service Live Chat/Phone/Email
Gambling Licence Northern Territory Racing Commission
World-Class Betting
Play Here VISIT SITE!
Website www.betfair.com.au
Overall Rating 4.6 / 5
Betfair Highlights:
Sports Rank Best Mobile Betting Sites
Payment Rank Top PayPal Betting Sites
Players must be 18+ to join. Full Terms and Conditions apply.

In order to ensure that you find the right betting platform for you, we’ve covered a wide array of topics that our Australian readers have reported as being the most important. These categories include the available betting markets, web design, payment methods, and customer support.

Introduction to the Betfair Sports Betting Exchange

Betfair is unlike all other sportsbooks in Australia, in that it uses a peer-to-peer betting system for users to bet against each other on events as opposed to a sportsbook. As you will find by reading this Betfair review, this unique system has resulted in a fair and interesting platform that is well worth discovering.

Available Sports Markets and Betting Types

The Betfair sports betting exchange offers a large variety of global sports, leagues, individual events and markets, making it a perfect site for sports lovers. As a betting partner for Australia’s top sporting leagues such as the AFL, AFL and Cricket Australia, the exchange uses accurate data to advise its markets.

You can find a list of some of the websites’ most popular sports to bet below. However, these represent just a handful of the more than 30 sports available to bet on, not to mention the countless other events within the eSports and Olympics markets.

The Most Popular Sports Markets at Betfair
Australian Rules Football Rugby League Soccer Tennis Horse Racing
Australian Football League National Rugby League A-League Australian Open Melbourne Cup
Australian Football League Women’s Premier League French Open Caulfield Cup
Champions League US Open Golden Slipper Stakes
Europa League Davis Cup Victoria Derby
Bundesliga Wimbledon W.S. Cox Cup
La Liga ATP Tour Queen Elizabeth Stakes

Although international sports such as soccer offer a huge amount of markets to Australia’s bettors, AFL is the most popular sport to bet on at Betfair. As a peer-to-peer platform, this means that there is more liquidity in Aussie rules markets and a wider opportunity to win bigger stakes.

Horse race betting is also a particularly huge market on Betfair and generates high volumes of betting exchanges. As far as the sports selection goes, Betfair provides all you could want and more. We’re confident that you should always be able to find something no matter the time of year.

Live Betting & Streaming

Due to legislation, online live betting is illegal in Australia for most sports. However, Betfair does offer online in-play live betting on horse races and does facilitate over-the-phone in-play bets which are entirely legal. For horse racing, players can wager in the exchange as soon as an ‘In-Play’ tab appears.

For sports, the markets will prompt you to choose an in-play bet based on odds displayed and then give you the option to make the wager with a telephone number provided, whether you want to Back or Lay the outcome. This is about as good as it gets in Australia, so we’ve scored this criterion highly in our Betfair review.

Unfortunately, Betfair Australia does not offer live streams of sporting events, which we must admit is a major downside.

Multi Bet Options

Betfair offers multi bets, or accumulator bets, which allow you to combine a number of selections from different markets into a single bet. You can choose between two and eight different outcomes on a single bet slip and odds are calculated by multiplying the odds for each outcome together.

To place a multi bet on Betfair, you can click on the Multiples tab which will take you to the most popular multi markets and display which multi groups are available. Betfair also occasionally offers coupons to enable players to make selections from a number of similar markets within one easy to view slip.

Betfair also supports a number of different systems bets such as Yankees. As far as multiple betting platforms go, the Betfair sports betting exchange is easy to use and helps facilitate fast and logical mutlis.

Betting Minimums and Win Limits at Betfair Australia

As with all betting platforms, there are minimum bets and maximum wins placed on different markets, though maximums work a bit differently at this site. The minimum starting price bet on the online Betfair Exchange is $5 and $50 through the telephone betting service, meaning all in-play bets must be $50 or more.

Because the exchange relies on user betting activity to create liquidity, maximum winnings for outcomes change for every single event. On average, the maximum payouts hover between $20,000 and $50,000, however, this can be higher. Considering that this amount can exceed $1 million at other sites, it may make the platform less attractive to high-rollers.

The Odds and Payouts10

One area that Betfair excels is the odds. In fact, it is well understood that Betfair odds are among the best in Australia due to the fact that the exchange does not use margins in its odds. Instead, the website takes a commission on winning bets, leaving much more money up for grabs.

One interesting feature is that when players make a Back bet, that is, to Back an outcome, you can take the current price on offer or choose to enter odds of your choosing. While this doesn’t guarantee that the prices will be matched by other users, there is a chance that if the odds change then your bet will be at least partially matched.

Betfair also uses an exclusive betting option called the lay bet, which allows players to bet against something to win, which helps to generate more liquidity. Below, you can see some of the average odds offered for Australia’s most popular sports at Betfair, including AFL, Cricket, the NRL and Tennis.

Odds Levels for the Largest Sports Markets
  • .
  • AFL95.65 - 98.01%
  • NRL95.33 - 97.09%
  • Cricket97.52 - 98.32%
  • Tennis95.74 - 98.18%
  • Horse Racing94.25 - 96.33%
  • Supercars96.77 - 97.64%
  • Golf93.55 - 98.32%
  • Soccer94.87 - 97.38%
  • ..
  • .....
  • Return to Player (%)

The in-play odds and payouts can also be quite competitive, though due to the relative inconvenience of these bets, there is less bettor interest and generally tends to be less liquidity. Just keep in mind that in-play odds can change in an instant, so you’ll need to be quick with placing your calls if you want to claim the odds.

The payouts are determined by how much Betfair commission is owed. Each market has a Market Base Rate (MBR), which is a maximum percentage of the winnings you will need to pay as commission. The average MBR for sports is 5% and 6-10% for horse racing. Fortunately, the MBR for AFL is only 2.5% at Betfair, making it by far the fairest place to wager on AFL in Australia.

Payment Methods

Betfair provides plenty of payment method options for making both deposits and withdrawals into player accounts, including major credit card and E-Wallet companies. These versatile options mean that customers can always choose the most convenient method for their needs. We’ve listed several of the best payment methods available at Betfair below.

Payment Methods Withdrawal Limits Deposit Limits Withdrawal Time Deposit Time Fees
Visa Unlimited AU$10- AU$40,000 1 – 5 days Instant Free
MasterCard Unlimited AU$10- AU$40,000 1 – 5 days Instant Free
PayPal Unlimited AU$20 – AU$12,500 Up to 1 day Instant Free
Skrill Unlimited AU$15 – AU$100,000 1 – 2 days Instant Free
Neteller Unlimited AU$25 – AU$10,000 1 – 2 days Instant Free
POLi Unlimited AU$5 – AU$20,000 N/A Instant Free
Bank Transfer Unlimited AU$100 – AU$100,000 2 – 10 days 2 – 10 days Free

All of the above payment methods have reputations for being highly secure and safe, though some are certainly more convenient than others. For example, PayPal is perfect for both deposits and withdrawals and facilitates fast transactions, whereas credit cards can be more slow. That being said, Mastercard and Visas limits are much higher.

The Platform’s Usability and Design

One of the most noticeable features of the Betfair betting exchange is it’s attractive, functional, and high-powered web design. Aesthetically, the site uses a bold colour scheme and clear categorisation to make finding the betting options, sports markets, and account controls a fast and painless process.

The website includes a huge number of help and information services including what it calls The Hub to help users discover new bets and give informative tips. The website’s developers have implemented plenty of useful videos to introduce the platform to new users, which is great considering Betfair’s unconventional exchange system.

The pages load fast, and we found that any information on the background or processes of the website was easy to find within its detailed FAQs section or other useful tabs. Overall, we have given top marks for the platform design in this important category of our Betfair review, and we’re confident that you will agree.

How to Place a Bet

The Betfair sports betting process is extremely simple. All you need to do is set up an account, find the sports and markets that interest you and place your wager. That being said, it does help to have an understanding of the different kinds of options available, whether they be odds bets or coupon bets.

With Betfair’s The Hub, you can watch plenty of useful video tutorials which will explain the different betting options in layman’s terms, so we highly recommend these if you’re new to online sports betting. Regardless, we’ve created a step-by-step guide on the basic processes of placing your Betfair wagers.

  • [1] Open an AccountBetfair account openingSet up your account. This will require you to verify your identity and make a deposit, so be sure to have the relevant documents on hand.
  • [2] Find Sports MarketBetfair sports marketsSearch the sports and markets that interest you and make a decision on what you want to bet on. Clicking on a betting option will take you to the bet slip.
  • [3] Enter StakeBetfair placing a betEither make a single odds bet or use coupons to make multiple bets. Enter your stake above $5 and the slip will calculate your overall odds. Place bet.

If you want to place a live bet, you must make it over a telephone line. You will be able to find live odds on the normal market page as the event is underway, and this will be indicated by an ‘In-Play’ betting sign appearing on the market. Keep in mind that your in-play bets must meet the minimum of $50.

Keep in mind that whether it’s during a match or in the lead up to sports events, odds are always subject to fluctuation. It’s important not to wait too long to place a bet if you find odds that excite you.

About Betfair

Betfair was founded in the United Kingdom in 2000 and made its debut to the Australian market in 2005. It’s introduction was instantly controversial in the country due to its undercutting of traditional bookmakers with fairer odds. Betfair Australia is now one of the most popular online sports betting platforms in the country. Below, we’ve gone into further details about the company and its operations.

The Business Operations

Betfair was first licensed by the Tasmanian government in 2005. However, almost immediately the company faced a backlash from Australia’s traditional bookmakers and resulted in Western Australia banning betting exchanges outright. This triggered a High Court case that eventually resulted in the ban being overturned.

The company has since earned a license by the Northern Territory Racing Commission. Since August 2014, Betfair Australia has been owned by the Crown Resorts group, which is one of Australia’s largest gambling companies and the owner behind Melbourne’s famous Crown Casino and Resort. We have listed some more details about the company below.

All About the Betfair Business
Company Support Security Player Protection
Name:Betfair Group plc Live Chat:24/7 Encryption:256bit SSL Deposit Limits:Adjustable
Head Office:Level 13, 459 Collins Street Melbourne Phone:1300 238 324 Licence Number: Betting Limits:Adjustable
Owner:Crown Resorts Ltd Email:service@betfair.com.au Testing Agency:eCOGRA Self Exclusion:Available
Employees:N/A Fax:N/A Audit Organisation:eCOGRA Child Protection:Guaranteed
Registered Players:4 Million Other:FAQ, Contact forms Anti Money Laundering Controls:KYC Partner Organisations:Gambling Therapy, Gambling Help Online

The global Betfair brand is estimated to cater to more than four million players and operates in a number of global markets such as Malta, the United States and Bulgaria. The Australian offshoot has partnered with several sporting organisations, including the AFL and Cricket Australia, to use official league data.

Customer Support Services10

The customer service availability of a sportsbook is an extremely important factor to consider before you sign up to any new betting platform. The more available the customer support, the more trustworthy it is, as this indicates that the website cares about retaining a happy customer base and is serious about addressing any issues in a helpful and timely manner.

Preferably, gambling websites should offer around-the-clock service, meaning 24 hours a day, 7 days a week. Live chat tends to be the most convenient method of contact, though telephone and email services are also valuable. English support is a necessity, and any other languages offered is a huge bonus.

We were happy to find that Betfair offers 24/7 support, including a live chat, telephone and email service. We found that the customer support workers were fast, helpful, and friendly, and offered expert advice in English. This is why we’ve given the company top marks for customer service in this section of our Betfair review.

Licensing, Safety & Security10

In order for a sportsbook to be approved to accept bets in Australia, it must first earn a license from a gaming regulator in at least one of the country’s states or territories. Betfair has earned a license with the Northern Territory Racing Commission, which is one of the primary Australian licensing bodies for online sports betting platforms.

Licensing ensures that websites utilize encryption technology to safeguard players’ finances from outside cyber attacks, and Betfair uses 256bit SSL certification to achieve this. It also requires websites to undergo independent testing from third-party laboratories to ensure that it is not rigged to scam players.

It also ensures that websites follow strict responsible gambling guidelines in order to protect vulnerable players. Betfair co-operates with several responsible gambling organisations and includes self-exclusion and self-limitation features. In addition to Australia, Betfair also holds licenses in Malta and the UK Gambling Commission.

Additional Features6

Now that we’re nearing the conclusion of our review for the Betfair Australia platform, we want to award some bonus points for any extra features that the site offers. These important elements, such as unique markets, promotions, sponsorships, and live streams, are what set the good bookies apart from the great.

For Betfair, there are some areas that the platform really excels, and some that could use some attention. Most notably, the fact that the website has partnered with so many official sports leagues indicates that the site is extremely trustworthy, as well as the fact it has won several international awards.

  • Live Streams.0/3
  • Sponsorship.3/3
  • Awards.2/2
  • Extra Markets.1/1
  • Bonuses.0/1
  • Bonus Points.6

Perhaps the biggest downside to Betfair is that there are no live streaming capabilities, which is a feature that several of its competitors offer. That being said, the platform does offer some exciting novelty betting markets to make things interesting, and the Betfair betting odds are so competitive that this is more than made up for.

Conclusion: The Best Odds Await You at Betfair

If you’re looking for the best odds in Australia, you’ll want to sign up to Betfair. This platform is globally recognized for its unique systems and offers dozens of sports and hundreds of markets to wager on. As an official partner of Australia’s most popular sporting leagues, you can be sure that this is a trustworthy company.

Players have access to a wide array of fast and versatile payment options at Betfair, and making an account is an extremely straightforward process. We were particularly impressed by the well-designed web platform and the easy-to-navigate categories, not to mention the extremely helpful and friendly customer support team.

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Strengths and Weaknesses of Betfair
  • Major Strengths
  • Australia’s Only Betting Exchange
  • Best Odds
  • Major Weaknesses
  • No Live Streaming
  • Minor Strengths
  • Low Commissions
  • Plenty of Sports
  • Minor Weaknesses
  • Smaller Maximum Payouts
Players must be 18+ to join. Full Terms and Conditions apply.

Perhaps the largest issues that we came across in this Betfair review was the lack of any live streaming options. Furthermore, the price that players must pay for the peer-to-peer Betfair odds system is that maximum payouts can be far smaller than other great Australian betting sites, making this site unideal for high-roller bettors.

Frequently Asked Questions

In the following section, you will find answers to common questions asked about the Betfair sports betting site. In each answer, we’ve provided a jump link to the relevant sections of our review so you can find more in-depth information. If you still have further questions, send us an email to info@bestbettingsites.com and we will get back to you with an accurate answer as soon as possible.

💻 How do I reach customer support?

If you don’t have an account and have some queries you want answered by the team, you can reach customer service through the email address we have provided in our company information section. If you do have an account, you should always be able to find a live chat icon on the right-hand side of the screen. This is the most convenient way to seek help, as wait times are short and the service is available 24/7.

⚖ Is it legal to make in-play bets in Australia?

Yes, it is legal to make in-play bets in Australia. However making live bets through an online service is illegal. If you wish to make an in-play bet with Betfair, you will need to call the dedicated live betting hotline. Just keep in mind that there is a $50 minimum for all over-the-phone bets.

💳 What is the best payment method to use?

In our experience, eWallets are the best payment method to use for online sports betting transactions. Not only are these kinds of payment methods extra secure, but they are versatile as both withdrawal and deposit methods. They also tend to offer the fastest transactions. That being said, the services may charge you transaction fees, so we suggest researching this before making any huge transfers.

🔐 Why is licensing important?

In Australia, it is a legal requirement for sports betting sites to be licensed. This is because licensing guarantees that betting platforms will run trustworthy and secure operations that do not prey on vulnerable customers. It also ensures that operators will payout all owed winnings. This is why we strongly advise you to avoid unlicensed offshore bookmakers.