Betfair are the biggest betting exchange out there. With over 4 million registered users, they’re one of the most prominent online gambling organisations in the world. They’ve built their reputation on being incredibly reliable and offering markets for just about every sport you can think of.
This guide will take you through the sign-up process and show you how to lay a bet on the Betfair Exchange.
Betfair commission rates
Betting exchanges make their money by charging commission on winning bets, usually a small percentage of your winnings.
Betfair charge 5% commission as standard, but there is a cheaper option. If you opt into the Betfair Rewards ‘Basic’ package, you’ll pay just 2% commission on any future net winnings.
Betfair sign up offer
Betfair are currently pushing their 2% commission offer to new customers. Sign up using promo code ‘EXCCOS’, and Betfair will automatically apply the 2% commission rate to your account. You’ll continue to pay 2% unless you change your package at any point.
Click here to get this offer, and you should see a page that looks like this.
Hit ‘Join Now‘, and you’ll see the following registration form…
The ‘EXCCOS’ promotional code should already be populated as shown. Once you’ve completed the form, click the button at the bottom, and you’re all set!
Depositing funds with Betfair is pretty much the same as with any bookmaker.
Click the ‘Deposit‘ button in the top right-hand corner if you’re using the site’s desktop version. If you’re using the mobile site or app, you need to click your balance in the top right corner and select ‘Deposit‘.
You’ll see many payment methods available, including debit cards, Apple Pay, PayPal and bank transfer.
Betfair Exchange homepage
The Betfair Exchange is easy to use, and finding your way around should be pretty straightforward.
It’s important to point out that Betfair also run a Sportsbook, so if you’re using the desktop site, you need to select the Exchange tab on the main menu.
Betfair list all available sports down the left-hand side. If you’re looking for a particular event, you can also use the search box at the top of the page.
You’ll see the most popular events conveniently listed in the centre of the homepage. If you wanted to look at the Freiburg v Leverkusen match, you could select it here.
Betfair Exchange markets
Once you’ve selected an event, you’ll see a page that looks something like this.
The Match Odds market is displayed, which I’ll give you a closer look at in just a moment.
You’ll see the available markets listed down the left-hand side of the desktop site for quick reference, or you can scroll down to see them in more detail.
Betfair Exchange explained
Betfair split all markets into two halves; a blue half and a pink half. The blue column displays the best available back odds for each selection, whilst the pink column displays the best available lay odds.
Matched betting is all about placing lay bets that match your bookmaker bets, so it’s the pink column you’re interested in.
The monetary values underneath the odds represent liquidity, which is how much is available to back or lay at those particular odds.
How to lay a bet on Betfair
Laying a bet on the Betfair Exchange is pretty straightforward.
You find the selection you want to lay and click the corresponding pink button. So, if you wanted to lay Leverkusen, you would click the 1.77 button.
Betfair will add the selection to your bet slip. You then need to enter the amount you wish to lay and click ‘Place bet(s)‘…
I’ve entered a lay stake of £10. As soon as you enter your lay stake, Betfair will display your potential profit or loss for the possible outcomes on the left-hand side.
As you can see, the liability for this lay bet is £7.70.
So, to clarify here. You are betting against Leverkusen.
If Leverkusen win, you’ll lose £7.70 to the backer.
If Leverkusen lose or draw, you’ll win the backer’s stake of £10.
That’s pretty much all you need to know about the Betfair Exchange, and it is a fantastic platform for placing lay bets.
Don’t worry if you’re still a little unsure of things. Betting exchanges can take a bit of time to understand, and that’s perfectly normal.
Everything should click into place once you get started and complete your first couple of offers.