Betfair Betting Exchange originally started operating in the United Kingdom in 2000. Join Betfair Here
In Australia, it is licensed and regulated by the Tasmanian Gaming Commission.
The company claims to have over 3 million customers and 1200 employees throughout the world.
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The most unique feature of Betfair is that it permits punters to both back and lay wagers, effectively allowing them to act as both punter and bookmaker.
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Since they operate all over the world, they offer more languages than any other online bookmaker, including five versions of English if you should tire of one or another.
The minimum online wager amount is five dollars, the highest of all the bookmakers reviewed here. This is due to Betfair's commission structure resulting from offering the ability to back or lay events.
They have no turnover requirements and no dormant account fees, worthwhile benefits to the dedicated punter who wants the occasional break from betting.
As for funding the betting account, Betfair offers the options of using credit cards, POLi, bank transfer, BPAY, Moneybookers, NETeller and Cheques.
To a person new to the online betting environment, Betfair's website may seem a bit intimidating at first, but there is an extensive help section, along with videos that explain in great detail all the concepts of wagering as well as how to navigate the website and fill out a betting slip.
Betfair's racing market offers racing from Australia, France, Great Britain, Ireland, New Zealand, South Africa and the United States. Every conceivable type of wager is available.
Complete results and form sheets are available, also included is live video and radio coverage of events. Beginners may want to avoid laying events at first, at least until the concept of liability in the case of a lay going against you is understood thoroughly.
Betfair offers the racing punter everything they could desire from an online wagering site.
Functioning as a bet matching service rather than as a traditional bookmaker takes some getting used to, but the payoff is well worth the effort.
One of the major reasons why Betfair enjoys a huge punter following is because it offers a huge selection of betting products, No Free bets, and specials.
In these products are some of the best odds that are better than the Australian TABs.
The bookmaker not only allows you to back a selection to win but also to pick selections to lose and pick your own odds just like stockbrokers do. As a punter you get to make the best of both worlds. Betfair offers fixed price odds on events set by punters across the globe.
Betfair charges a 5 percent or less commission on winning bets, which makes it a lucrative proposition for punters. The bookmaker offers ‘In Play' betting on select races where you can either Back or Lay off a horse during the course of the race.
Besides, you can sign up for free and receive fixed price odds on all races. You Back a horse the same way as you would place a bet with a bookmaker. On the other hand, when you Lay a horse, you are betting on it not to win, so if the horse loses you win or vice versa.
Among the other products and bet types offered are:
Fair Price – This combines two products called Fair Div and Fair Fluc. You get the best odds of among the three Australian totes with Fair Div on Win, Place, and Each Way, and best fluctuation odds with Fair Fluc from on-course bookmakers.
Betfair Tote – The bookmaker's Tote service is in conjunction with Tote Tasmania which is a part of the Super TAB pool. This includes Win, Place, Exacta, Double, Quinella, Trifecta, and Quaddie bets.
Betfair also offers Multiple Betting, a product that lets you combine selections from different markets into one single bet between 2 and 8 legs with odds that are determined by multiplying the odds of each leg.
In-Play betting is one of Betfair's popular products where punters can take advantage of rapidly fluctuating odds during a race. It allows you to place a bet after the jump and while the race is on.
Betfair Owners Club gives racehorse and greyhound owners the privilege to register with Betfair and earn a 20 percent bonus on every horse or greyhound they own and back to win. What a great way to make the most of a winning streak.
Autumn racing cash back special – On major Autumn race days on Saturdays, from February to April, such CF Orr Stakes Day, Blue Diamond Stakes Day, Golden Slipper Stakes Day and the AJC Queen Elizabeth Stakes Day, Betfair offers a refund on your stake up to $50 if your horse is placed second and loses by less than half a length.
Racing Zone Interactive Tool – Open an account with Betfair and you get access to a number of interactive tools to compare Betfair Back & Lay odds with the three Australian TABs and get the best current price available. You can customise your preferences to suit your needs. You also receive the latest race results, scratchings, form guides, and much more. Then again, there are many more reasons to sign up with Betfair and ensure you get the best odds available on a variety of horse and greyhound racing, and other sports.