Betfair: How Old is the Betting Exchange?

The world of sports betting can be a tricky one to navigate. One minute you’re ahead, the next you’re behind. This isn’t the kind of game you want to play with zero edge. Fortunately, there are places like Betfair where you can go to get the advantage of the best odds for all your sports.

With over a century of experience in the market, it’s no surprise that Betfair is one of the most popular betting exchanges around. We take a look at how old the company is, and whether it’s worth diving into their ecosystem.

When Did They Start?

It’s always good to learn about the history of an organization and the country it’s located in. In the case of Betfair, the company was initially formed in England in 1910. Back then, horse racing and greyhound racing were the popular sports but poker had just been invented.

The company started as Tote Board, which was an early form of a bookmaker. The company initially offered horse race betting and soon expanded to other sports like greyhound racing and football. At first, they only took bets on sporting events that were available for viewing in Britain which is why they’re considered an English company. But in recent years, they’ve opened doors to other markets like poker and casino games which now account for 40% of their revenue.

Where Can I Buy Bets?

If you want to place a bet with Betfair, you’ll need to have an account there first. It’s free to sign up and open an account, but you’ll have to make a deposit. The minimum deposit is £5 though it can vary depending on the currency you use. For example, if you use Australian dollars, you’ll need to make a minimum deposit of AU$10.

To bet with them, you’ll need to have one of their three supported sportsbooks installed on your phone or computer. These are:

  • Betfair
  • Paddy Power
  • Unibet

If you’re new to betting, it’s a good idea to start out with one of their generous welcome bonuses which can give you an extra £20 free bets to play with. You’ll also need to make a minimum bet of £5 to activate the free bet offer which they’ve deemed to be fair use of their welcome package.

How Is Their Customer Support?

When you’ve made a deposit at a sportsbook, the next step is to open an account with their support team where you’ll be able to contact them via live chat or email. Their customer support is available 24/7 and they strive to deliver a first-class experience to all their customers who have accounts there. They also offer a money-back guarantee if you meet the right conditions. Typically, this involves the return of your deposit within 14 days of making it. Naturally, this is only applicable to new customers.

What Are Their Terms & Conditions?

Terms and conditions are a part of every contract, whether written or verbal. In the case of betting, they determine your relationship with the bookmaker. When you open an account with them, you’ll see a set of conditions which you must agree to. These are:

  • Match or Event Rules
  • Privacy Policy
  • Betting Rules
  • Cancellation Policy

The match or event rules are more akin to the laws of the land than a traditional sportsbook’s terms and conditions. But in an effort to be transparent and fair to their customers, they’ll have to abide by them. These can vary from stating how many legs a horse has or what events are and aren’t allowed during the pandemic. But mostly they’re just there to regulate the relationship between you and the bookmaker. And as long as both of you abided by them, there shouldn’t be a problem.

What Other Products Do They Offer?

Along with their core sportsbooks, Betfair also offers a ‘Virtual Mall’. This is a place where you can buy all sorts of other products related to sports and betting. You can buy shirts, hoodies, and hats featuring your favourite team or player. You can also purchase horse racing and greyhound racing odds, or check out the best odds on the Australian Football League. In the case of the latter, they even have a section devoted to the Asian Cup which runs from December to January.

While most bookmakers’ malls are mere compilations of unrelated odds and products, the oddsmaker at Betfair has skillfully curated a one-stop-shop for your sports and betting needs. You’ll find all the products you need in one place and at one time so there’s no more hunting for odds or looking up results at different sites. Not only that, but you can get all the latest news and other pertinent information about your favourite sporting events from one place. Definitely one of the best malls out there.

How Is The Ecosystem?

This is the part of the review where we get into the weeds a little bit and look at the different ways you can participate in the ecosystem. One option is to utilize a service like bet365 which is a very popular betting website that also offers in-house betting if you want to directly interact with the bookmakers. But aside from that, the entire ecosystem revolves around the three betting platforms mentioned at the beginning of this article. And as we’ve already established, 40% of their revenue now comes from poker and casino games, so it’s fair to say that these are the primary sources of their revenue.

As a new customer, you’re going to be attracted to their generous welcome bonuses which are worth up to £200 in free bets. This alone might make it worth ditching your bookmaker for. But aside from that, you can take advantage of low odds and great betting markets on a range of sports and games. If you’re looking for an edge in your betting, you can also utilize one of their helpful experts who are available to answer your questions 24/7. It’s a shame the UK government didn’t implement total football betting sooner. As things stand, there’s no place better than Betfair for punters in the UK.