Betfair Review: Exchange & Sportsbook In-Depth

Betfair is not just a regular bookmaker—it's the world's leading betting exchange, allowing punters to both back and lay bets, trade positions, and access markets unavailable elsewhere. In this review, we explore how Betfair works, the benefits and challenges, key features, and advanced tools for bettors and traders.

Background: What Makes Betfair Different?

Launched in 2000, Betfair revolutionized betting with its peer-to-peer exchange, letting customers act as both punter and bookmaker. Today, it offers both the Exchange and a classic Sportsbook. Betfair holds multiple licenses and is trusted worldwide for both sports and racing, with exceptional market depth on major events.

Betfair Exchange: Backing & Laying

The Exchange lets you take two sides: backing (betting for something to happen, just like a bookie bet) and laying (betting against it, acting as the bookmaker). Odds are determined by market supply and demand, and can often be better than traditional fixed odds—especially in big horse races and major football matches. The exchange also allows for "trading" (locking in profit regardless of outcome) by placing back and lay bets at different prices as odds move.

Commission & Pricing

Betfair charges a commission (typically 2-5%) on net winnings per market. There are no commission fees on losing bets. The rate can depend on your account's country or any promotions. For very high-volume winners, Betfair applies a "premium charge," but this affects only a tiny percentage of users.

Sportsbook: Fixed Odds & Promotions

Betfair's Sportsbook offers a more familiar fixed-odds experience, with regular betting offers, free bet clubs, and price boosts. It's especially easy for beginners, with a slick mobile experience and wide event coverage. However, sharp/consistently winning bettors can be subject to stake restrictions, like most UK bookies.

Market Coverage & Liquidity

The Exchange excels in liquidity—especially on UK/Irish horse racing and top football leagues. Large meetings like Cheltenham, the Grand National, and Premier League matches have enormous volumes, making it easy to place big bets or exit positions at fair prices. For minor sports or low-level racing, liquidity can be patchy.

In-Play, Cash Out, and Live Tools

Betfair was a pioneer in in-play betting, and their platform supports live betting on thousands of events. Cash Out is available on most markets (both Exchange and Sportsbook), allowing you to lock in profits or limit losses before an event finishes. Live streaming is available for many horse races and sports, subject to account and region.

Advanced Features: API & Automation

Betfair provides a public API for programmatic betting and market data—popular for bots, trading software, and professional analysis. There are third-party tools (like Bet Angel) that plug directly into Betfair, offering advanced charting, automation, and one-click trading for in-running horse racing and more.

Mobile Betting & User Experience

Betfair’s website and app are robust, responsive, and user-friendly. The Exchange interface, while powerful, can be intimidating for first-timers—especially when viewing live order books or trying to understand unmatched bets. The Sportsbook interface is more typical and easier to use.

Responsible Gambling

Betfair includes strong responsible gambling features, including deposit limits, reality checks, self-exclusion, and links to independent help. All tools and features are available to users aged 18+ only.

Pros and Cons

Who Should Use Betfair?

Betfair is essential for anyone interested in value betting, matched betting, trading, or using automated strategies. Regular punters also benefit from superior odds and promotions. However, beginners may need some time to understand how exchange betting works—using the Sportsbook as a starting point is recommended if new to betting.

See also

• Value Betting Explained
• Odds Converter Tool
• Bankroll Management