Betfair
What is Betfair?
At Betfair there is NO BOOKIE. All bets on Betfair have been placed there by
users who either want to have a bet in the normal way (back), or offer odds to
other punters (lay).
Bets are matched between people with opposing views.
Differences between betting with Betfair vs. a bookmaker:
- You can back or lay a bet.
- You can choose the odds you want
to play at
- Commission and Tax.
- You can bet whilst the game is
in play.
Back or lay
When you "back" a selection (be it an individual, a team, horse, dog
or other), you are betting that it will win. This is just like betting with
traditional bookies.
When you "lay" it, you are betting against it winning. For example,
if you're betting in a market on which team is going to win the Premiership and
you lay Man Utd, you offer odds to other punters who wish to back Man Utd. If
Man Utd don't win, then you pick up the backer's stake. If Man Utd win, theny ou
pay out. This is what bookmakers traditionally do.
You never know who you are
betting against, your privacy and the confidentiality of your bets is maintained
by Betfair's secure site.
Choose odds
With Betfair there is always a choice of what odds to accept. If you want better
odds than are currently available, you can place an order for a better price,
but be realistic because there has to be somebody prepared to lay the bet at
those odds, and vice versa.
Take a look at the odds before a game and you will see them change as
visitors back and lay their bets. The odds often improve nearer to the off, as
there are more people in the market.
Commission Betfair
You do not pay tax at Betfair, and commission is only paid on your net winnings
on each market. This is particularly beneficial if you have multiple bets on a
single market such as the Premiership Winner market. Some of your bets may win,
some may lose, however you only pay commission on your NET winnings. If your
bets in a particular market amount to a net loss, you do not pay commission.
We offer a customer
incentive scheme. Your Betfair is set according to how much you use
Betfair.
Fees for transferring funds to and
from Betfair
Person to Person Betting with Betfair
To reflect Betfair's own charges, there is a 1.5% fee for all credit card
deposits. There is NO fee for UK debit card deposits or withdrawals to any card.
Deposits and withdrawals can also be made by cheque and bank transfer - there is
a small fee for bank transfer withdrawals only. These fees are made by our bank
and are not retained by Betfair.
Who is behind Betfair?
Betfair is the trading name of The Sporting Exchange Ltd.
The Sporting Exchange Limited is registered as a limited liability company in
England and Wales, company number 3770548. The registered office of The Sporting
Exchange Limited is at:
The Waterfront,
Hammersmith Embankment,
London,
W6 9HP.
The Sporting Exchange Limited was founded in August 1999 by Andrew Black and
Edward Wray in order to commercialise proprietary betting technology that had
been under development for the preceding year.
The technology used by The Sporting Exchange Limited is proprietary and, as well
as being protected by copyright, is the subject of a patent application that has
been filed with the United Kingdom Patent Office.
The Sporting Exchange Limited is located in the United Kingdom and operates
within the confines of the Betting, Gaming and Lotteries Act 1963. It holds a
bookmaker's permit in England and Wales.
For any enquiries concerning the company please go to the BETFAIR.
Is betting with Betfair
safe?
- Your full card details are
encrypted and sent over the internet only once - when you register your
card.
- Your card details remain
encrypted and are stored on Betfair's secure server.
- Betfair uses DataCash and The
Royal Bank of Scotland plc as our secure payment partners.
- Betfair possesses a BT TrustWise
Secure Server Certificate, has a bookmaker's permit and is registered as a
limited liability company in England and Wales.
- For further information on the
Betfair deposit process, email info@Betfair.com
or call our UK help desk on 0870 0110 444.
Betting Exchanges and Person to Person Betting choose Betfair first.
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