How Does Betfair Exchange Work

Betfair is a betting exchange. A betting exchange is a bookie which uses technology to make sure you get a better price. It does that by reducing its risk, which. Betfair Exchange customers in the UK and Ireland who don't opt into My Betfair Rewards (and so are placed in the standard ‘Rewards' package) will pay a maximum of 5% on their net winnings (there's no commission paid on the returned stake). My Betfair Rewards has replaced the old Betfair Points calculation, meaning customers have more. Put simply, the Betfair Exchange provides a platform for punters to bet against each other rather than betting against a bookmaker. You can back a bet (betting on an event to happen) or lay a bet (betting on something you don't think will happen). Backers and layers will get their bets matched as long as they both agree on a price. A quick tutorial which answers the questions: What is an exchange? How does Betfair work?

Unlike traditional bookmakers, Betfair makes its income from commission. For every bet settled, a small percentage will be taken from the net winnings. That percentage varies primarily according to what Betfair rewards package you have chosen, but could also be impacted by your discount rate based on Betfair Points you've earned by betting, and by what county you live in.

Why commission saves you money

Charging customers a nominal commission means that the Betfair Exchange needn't rely on profit margins to make its money. For most fixed-odds, ‘sportsbook' bookmakers, it's necessary to build a profit margin, or ‘over-round‘ on their prospective prices for each horse in a race*. By compiling their own books, this means the bookmakers can guarantee themselves a profit, regardless of the outcome – they have made their own green book.

The Betfair Exchange meanwhile relies on backers and layers being matched against each other, the perfect point where supply (layers) meets demand (backers) to create a ‘true' price of an event happening. Because of this pure market place margins are kept very small, and the price you get is very often a better one – commonly over 90% of horses are best-priced on the Betfair Exchange. So, in most cases the added pay-out more than makes up for what you pay in commission.

*In practice, sportsbooks cannot truly reflect each horse's chance of winning owing to multiple other considerations they must factor into a horse's price. Concessions such as best odds guaranteed, each-way terms – and extra places if they decide to increase from the standard place terms - and any other headline promotions they might be running (for example Money Back if horse X wins). All of these additional ‘costs' will likely be factored into a sportsbook price through added margin, meaning punters are not getting a true reflection of a horse's chance of winning unlike on the Betfair Exchange, where the market place is stripped of all those sorts of additional considerations and merely reflects the true chance of a horse winning the race. The art of finding over-priced horses is known as value betting – which is exactly how our Jury and TV focus tips work.

How much commission do you pay on the Betfair Exchange?

Betfair Exchange customers in the UK and Ireland who don't opt into My Betfair Rewards (and so are placed in the standard ‘Rewards' package) will pay a maximum of 5% on their net winnings (there's no commission paid on the returned stake). My Betfair Rewards has replaced the old Betfair Points calculation, meaning customers have more freedom to choose a commission level that suits their betting. This personalisation of the commission structure means customers have the choice to pay either 8%, 5% or 2% commission on Exchange winnings. The Rewards+, Rewards and Basic packages all comes with various add-ons to help tailor your Betfair experience to your preferred way of betting. You can fund full details of what's included with all three packages here.

How is commission worked out?

In simple terms, it's deducted from your winnings. Let's say you've chosen the Rewards+ package on My Betfair Rewards and are paying 8% commission on your Exchange winnings.

At Cheltenham in March you place a £10 back bet on the winner of the Gold Cup at odds of 10.0 (9/1). That means you'll win £90 + £10 stake = £100 before commission. Your 8% deduction is made off the £90, meaning you'll actually win £82.80 + £10 stake = £92.80.

Over the last 10 years at Cheltenham the Betfair Exchange has been best priced on 94% of all runners, AFTER commission. So you're still highly likely to be getting the best price in the market, even after you've paid commission.

If you decide to opt-in to the standard Rewards or Basic package and thus pay just 5% or 2% commission respectively, then in the above example you'll end up like this;

Winning Horse Odds Winnings Pre-Commission (£10 stake) My Betfair Rewards Commission Deductions Winnings Post-Commission Total winnings (inc. £10 stake)

10.0 (9/1) £90 Rewards+ = 8% commission £7.20

Betfair Exchange

= (90 ÷ 100) x8 (90 – 7.20) = £82.80 £92.80

10.0 (9/1) £90 Rewards = 5% commission £4.50

= (90 ÷ 100) x5 (90 – 4.50) = £85.50 £95.50

10.0 (9/1) £90 Basic = 2% commission £1.80

= (90 ÷ 100) x2 (90 – 1.80) = £88.20 £98.20

Can I change my chosen package?

Yes! At the start of each month, you can switch your My Betfair Rewards package, allowing you to move freely between Rewards+, Rewards and Basic. But remember, you can do this just once a month. Simply log in to your Betfair account, visit My Account and chose My Betfair Rewards from the Promotions & Rewards menu option.

So what are Betfair Points and do they still exist?

Betfair Points were the system that was used to calculate commission payments before the launch of My Betfair Rewards. While they no longer exist for the calculation of commission like you may be used they are still accrued as there are some areas where Betfair Points are still needed;

1. Becoming a blackjack dealer. All UK and IRE customers will now be using My Betfair Rewards for their commission structure. Some international jurisdictions will also be taking advantage of My Betfair Rewards. However not all International territories are, and so in those areas the old Betfair Points system will still be in use.

2. Customers betting on events taking place in Australia – think Melbourne Cup, Australian Open tennis, Big Bash and Test Cricket, etc – will have Betfair Points used to calculate commission, regardless of if they're using My Betfair Rewards day-to-day. More information about this can be found here.

Registration and Payment Queries

Betfair has a number of payment methods for depositing into your account. Please visit our Deposits & Withdrawals page for detailed information.

No, Betfair cannot accept deposits from third parties or persons other than the Betfair account holder.

We do not charge any fees for opening or operating a Betfair account.

For detailed information regarding verification methods and account restrictions, please visit our verification information page here.

Betfair strongly recommends against customers providing third parties (including tipping companies) with access to their betting accounts.

General Enquiries

If you forget your password, simply click on the 'Forgot your password?' link beneath the login section of the website. You will be prompted to enter your username, your registered email address and your country. You will then be guided through a series of memorable questions which you are required to answer. Once you have correctly answered the questions you will be able to set up a new password of your choice. The new password must be eight letters and include at least one number. We would recommend using something memorable to you, but that will not be easily guessed by someone else. If you forget your Username please contact the Betfair Experience Team on 1300 BETFAIR (1300 238 324) and they will be able to assist you.

There are two easy ways to open a Betfair account. On line by going to the Open an Account page and completing the requested details. Over the phone by calling 1300 BETFAIR (1300 238 324) where our Experience Team operators will open the account for you.

Yes. Betfair have a Telephone Betting Service that is renowned as one of the best in the betting industry. Brokers are on hand 24 hours a day, 7 days a week to place bets on your behalf. To use this service please phone 132 BET (132 238) and quote your Telephone Account Number (TAN).

Your TAN (Telephone Account Number) is a unique code that allows you to place bets via our Telephone Betting Service. To use your account over the phone you must quote your TAN when calling our Telephone Betting Desk on 132 BET (132 238). Your TAN can be found within the 'My Profile' section of the web site. You can access this via the 'My Account' link at the top of the main page on the web site. What time is the super bowl atlantic times.

The minimum bet on the Betfair Exchange is $AUD 5.00 online and $AUD 50.00 through our Telephone Betting Service.

Betfair holidays allow customers to take a week away from betting without losing (or gaining) any Betfair points. All customers are given one holiday at the time of registering an account and will earn one additional holiday every three months up to a maximum of four. Holidays run from Monday to Sunday and must be booked prior to Monday morning AEST. To view or book simply click on My Account - Betfair Holidays.

We do offer a results service. The Betfair Results Service delivers the results of non-Australian markets settled in the past 24 hours. Results are generated from the market settlement carried out 24/7 by our Market Operations team. Results are usually available within a matter of minutes of Betfair settling a market. This site can be viewed by going to https://www.betfair.com.au/hub/racing-results/

We are absolutely committed to endorsing responsible gambling as well as improving prevention, intervention and treatment of problem gambling. If you have any concerns about whether you are gambling too much or feel that you may be getting out of your depth, then please refer to our full Responsible Gambling information page. This page can be accessed from a link at the top of our Homepage, or from within the 'My Profile' section of 'My Account' which you can access this screen by clicking the 'My Account' link at the top of the page, any time. Financial Limits Functionality is available to set Daily, Weekly or Monthly Deposit Limits. These can be set either when you register for an account or from within your 'Account Profile' if you are already a customer. Limits can be amended at anytime from within your 'Account Profile' and more detailed information about this functionality can be found at the Responsible Gambling page here Self-exclusion Should you need to take a break from gambling, we provide a self-exclusion facility. Self-exclusion means that your Betfair account will remain closed for a minimum period of six months, and will not be reactivated under any circumstances during the exclusion period (unlike a standard account closure request). To self-exclude, login and go to 'My Account' and select the 'My Profile' section. Find the area detailing your account currency and limits settings and click on the 'edit' link. From here, you have the option the set a six month self-exclusion. Alternatively, our Experience Team can set self-exclusion for you. Please contact the Betfair Experience Team on 1300 BETFAIR (1300 238 324) if you require any further information or assistance on self-exclusion or individual product restrictions. Further help Information within the Responsible Gambling page includes details about our responsible gambling policy and links to organisations that can help. To receive guidance and support about problem gambling, please visit the relationships Australia website http://www.relationships.com.au), or call the confidential Federal Government Helpline on 1800 858 858.

Betfair is a betting exchange. A betting exchange is a bookie which uses technology to make sure you get a better price. It does that by reducing its risk, which means it doesn't have to build in extra margin as a safety cushion. The effect is that punters bet on the price they want and not the price they're told they can have. Imagine two friends having a bet while watching a football match with an impartial observer holding the money while the game is played. A betting exchange works in the same way: our members bet against each other, and Betfair hold the stakes until the bet is settled. Unlike traditional bookmakers, who employ people to compile the odds that they offer, Betfair doesn't set odds, or bet in any event, (excluding multiples). We simply set up a market for our members to bet against each other. This means that if you want to back a selection, the odds are likely to be better than a traditional bookmaker, because individuals are betting on their opinion rather than building a margin into their price as a bookmaker does.

Betting Queries

Yes, with our own Betfair SP. Click the SP box next to the odds to do this.

How Does Betfair Exchange Commission Work

Laying a bet means you are betting on something not to happen - a match not to end in a draw, a horse not to come in first, a rugby team not to win by over 7 pts etc. You can only lay an outcome if someone else is willing to take the opposing view (i.e. bet that the outcome will happen). So if the odds of Hawthorn winning the AFL grand final are $7.00 and you don't think they'll win, you are risking $6.00 to win someone else's $1.00.

Two ways - when viewing a market, watch the 'My Bets' tab on the right hand side of the screen which will indicate which bets are matched and which are unmatched ensuring that you have a tick placed in the matched bets box located at the bottom of the 'My Bets' tab. If the bet remains unmatched, you still have the ability to change the price or stake (the odds and stake box will still be editable). Alternatively, check your Profit and Loss figure which can be displayed beneath each selection when the 'Show Profit and Loss' box is checked. To enable this option, click the 'Setting' arrow button at the top of a market view and then tick the 'Show Profit and Loss' box. The Profit and Loss will update as your bet(s) is matched. Green indicates potential profit, red shows potential loss.

Details of your account information are held within the 'My Account' section, accessible from the menu at the top of the screen when logged into your account. This information is only stored on-line for three months, but the Experience Team can provide you with any historical information about your account that you require. The My Account section includes details of: Current bets (Matched and Unmatched) Your 'Profit and Loss' (how much you have won and lost by sport or time) Your Betting History Your Account Summary, including a full statemente' section of the web site. You can access this via the 'My Account' link at the top of the main page on the web site.

Our horseracing markets are guarded against possible non-runners with a system of Reduction Factors. Each horse is allocated a Reduction Factor, based on its likely chance of winning the race, as assessed prior to the race by expert racing analysts. Win and place markets are calculated differently. Should a horse be declared a non-runner, the Reduction Factor will be applied to the prices of all matched bets, for both backers and layers. This is to ensure that layers are not unfairly treated and exposed to large liabilities when the chances of other horses winning have improved. The Reduction Factors are designed to be fair to both backers and layers. To learn more go to Betfair: Rules & Regulations

In-play betting involves betting while an event is in progress. At the start of selected events, unmatched bets are cancelled and an in-play market is opened. This allows you to bet right up until the final whistle of a match, the final game of a tournament or the winning post of a race. These events are clearly indicated by this in-play 'tick' icon being displayed at the top of the market view. To place a sports bet In Play just call one of our Telephone Betting operators who are available 24 hours a day, seven days a week on 132 BET (132 238). Horse racing in-play is available over both the internet and telephone for all customers.

Betfair charges a Commission on your net winnings on a market. If you have a net loss on a market you do not pay commission. Commission is calculated by multiplying your net winnings by the Market Base Rate (MBR), as shown on the Rules tab of each market. For example, if you win $100 on a market with an MBR of 5%, you will pay $5 in commission. However you can earn discounts from this rate for betting more.

The size of this discount, or your Discount Rate, is determined by the number of Betfair Points you have accrued on your account. Betfair Points are earned in proportion to your betting activity - the more you bet, the more points you accrue, the greater your Discount Rate. You earn Betfair Points every time you bet on a market. You will earn 1 point for every 10 pence of commission paid (if you have net winnings) or implied commission (if you have a net loss). Betfair Points are awarded equally whether you win or lose. To find out more click here. You can view the amount of Betfair Points you have accrued via My Account - Betfair Points Statement

Can I change my chosen package?

Yes! At the start of each month, you can switch your My Betfair Rewards package, allowing you to move freely between Rewards+, Rewards and Basic. But remember, you can do this just once a month. Simply log in to your Betfair account, visit My Account and chose My Betfair Rewards from the Promotions & Rewards menu option.

So what are Betfair Points and do they still exist?

Betfair Points were the system that was used to calculate commission payments before the launch of My Betfair Rewards. While they no longer exist for the calculation of commission like you may be used they are still accrued as there are some areas where Betfair Points are still needed;

1. Becoming a blackjack dealer. All UK and IRE customers will now be using My Betfair Rewards for their commission structure. Some international jurisdictions will also be taking advantage of My Betfair Rewards. However not all International territories are, and so in those areas the old Betfair Points system will still be in use.

2. Customers betting on events taking place in Australia – think Melbourne Cup, Australian Open tennis, Big Bash and Test Cricket, etc – will have Betfair Points used to calculate commission, regardless of if they're using My Betfair Rewards day-to-day. More information about this can be found here.

Registration and Payment Queries

Betfair has a number of payment methods for depositing into your account. Please visit our Deposits & Withdrawals page for detailed information.

No, Betfair cannot accept deposits from third parties or persons other than the Betfair account holder.

We do not charge any fees for opening or operating a Betfair account.

For detailed information regarding verification methods and account restrictions, please visit our verification information page here.

Betfair strongly recommends against customers providing third parties (including tipping companies) with access to their betting accounts.

General Enquiries

If you forget your password, simply click on the 'Forgot your password?' link beneath the login section of the website. You will be prompted to enter your username, your registered email address and your country. You will then be guided through a series of memorable questions which you are required to answer. Once you have correctly answered the questions you will be able to set up a new password of your choice. The new password must be eight letters and include at least one number. We would recommend using something memorable to you, but that will not be easily guessed by someone else. If you forget your Username please contact the Betfair Experience Team on 1300 BETFAIR (1300 238 324) and they will be able to assist you.

There are two easy ways to open a Betfair account. On line by going to the Open an Account page and completing the requested details. Over the phone by calling 1300 BETFAIR (1300 238 324) where our Experience Team operators will open the account for you.

Yes. Betfair have a Telephone Betting Service that is renowned as one of the best in the betting industry. Brokers are on hand 24 hours a day, 7 days a week to place bets on your behalf. To use this service please phone 132 BET (132 238) and quote your Telephone Account Number (TAN).

Your TAN (Telephone Account Number) is a unique code that allows you to place bets via our Telephone Betting Service. To use your account over the phone you must quote your TAN when calling our Telephone Betting Desk on 132 BET (132 238). Your TAN can be found within the 'My Profile' section of the web site. You can access this via the 'My Account' link at the top of the main page on the web site. What time is the super bowl atlantic times.

The minimum bet on the Betfair Exchange is $AUD 5.00 online and $AUD 50.00 through our Telephone Betting Service.

Betfair holidays allow customers to take a week away from betting without losing (or gaining) any Betfair points. All customers are given one holiday at the time of registering an account and will earn one additional holiday every three months up to a maximum of four. Holidays run from Monday to Sunday and must be booked prior to Monday morning AEST. To view or book simply click on My Account - Betfair Holidays.

We do offer a results service. The Betfair Results Service delivers the results of non-Australian markets settled in the past 24 hours. Results are generated from the market settlement carried out 24/7 by our Market Operations team. Results are usually available within a matter of minutes of Betfair settling a market. This site can be viewed by going to https://www.betfair.com.au/hub/racing-results/

We are absolutely committed to endorsing responsible gambling as well as improving prevention, intervention and treatment of problem gambling. If you have any concerns about whether you are gambling too much or feel that you may be getting out of your depth, then please refer to our full Responsible Gambling information page. This page can be accessed from a link at the top of our Homepage, or from within the 'My Profile' section of 'My Account' which you can access this screen by clicking the 'My Account' link at the top of the page, any time. Financial Limits Functionality is available to set Daily, Weekly or Monthly Deposit Limits. These can be set either when you register for an account or from within your 'Account Profile' if you are already a customer. Limits can be amended at anytime from within your 'Account Profile' and more detailed information about this functionality can be found at the Responsible Gambling page here Self-exclusion Should you need to take a break from gambling, we provide a self-exclusion facility. Self-exclusion means that your Betfair account will remain closed for a minimum period of six months, and will not be reactivated under any circumstances during the exclusion period (unlike a standard account closure request). To self-exclude, login and go to 'My Account' and select the 'My Profile' section. Find the area detailing your account currency and limits settings and click on the 'edit' link. From here, you have the option the set a six month self-exclusion. Alternatively, our Experience Team can set self-exclusion for you. Please contact the Betfair Experience Team on 1300 BETFAIR (1300 238 324) if you require any further information or assistance on self-exclusion or individual product restrictions. Further help Information within the Responsible Gambling page includes details about our responsible gambling policy and links to organisations that can help. To receive guidance and support about problem gambling, please visit the relationships Australia website http://www.relationships.com.au), or call the confidential Federal Government Helpline on 1800 858 858.

Betfair is a betting exchange. A betting exchange is a bookie which uses technology to make sure you get a better price. It does that by reducing its risk, which means it doesn't have to build in extra margin as a safety cushion. The effect is that punters bet on the price they want and not the price they're told they can have. Imagine two friends having a bet while watching a football match with an impartial observer holding the money while the game is played. A betting exchange works in the same way: our members bet against each other, and Betfair hold the stakes until the bet is settled. Unlike traditional bookmakers, who employ people to compile the odds that they offer, Betfair doesn't set odds, or bet in any event, (excluding multiples). We simply set up a market for our members to bet against each other. This means that if you want to back a selection, the odds are likely to be better than a traditional bookmaker, because individuals are betting on their opinion rather than building a margin into their price as a bookmaker does.

Betting Queries

Yes, with our own Betfair SP. Click the SP box next to the odds to do this.

How Does Betfair Exchange Commission Work

Laying a bet means you are betting on something not to happen - a match not to end in a draw, a horse not to come in first, a rugby team not to win by over 7 pts etc. You can only lay an outcome if someone else is willing to take the opposing view (i.e. bet that the outcome will happen). So if the odds of Hawthorn winning the AFL grand final are $7.00 and you don't think they'll win, you are risking $6.00 to win someone else's $1.00.

Two ways - when viewing a market, watch the 'My Bets' tab on the right hand side of the screen which will indicate which bets are matched and which are unmatched ensuring that you have a tick placed in the matched bets box located at the bottom of the 'My Bets' tab. If the bet remains unmatched, you still have the ability to change the price or stake (the odds and stake box will still be editable). Alternatively, check your Profit and Loss figure which can be displayed beneath each selection when the 'Show Profit and Loss' box is checked. To enable this option, click the 'Setting' arrow button at the top of a market view and then tick the 'Show Profit and Loss' box. The Profit and Loss will update as your bet(s) is matched. Green indicates potential profit, red shows potential loss.

Details of your account information are held within the 'My Account' section, accessible from the menu at the top of the screen when logged into your account. This information is only stored on-line for three months, but the Experience Team can provide you with any historical information about your account that you require. The My Account section includes details of: Current bets (Matched and Unmatched) Your 'Profit and Loss' (how much you have won and lost by sport or time) Your Betting History Your Account Summary, including a full statemente' section of the web site. You can access this via the 'My Account' link at the top of the main page on the web site.

Our horseracing markets are guarded against possible non-runners with a system of Reduction Factors. Each horse is allocated a Reduction Factor, based on its likely chance of winning the race, as assessed prior to the race by expert racing analysts. Win and place markets are calculated differently. Should a horse be declared a non-runner, the Reduction Factor will be applied to the prices of all matched bets, for both backers and layers. This is to ensure that layers are not unfairly treated and exposed to large liabilities when the chances of other horses winning have improved. The Reduction Factors are designed to be fair to both backers and layers. To learn more go to Betfair: Rules & Regulations

In-play betting involves betting while an event is in progress. At the start of selected events, unmatched bets are cancelled and an in-play market is opened. This allows you to bet right up until the final whistle of a match, the final game of a tournament or the winning post of a race. These events are clearly indicated by this in-play 'tick' icon being displayed at the top of the market view. To place a sports bet In Play just call one of our Telephone Betting operators who are available 24 hours a day, seven days a week on 132 BET (132 238). Horse racing in-play is available over both the internet and telephone for all customers.

Betfair charges a Commission on your net winnings on a market. If you have a net loss on a market you do not pay commission. Commission is calculated by multiplying your net winnings by the Market Base Rate (MBR), as shown on the Rules tab of each market. For example, if you win $100 on a market with an MBR of 5%, you will pay $5 in commission. However you can earn discounts from this rate for betting more.

The size of this discount, or your Discount Rate, is determined by the number of Betfair Points you have accrued on your account. Betfair Points are earned in proportion to your betting activity - the more you bet, the more points you accrue, the greater your Discount Rate. You earn Betfair Points every time you bet on a market. You will earn 1 point for every 10 pence of commission paid (if you have net winnings) or implied commission (if you have a net loss). Betfair Points are awarded equally whether you win or lose. To find out more click here. You can view the amount of Betfair Points you have accrued via My Account - Betfair Points Statement

Betfair don't offer each way betting in the traditional manner, but offer 'Win' and 'Place' markets as a direct alternative. As a Betting Exchange, our markets are run differently from the traditional bookmakers in a number of ways, with separate 'Win' and 'Place' markets instead of the usual 'Each Way' markets. If you wish to back a selection 'each way', you have the option to split your stake and place two bets, one to win and one to place. This also means that you can bet a selection to place only. Place markets are usually next to the Win market in the left hand menu and are available on most competitions with large numbers of entrants such as the Tour de France. N.B. When betting in a Place market, it is important to check the place terms. Different events will have a different number of places available (particularly horseracing where convention determines the number of places available on a given race). You can find the place terms under the Rules tab.

Yes, Betfair offers products for most current mobile phones.

You can configure your settings, to show your 'What if' figure, by clicking on the 'Settings' button, located at the top of the market view screen. A 'pop up' like the one below will be displayed where you can tick the relevant checkbox.

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Contact Us

Have a question or need some help? Or want to share a thought or idea? Our dedicated Contact Center is here to help you get the most out of the Exchange and is monitored 24/7.

Get in touch with us through one of our channels:

1300 BETFAIR (1300 238 324)

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Telephone Betting

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132 BET (132 238)

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Want a demonstration on how to use a certain aspect of the Exchange?
Call us between 8am and 10pm.

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