Description of BC Betfair is known not only as a bookmaker, but also as the world’s largest sports betting exchange. Betfair BC was founded by entrepreneurs Andrew Black and Edward Ray in 2000, in 2016 the company merged with the Irish bookmaker Paddy Power.
Principle of operation
The bookmaker does not accept bets, he acts as an intermediary between the players who make bets themselves. Betfair, as the owner of the site, charges a commission for each payment – 5-7%. This approach became innovative in its time, and although there are now other betting exchanges (Matchbook, Betdaq, Smarkets), but it is Betfair that remains the industry leader. The most important thing for a betting exchange is a large core of regular users: the more players on the exchange, the higher its liquidity, the more bets can be offered and registered.
The process of placing a bet follows the scheme: there are users offering their quotes and the amount that they are ready to accept for the “selling” coefficient (it must be available on the player’s account), and there are those who study the offers and accept the bet. During the virtual handshake, the bookmaker blocks the bet amount from the “buyer” and a possible win from the “seller” and calculates the deal after the end of the sporting event. The advantages of the betting exchange are obvious, the main disadvantage is the low liquidity of smallmarkets. If there are always a lot of offers for popular events, then matches of the conditional championship of Latvia or El Salvador may not be presented at all. But the odds are almost always higher than in a regular bookmaker’s office, and the bookmaker’s margin does not exist as such, only the commission for withdrawing the winnings. Betfair offers discounts for large withdrawal amounts.
The principle of operation of this bookmaker may seem complicated, but for bettors who are familiar, for example, with Forex, this is clear and logical. For some time now, the site has been working as a classic bookmaker.
At Betfair, registration takes place via the “Join Now” link. It is necessary to indicate personal data, account currency (no rubles, there is a euro, dollar, pound, Danish and Swedish krona), set a password and an answer to a secret question, indicate the Betfair promo code, if any. After registration, you can make a deposit, and verification takes place during the game – they ask for standard documents, and there are no special delays with verification. The support service does not provide a mirror of the site, the company invites the client to independently search for access to the resource.
At Betfair, identity verification and account verification takes place immediately after the first deposit. They ask for standard documents – a high-quality copy or photo of any valid identity card and a bank receipt of some kind of payment, where the address of residence or registration is indicated. Verification is carried out within a few days, the support service works only in English. The standard verification procedure may change if the BC security service reveals any violations. In this case, additional verification is carried out, during which it is necessary to provide other photos and documents at the request of Betfair. Also, extended verification is possible after a request for a large amount.
You can open an account in currencies such as US dollars, euros, pounds, Danish and Swedish kronor, as well as Australian dollars and Hong Kong dollars.
The minimum top-up amount depends on the selected payment method, but for most options the minimum is $ 10 or the equivalent in another currency. Bookmaker does not charge tax on winnings, but there are commissions when withdrawing funds from the exchange. Betfair betting exchange provides its users with a wide range of deposit methods, both bank and electronic.
You can fund your account using the following methods:
- bank cards Visa and Mastercard, Visa Electron;
- electronic payment system Yandex. Money;
- dollar and euro WebMoney wallets;
- Skrill payment system;
- bank transfer.
In the case of Betfair, it is not possible to use the terminal to replenish the account, the minimum replenishment amount depends on the payment method and varies within 10-20 dollars, and the maximum is individual for each payment system.