In our recent educational articles we explained how the Betfair Exchange works and the differences between back and lay betting. One of the common misconceptions with Betfair is that it’s only for professional punters. That’s simply, not the case. Betfair is perfect for casual punters as well, and one of the reasons is the better odds you will often receive compared to the bookies.
Because Betfair is a peer-to-peer betting exchange, you are getting true odds that are set by fellow punters, not the odds that a sportsbooks dictates. Even the best Australian sportsbooks need to factor in extra margins into their prices to pay for their own expenses such as fees, taxes and other operating costs. It may not always appear obvious to casual punters, but you can compare the price of any sporting event to the price you get on Betfair to get a good indicator of whether you’re getting a good price or not.
Betfair charge a commission for every transaction, so it’s important to understand how the commission works and factor that into any price that you see on the exchange.
Each market has a Market Base Rate (MBR) which is the maximum percentage of your winnings that you will pay in commission once the market is settled.
For most sports and international racing markets, the MBR is set at 5%. However on Australian racing, the MBR is set at between 6% and 10% depending on the state and racing code.
The commission is automatically deducted from your winnings after the market is settled, regardless of whether your bet is a lay or back bet.
For higher volume customers, there are deductions from these rates, while extremely high activity on certain types of markets can attract premium or turnover charges. Head to the Betfair website for more information on these charges.
You’ll find that even when you factor in the Betfair commission, you’ll still often be getting a better price than the bookies, and that means more money in your back pocket!
Click on the banner below to sign up for Betfair today and give them a try!
Melbourne racing returns to Caulfield this Saturday, with a nine-race card on a soft track. Trent Crebbin is seeing them well in Victoria, and he's back to take you through every race on Saturday's card. Find his preview and tips here! read more
The UFC continues this weekend with UFC Fight Night headlined by former Welterweight champion, Tyron Woodley. Check out our full preview and UFC betting tips for the key fights on the card here. read more
We head into the weekend with five Australian meetings on Friday, including nine races at Geelong and eight races at Goulburn. Luke Krahe has picked out his best bets from those two meetings here! read more
Julian Vallance from Sportsbet takes us through some of the key factors which he uses with pricing upcoming horse races such as performance ratings. Check out his video from Sportsbet here. read more
Over-Round is an important concept for both punters and sportsbooks. It's how Australian sportsbooks make money! All punters should understand over-round, how to spot it, and how to find better value on the Betfair Exchange. read more
Ever wondered why you can get such great odds at Betfair in comparison to other online bookmakers? We break down why that is the case and why Betfair isn't just for professional punters here read more
Lay betting is when you’re betting against an event to occur. You’re betting that a horse won’t win a race, a team won’t win a match or your player will lose to their opponent. Find out more about lay betting at Betfair right here. read more
The AFL season is set to make its long awaited return from the COVID-19 pandemic! We have the updated and revamped schedule from Rounds 2-5 here! read more
The NRL have announced the full fixture for the remainder of the 2020 NRL season with games set to recommence on Thursday, May 28th. We have the full 2020 NRL Draw for you here. read more
The National Football League (NFL) have announced their 2020 NFL schedule with the action kicking off on September 10th. Check out the full NFL schedule here. read more
Sportsbet and BetEasy will operate under the one brand after it was reported in The Australian on Tuesday that BetEasy operations are set to close. read more