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Betfair Review - Bet £10, Get £30! | Step by Bet

Betfair Review

1442202805-329695421With over 4 million customers worldwide, Betfair can confidently claim to be the largest online betting exchange on the market. Founded in 2000 and based in Hammersmith, London, Betfair are a true British success story; in their short history they have opened subsidiaries in the United States and are licensed in Australia, Austria and Germany.

The British company has also won the Queen’s Award for Enterprise twice in its brief existence, once in 2003 and again in 2008.

Welcome Bonus – Up to £100 in free bets

Like most high-profile online betting sites, Betfair reward new customers with a free bet upon sign-up worth up to £100. New customers will have to place a bet worth £10 at 1.5 or higher to qualify. This free bet can then be used on any sportsbook market available on Betfair.

As always, there are a few terms and conditions to take into account with the Betfair £100 free bet. Lucky for you, we’ve written a full comprehensive guide below:

To claim your £100 worth free bets, click this link! 

Banking options

Here are some of the ways you can deposit and withdraw with Betfair:

  • Debit and credit cards: Delta, Switch, Maestro, Visa, Visa Electron, MasterCard.
  • E-wallets: PayPal, Neteller, Skrill.
  • Bank transfer and cheque.

Unlike the majority of online betting sites, Betfair will apply charges to some deposit methods. The methods affected are Visa credit cards, MasterCard, and PayPal, all of which will incur a 1.5% fee per deposit. Other transactions may incur charges from the bank or e-wallet provider. Most deposits are processed immediately, whilst withdrawals can take anywhere from 24 hours to 5 working days depending on the method.

While there are no maximum withdrawal limits, Betfair do run a closed loop policy on all their withdrawals. This means that you must withdraw the same amount which you last deposited to the same source before you can withdraw any excess funds to a different payment method.

You can make a deposit or withdrawal with Betfair in a variety of different currencies. These are: UK Pound Sterling (GBP), Euro (EUR), US Dollar (USD), Hong Kong Dollar (HKD), Australian Dollar (AUD), Canadian Dollar (CAD), Danish Krone (DKK), Norwegian Krone (NOK), Swedish Krone (SEK) and Singapore Dollar (SGD).

Fees & Processing Times

Here are the fees and processing times for depositing with Betfair:

Type of Payment Minimum Deposit Processing Time Fees
Debit Card £10 Immediate Zero
Credit Card £10 Immediate 1.5%
PayPal £10 Immediate 1.5%
Moneybookers £10 Immediate Zero
NETELLER £12 Immediate Zero
Bank Transfer £10 3 working days Ask your bank

And these are the fees and processing times for withdrawing money from Betfair:

Payment Type Minimum Amount Processing Time Fee
Debit Card Any 2-5 working days Free
Credit Card Any 2-5 working days Free
PayPal £1 Max. 24 hours Free
NETELLER £2 Max. 24 hours Free
Moneybookers Any Max. 24 hours Free
Bank Transfer £10 3-5 working days Free

Other features

Betfair Price Rush – Thanks to the huge betting exchange run by Betfair, they regularly offer price rushes on single bet markets such as football, horse racing, tennis, golf and basketball. Essentially, this feature will offer you higher odds automatically if a price rush occurs on your bet.

Cash out – If you want to take your winnings early or cut your losses before the final whistle, you can with Betfair’s cash out feature. This is an exciting way to add an extra level of jeopardy to those everyday bets. Can you hold you nerve until the final whistle or will you quit while your ahead?

Mobile betting – Whether you are on your lunch break or down the pub with your mates, you can access all the sports betting markets offered by Betfair from your mobile or tablet device. With up-to-date statistics and simple navigation you can be placing a bet in no time from anywhere in the world. Find out everything there is to know about the Betfair mobile app in our guide.

Live streaming – Betfair offer a limited live streaming service for sports such as horse racing, tennis, football, and basketball.

On-going promotions – As well as the £30 free bet welcome offer, Betfair regularly run on-going promotions for their existing customers. These promotions include the Both Teams To Score Acca Insurance whereby you will receive a refund as a free bet if your four way accumulator with both teams to score loses by only one leg.

Design – As one of the leading online only bookmakers in the business, Betfair pay special attention to the design and layout of their online gambling site. With their stand out yellow and black motif and the easy to navigate horizontal menu bar, you will be able to find your way around their many sports betting markets in style and ease.

What’s the down side?

Unlike most other online betting sites, Betfair charge their customers a standard commission of 5% on all winnings (only on the betting exchange, not the sports book). This amount can change depending on the success of an individual bettor; if a customers winnings disproportionately exceed the standard commission rate then they can expect to pay a premium charge of 20%.

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