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The Betfair US exchange has not been around for anywhere near as long as the European version of the exchange. The Betfair Exchange first started out its operations in 2000 and it quickly became massively popular. It meant that you did not have to place bets just against the normal type of bookmakers. Instead, you could place bets against other bettors using a third-party platform that was trusted and secure. It was in 2016 that the Betfair company merged with fellow European heavyweight bookmaker Paddy Power. This merged company has a number of interests in the United States gambling sector. The main Betfair subsidiary in the US is that of the TVG Network. This is the main broadcaster of horse racing across the country and is a media company for the sector they operate the 4NJBets horse racing sportsbook too. The Betfair Exchange in the US is available in a number of states but currently only caters for horse racing. Therefore, this Betfair review looks at the various aspects of this offering with a horse racing hat on.
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21+ only. Gambling should stay entertainment — never a way to make money. If it stops being fun, call 1-800-GAMBLER. State law decides what is available where you live; check your own rules before you deposit.
When it comes to objectively assessing a platform, there are a number of different criteria you need to consider. This Betfair review allows you to get a fair and balanced assessment, taking in all of the facts. You can then easily compare like with like in this regard and see what is best for your specific needs and preferences.
Betting Offer & Odds
As mentioned, this Betfair USA exchange only caters for horse racing. Naturally, only dedicated fans of horse racing will enjoy this Betfair exchange offering. If you are just a casual bettor on horse races, you will probably be better off served using a wider-ranging sportsbook platform rather than using this dedicated Betfair horse racing exchange. You have access to races from many different countries with Betfair America exchange offering. There are a lot of allowed countries on this Betfair platform for horse racing. Your selections will depend on the odds that are on offer from other bettors. You can use the Betfair horse racing starting price feature when placing horse racing bets.
You will not know what the odds of the horse will be until the race begins, but you will have access to a projected price for the horse. You can set a limit on the odds when placing this bet, so you are getting a minimum price of your selection. Once a bet has been matched on the Betfair exchange, you cannot cancel it. There is a 12% commission charged on all winning bets at Betfair America, which is a bit higher than the norm as a significant portion goes back to helping the racing scene in the US, as well as helping to pay for the track fees.
Bonus & Condition details
In-Play Betting
There is Betfair in-play betting allowed on horse races. This gives you the chance to adapt to what is happening after the start of a race and to potentially spot opportunities to profit or to hedge your bets for your original wagers. The in-play markets begin as soon as the race kicks off and you are able to place bets right up until the point of the first horse crossing over the finish line. There is a single-second delay in place on all in-play bets and there are certain races in which Betfair in-play betting is not offered. Usually, a race will have a going in-play icon next to it if it is offering an in-play market once the race begins.
Mobile Betting
You can use the Betfair Exchange on your mobile device. There is a dedicated Betfair app for iOS users, but there is currently no such offering for those using Android devices. You can download the iOS app from the iOS Store and this allows you to partake in the full range of services, from ante-post betting to in-play betting and it also has a cash-out option. In order to download this app, you will generally need about 17MB of space and it will run best on iOS of 7.1 or greater. As you only have horse racing to choose from, it is very easy to navigate around the app. You are able to reach the Betfair Exchange platform through a mobile web browser if you are using an Android device. This offering is the same as the desktop version, just being considered to look well on a mobile device. You have access to all of the same features and markets as the desktop version.
Welcome Bonus & Promotions
An ideal way for you to start off a new online gambling account is by taking advantage of the best welcome bonuses for new players.
- You will need to deposit at least $10 within the first 15 days of opening your new Betfair exchange account in order to avail of this offer.
- You will then have to make a bet of up to $200.
- It has to be a matched bet on a win market for a horse that has odds of at least Evens.
- You will then be credited with your bonus funds that will have to be wagered once in order for you to be able to cash the resulting winnings (if you lose).
There are not too many promotions running for existing players, likely because this is an exchange rather than a traditional bookmaker.
Bonus & Condition details
Customer Service
It is important that an operator has a good customer service department in case you have an issue or problem that needs to be resolved. Your first port of call when you have an issue will usually be the FAQ section. There is an in-depth FAQ section available on the Betfair exchange. They also have an education hub that has useful guides and videos that will walk you through the process of getting to know the platform and how to use it properly. If this does not answer your question, the next port of call will be to get in touch with an actual member of the customer service team. You can do so by giving them a phone call (877-689-0662) or by sending an email ([email protected]) to them. There is also the option for watching out for the team via one of their social media channels if you prefer this option.
Payment Options
You can use credit or debit cards to deposit as much as $100,000 in a monthly period. Some banks will block transactions being made to online gambling companies. There may be some fees levied by the credit card company or bank that you are using for the various payment options. Here are a few different ways in which you can add funds to your Betfair exchange account.
These are;
- BetCash (max $2,000)
- Money order
- Check
- Bill pay
- Wire transfer (at least $1,000)
- Pay Near Me
- By phone
- Debit card
- Credit card
- By paying cash at one of the partner facilities
BetCash is one of the more popular options as it is free, quick and convenient to use. For the bill pay option, this is done through your bank and it allows you to not have to share your personal data with the Betfair Exchange. You need to deposit at least $10 if you are using a check or money order and it will usually take between 7 and 10 business days for the funds to reach your account. If you already have funds in your 4NJBets account, you can transfer them over to your Betfair Exchange account.
Limits & RTP
There are some limits in place when it comes to the number of funds you can deposit at one time with a given method. You have the ability to cash out bets if you wish to do so. This will arise after you have locked in the odds for your selection. The two situations this will be an option will be when the odds have gotten shorter and you can then cash out and make a profit. Otherwise, if the odds have lengthened, you can cash out in order to limit your losses. For a Betfair starting price selection, you will need to wager at least $2 and if you are laying a horse using the Betfair starting price option, you will need to place a stake of at least $10.
Usability
The Betfair exchange platform is very easy to use once you have gotten used to it. The layout of the site is very appalling, with its minimalist design and yellow and white color scheme. This makes it very easy for you to navigate around the site and to read the text. The interface for placing bets can appear confusing if you have never used an exchange before. Therefore, it is a good idea if this is the case for you to go to the Betfair Exchange education hub and watch some of the videos. This will walk you through step by step on how to use the platform effectively. The mobile offering is simply a slimmed-down version of the desktop site. It is easy to navigate and to place bets in a matter of seconds if you need to.
Security
Betfair always takes the security of its users very seriously. They ensure that their personal data for them are kept safe and that the funds are well-protected. They are properly licensed in the United States in the following states: New Jersey. And they have a long track record of fairness and social responsibility. If you experience any issue with your account that may be of concern, the customer support team can quickly get them resolved for you.
Additional Offers
Betfair is involved in other aspects of gambling, such as having a sportsbook and an online casino. The sportsbook is a traditional one that does not act as an exchange. The online casino has a wide selection of games, including more than 500 slots, roulette, blackjack, video poker and much more. Their casino paid out the highest jackpot in New Jersey history at over $1.5 million.
As this is an exchange, there are a number of unique features on offer that you will not see elsewhere. One of the great features of the offering is an exchange betting simulator. This allows you to learn the ropes of the system without having to put down any real money. You can even use it to learn how to place live bets properly. It will walk you through the process on a step-by-step basis. There is also the option to cash out early of your selections, something that is not offered on a lot of exchanges. Finally, the Betfair starting price feature is an ideal way to ensure that you are getting a price that you want and that you do not get stuck with something undesirable. As time goes on, many people believe that Betfair will expand its current exchange offering into one that encompasses a wide range of different sports.
Conclusion
Ideal exchange for racing fans
91%
The Betfair exchange is ideal for fans of horse racing and exchange. You can place and take bets from other users of the platform. There are a number of different ways in which you can make money and a wide range of races are covered. Going forward, it is likely that there will be an expansion in the sports covered. If this happens, it will be a highly sought after sports betting exchange.
Overall, if you are a keen fan of horse racing and like exchange betting, this will be the ideal platform for your needs.
Questions players ask
How do you place a bet?
If you want to place a bet, you select the price you wish to back the horse at. You can decide to take the odds which are already on offer for other players or you can enter the odds and stake you are willing to put into place and place the bet. You will then wait for another player to match this bet.
What is a matched bet?
A matched bet is when you have placed a bet and it has become locked in by another person. Therefore, you are no longer able to cancel this bet. A bet is unmatched if nobody has yet met the stake at your specified odds for that given horse.
How do you calculate commission?
There is a commission charged by Betfair on all of the net winnings you earn. You simply multiply the winnings by the current market base rate. At the moment this market base rate is around the 12% mark. You should always consider this commission when you are determining whether or not to place a bet.
What is a lapsed bet?
A lapsed bet is when a bet becomes unmatched during a moment when there is a suspension in the market leading to unmatched bets being cancelled. This usually occurs when a race starts or by the end of the given horse. You will not get a lapsed bet if you take SP or “keep”.
What is a void bet?
If one of your bets is void, you are not able to get any winnings from it and the money will be returned to the respective customers. This is usually when you have backed a horse that does not end up starting the race.