Betfair offers you the best odds you can find on the Internet!
Betfair is working under a Gibraltar license though the headquarters are in West London. The company was founded back in 2000. Betfair has the most clients in the United Kingdom (1.1 million British customers). The company makes money by taking a commission of 5% of the client`s net winnings. This amount can go to as low as 2% if the betted amounts are higher. All good until now, but wait until you earn too much for a longer period of time. Betfair punishes you for winning by taking at least 20% of your gross profits if you tend to be a winning player. Outside of the United Kingdom, Betfair is not too popular. It does have a subsidiary in the United States that only does horse racing and it is also developed in Bulgaria and Italy.
There are many controversies relating to Betfair. From not paying dividends to owners to data theft, or even not paying winners on a tennis match as they decided that some betters cheated. This is nothing compared to the premium charge that Betfair introduced in 2008. This charge makes winners pay more. They motivated this commission by explaining that it only applies to 0.5% of the betters. Therefore, the winners are few and even so they still charge them more. A scandal erupted in 2011 when they increased this commission for some players to 60%.
Sign up with Betfair and get an amaizing bonus!
If you believe that you will at least have your data secure, think again. 90,000 bank account details were stolen by hackers in 2011 from Betfair. They didn`t realize it until 6 days later and they kept it all a secret for 4 months.
Did you know? Betfair offers great bonuses. Depending on the time of the year and the current promotions, by joining Betfair you might receive hefty bonuses. These are given as money to be spent on betting and may account for up to 3 times the amount you invest. The schemes for offering bonuses involve you depositing $10 into the account and receiving another $30 as non-withdrawable but playable cash. If you were referred by a friend to join Betfair he will also get another $25 to bet. Therefore it is quite appealing to bet with Betfair when you start.
There are some really useful advantages provided by Betfair. For example you have the Cash Out+ function. If you placed a bet on a football match and your team is winning by 1 – 0 yet you are not sure they will win anymore, you can get your bet amount back with a smaller rate. Just opt for the cash out+ option and your risk diminishes in an instant, but so do your winnings.
Betfair mostly relies on its United Kingdom customers that have been using this platform for a long time and are not willing to start betting on a different account on another website. If you are British and all your friends use Betfair, please use this platform as there is nothing deeply wrong with it. If you have the chance to use another one though and you want to bet for more that 40$, don`t start a Betfair account.