Company Overview and Background History
In 2000 year two British business bodies establishes the first betting exchange market in the world. As a result of this they have totally changed the whole sport betting sphere. Today, these two guys make it possible to combine one single platform two types of betting services – a classical betting house and a betting exchange market.
The company that owns and operates this betting house strictly follows the British law requirements and meanwhile, is a member of IBAS (an association that guarantees the fair play in bookies these days and often helps the ordinary players in their disputes against bookmakers), while during its existence it has been also rewarded twice with the Queen’s prestige awards many candidates have been directly selected by the British prime minister. This company’s today stocks are on the London exchange market and one stock is at an amount of more than 4 billion of GBP. The bookmaker is also a sponsor to some of the biggest football clubs in the world – such as Barcelona, Arsenal and many more.
All of these should be enough to know in order to get confident about Betfair’s trustworthiness and great reputation, but we should also mention that the company’s website has no official license to operate on Nigerian market. However, the betting house has no obstacles to offer its services to our customers at all.
What type of bets does Betfair accept?
Betfair and its betting exchange market is distinguished by any other betting website you know. The top difference is that the odds in this exchange market are determined by the punters, themselves, which is a familiar practice we know from the ordinary stock exchanges.
Any customer can act as he or she is a bookmaker to other punters in Betfair exchange market and meanwhile, he or she can also accept any other punter’s odds. On the other side, the betting company serves the role of a provider for platform and betting activity the punters execute in a form of selling or buying other’s bets.
This extra ordinary betting system is a way to numerous strategies you cannot apply in any traditional bookie. It even allows you to make money from a bet before the event starting time. For instance, if you believe that the sooner the match starts, the less the odd becomes, you can start considering buying this odd (this is the so called Back bet) and then, to sell it (we call this bet type Lay) when the moment for the odd deduction begins. Of course, you can also use the platform for placing traditional bets, as well, where you generally place a bet on a team you believe will win. In this case you can, on the other side, take the benefits of the company’s comparatively high odds.
The good thing about this exchange market is that you don’t place bets against local punters only, but against all punters on the platform – from all around the world – which means that you have a bigger choice to choose from different offers for a bet to buy or sell.
Meanwhile, for a couple of years Betfair has released a specially tailored section where the odds are preliminarily determined by the company. In other words, these bets work the same way you are used to see them working in the rest of the bookies.
In both of its main sections the betting operator provides a wide range of bet types – from traditional matches to some quite rarely seen events and even other events that you can literally determine as exotic. Although the betting house has never actually targeted Nigeria as a priority market, in the website programs you will see lots of matches from the local Nigerian football league.
Betfair functions and extras
If somehow it has not become clear to you, please, remember that Betfair is an elite sport betting website on an extremely high world level and due to this here you will not miss any important or less important extra the betting industry has made to create up to now.
You want to watch the game you have just placed a bet on? There’s no problem as Betfair has the exclusive rights for live streaming service to broadcast hundreds of matches per week. You want to change, insure or cash out your bets? There’s no problem, because all of these are part of the platform, as well.
What’s the new customer bonus in Betfair?
What make us a huge impression is that bookies nowadays provide as generous bonuses as possible in order to increase their audiences and to attract more customers and probably, that’s the reason Betfair’s promotions are not actually among the best ones on the market since its huge data base of official clients has registered millions of people.
However, it does not mean that you will not have a new customer bonus when you register in Betfair. The special offer is at an amount of up to 50 000 NGN, but getting it is a bit harsh as you have to place 5 bets, each at an amount of 5 000 NGN in order to eventually receive 10 000 NGN as a bonus (you might have to do this thing 5 times and eventually gram the amount of 50 000 NGN).
These amounts of money are reconciled with the European economy trends and they might sound too impossible for most Nigerian punters, which, meanwhile, can get deposit bonus after a deposit amount of only 100 NGN in other sport betting websites in our country.
How to play in Betfair?
First step – registration
As to the registration, Nigerians will not find any difficulties in opening an account in Betfair – regardless the fact that the company has no license for our country. Any Nigerian can open an account the same way any British or Russian punter can. And the procedure includes filling in a couple of fields with personal details.
Second step – deposit
On the other side, depositing might be a problem for Nigerian punters as in Betfair you cannot funds your account through any regional African payment method like Mcash or Verve, so you will have to use debit / credit card, or any website that operates as an e-wallet.
Third step – placing a bet
The betting activity in the traditional sportsbook page on the website is the same as you know it from any sport betting house you have already met on the Nigerian gambling market. That’s why you need to mostly focus on practicing in the betting exchange market as things are completely different here. In the exchange market you should pay attention on your role – are you a seller or a buyer of a bet?
As a matter of fact, if you place bets with the Back option, there’s not going to be quite different if comparing it to the traditional betting activity. Though, with the Lay bets in the field where you have to enter the amount you want to place or to enter the amount you want to win in case of a win, or your repay (the amount you will eventually have to pay other punter if the bet you sell is winning).
Download the mobile apps
Betfair apps can be easily installed, but, please remember that the betting company provides different betting apps – one for the betting exchange market and one for the sportsbook, so you should download both of the apps if you want to use both of the services. If you don’t want to flood your device with so many apps, you can use your mobile device browser to use the entire platform with no need to download or install anything.
What do customers think about Betfair?
This is the most appreciated bookmaker by customers from all around the world, but in Nigeria there are still people who are not used to the betting exchange market practice. Moreover – some punters are a bit concern of the fact that Betfair has no license for our country. By all means, there are advantages for any bookie that has seriously decided to enter a market, but there are also disadvantages when it’s available only through its international version. And when taking for an example Betfair and our country, the weak point is that the website does not provide any payment methods suitable for our audience. Neither has it any promotions related to our market. On the other side, the chance to gamble in a betting exchange market against other punters is definitely very exciting.