Betfair Exchange is one of the most popular online betting platforms in the world. The exchange has a huge customer base which leads to excellent liquidity in the large number of markets that they offer. However, it is not without its issues which include higher standard commission compared to other leading online betting exchanges along with restrictions in certain countries which means that Betfair may not be the best option for everyone.
This article will explore some of the best alternatives to Betfair Exchange, including their features, pros, and cons.
Betfair Exchange is used by millions of traders and punters throughout the world and is regarded as the number 1 betting exchange by many.
So why would you look for an alternative betting exchange to Betfair?
The main reason why you may look for an alternative to Betfair Exchange is because of the commission rates that they charge customers.
Betting exchanges charge a commission on winning bets made by customers using their platform. This is how they make a profit. Traditional bookmakers don’t need to charge a commission as they apply a margin to their prices which means that they often offer shorter odds than betting exchanges do.
Betfair Exchange currently charges some of the highest commissions of all the top betting exchanges. The market base rate is 5% which is charged on winning bets. There is the option to opt into Betfair rewards which will give you the option of changing the commission charged on your account from between 2%, 5% and 8% but the standard commission is set at 5%. There are also higher commission rates for users outside of the UK.
A commission rate of 5% is significantly higher than most other online betting exchanges which is the main reason why some users look for an alternative to Betfair Exchange.
Betfair Exchange only accepts customers from certain countries and so if you reside in one of the countries that Betfair doesn’t accept customers from, you will need to look for an alternative.
Currently, Betfair Exchange does not accept customers from Canada, China, Cote D’Ivoire, Cuba, DR Congo, Eritrea, France, Greenland, Iran, Iraq, Israel, Japan, Lebanon, Libya, North Korea, Portugal, Somalia, Sudan and Turkey.
Thankfully, if you are not able to register an account with Betfair or are put off by the high commissions that they charge, there are several Betfair alternatives that allow you to place both back and lay bets using a betting exchange.
Smarkets is one of the most popular alternatives to Betfair Exchange. The company was founded in 2008 by a group of entrepreneurs with a background in finance and technology. Smarkets’ mission is to provide a fair and efficient alternative to traditional bookmakers and it has since grown to become one of the most popular alternatives to Betfair Exchange.
One of the major advantages of Smarkets is its low commission rates and this was the main selling points when it launched as a rival to Betfair Exchange. Smarkets charges a 2% commission on net winnings, which is significantly lower than Betfair Exchange’s market base rate commission of 5%. Additionally, Smarkets offers a user-friendly interface that makes it easy to navigate and place bets which some users prefer over Betfairs.
Another advantage of using Smarkets vs Betfair is that new customers can bet with 0% commission for the first 60 days when claiming the Smarkets welcome offer.
One negative is that Smarkets has a smaller user base compared to Betfair Exchange, which can result in less liquidity on certain markets. Additionally, Smarkets does not offer as many markets as Betfair Exchange. However, if you generally bet on the most popular markets such as the match winner or first goalscorer etc, then you shouldn’t have any issues in getting your bets matched.
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Matchbook is another popular alternative to Betfair Exchange. It was founded in London back in 2004 and was one of the first online betting exchanges to rival Betfair which launched four years prior.
In the early days, Matchbook struggled to gain traction in the highly competitive betting exchange market. However, the company persevered and continued to innovate and improve its platform. In 2010, Matchbook introduced a new pricing model that reduced commission rates for users, which helped to attract more customers to the platform.
Over the years, Matchbook has made several improvements to its service which has kept the brand as a good alternative to Betfair Exchange. In 2012, the company introduced a mobile app which allowed users to place bets on the go and in 2013, Matchbook began offering a wider range of markets, including politics and entertainment.
One of the major advantages of Matchbook betting exchange is its low commission rates. For UK customers, Matchbook charges a 2% commission on net winnings, which is the same as Smarkets’ commission. For customers outside of the UK, ROI, Channel Islands and Isle of Man, the commission rate is 4%.
Similar to Smarkets, Matchbook also has a smaller customer base than Betfair Exchange. This can lead to less liquidity in smaller betting markets but as the exchange has gained more popularity over the years, this has become less of an issue.
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Betdaq is a betting exchange founded in 2000 by Irish businessman John FitzGerald. It was the first major competitor to Betfair, which had launched two years earlier.
Similar to Smarkets and Matchbook, one of the key differences between Betdaq and Betfair is the commission charged on winning bets. Betfair charges a base commission of 5% on winning bets, while Betdaq charges a much lower rate of 2%. This can make a significant difference for frequent bettors or those placing large bets.
One of the negatives of using Betdaq compared to Betfair is again, the liquidity of the markets. Betfair is the largest betting exchange in the world and as such, has much higher liquidity in its markets. This means that there are more users available to take the other side of your bet, giving you a better chance of getting your desired odds. Betdaq, being a smaller exchange, may not have as much liquidity and as a result, the odds may not be as favourable.
Betdaq offers a wide range of sports and markets that include horse racing, football, American football, basketball, ice hockey, and even esports.
Users of Betdaq also have a variety of payment methods to choose from, including PayPal, Skrill, and Neteller which makes it easy for users to deposit and withdraw funds.
Overall, Betdaq is a solid alternative to Betfair for those looking for a lower commission rate whilst still able to enjoy a wide variety of sports and markets.
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Betfair has long been the world’s largest betting exchange. However, the high commission rates are one of the main reasons why some users have started to look for other options. Due to demand, alternative betting exchanges such as Smarkets, Matchbook and Betdaq have emerged and all three are excellent options for those looking for a betting exchange that covers worldwide sports and markets but with a lower commission charged on winning bets.
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