Betfair Australia is the only licensed betting exchange in Australia. A joint venture between Betfair in the UK and Publishing and Broadcasting Limited, it is licensed in Tasmania, with its main operation based in Hobart.

Betfair is a new and exciting place to bet for Australians, where you’ll find the odds, are on average 20% better than of a traditional bookmaker. It’s a market place where you can bet against other punters, not against a bookie, so the odds are often better as there is no bookmaker adding in their profit margin.

Betfair is now the World’s No.1 online betting site with 500,000 matched bets daily.

How do I use the Exchange?

When you "back" a selection (be it an individual, a team, horse, dog or other), you are betting that it will win. This is just like betting with a conventional bookie.

When you "lay" it, you are betting against it winning. For example, if you're betting in a market on which team is going to win the Premiership and you lay Sydney Swans, you offer odds to other punters who wish to back Sydney Swans. If Sydney Swans don't win, then you pick up the backer's stake. If Sydney Swans wins, then you pay out. This is what bookmakers traditionally do.

Although Betfair knows who is on each side of every bet matched through the exchange, you never know who you are betting against. Your privacy and the confidentiality of your bets is maintained by Betfair's secure site. 

Choose your odds

If you want better odds than are currently available, you can place an order for a better price, but be realistic because there has to be somebody prepared to lay the bet at those odds, and vice versa.

Take a look at the odds before an event and you will see them change as Betfair members back and lay their bets. The odds often improve nearer to the off as the number of people in the market increases.