Betfair review 2026

What is Betfair?

Betfair is a betting exchange: you bet against other punters instead of a bookmaker. You can back an outcome to happen or lay it not to happen, ask for your own odds, and Betfair charges a commission on your net winnings in each market. In Betfair’s own words, it doesn’t “take” bets but provides “a technology platform for customers to exchange bets”. It ranks #1 in our ranking of the legal alternatives to prediction markets in Australia.

A note on our sources: Betfair’s betting site and its terms were blocked to us from outside Australia, so this review relies on Betfair’s help hub, the Northern Territory’s decisions and register, ACMA’s register and Betfair’s app listings.

Is Betfair licensed in Australia?

Yes. Betfair Pty Ltd is licensed and regulated by the Northern Territory, which first granted it a betting exchange licence in September 2016, and it’s on ACMA’s register of licensed interactive gambling providers. It’s the only exchange of its kind: the NT Wagering Commission’s 2025–26 annual report lists a single betting exchange brand, and Betfair calls itself “Australia’s only online betting exchange”.

Its record with the regulator: on June 24, 2024 the NT Racing Commission fined it $24,174 in each of two cases for failing to act on problem-gambling red flags, a big rise in deposits and an unusually large exposure to a single outcome; one of the two customers had bet heavily on the 2020 US presidential election. In August 2017 it was fined $13,090 over an incomplete telephone recording. Check any site with our legality check.

Event markets

Betfair runs politics markets alongside its sport and racing. Its published rules for the 2024 US presidential election list markets on the election winner, the Democratic and Republican nominees and running mates, every state race, electoral college handicaps, the winning party and the popular vote, settled once the Associated Press projects a winner and the loser concedes. Its help hub has also covered Victorian and New South Wales state elections and US midterms.

What you can bet on depends on Australian rules. The Northern Territory, which licenses Betfair, declares political elections, entertainment and literary awards, Nobel prizes, RBA interest rates, ABS statistics such as CPI and unemployment, stock and currency indices, oil prices, weather and cryptocurrency prices as betting events, provided the result is clear, public, independently verifiable and known within five days, and the event isn’t restricted to under-18s. In-play bets on sport are phone-only under the Interactive Gambling Act: Betfair takes them on 132 BET (132 238), 24 hours a day, from $50.

Commission and charges

Betfair takes no margin; it charges a Market Base Rate on your net winnings in each market, shown in the market’s Rules tab, and nothing on a market where you make a net loss. Since March 25, 2025 the rates are 6% on sport and international racing, 10% on NRL, and 8% or 10% on Australian racing, depending on the state and racing code; they were 5% and 7% before. Betfair doesn’t publish a separate rate for politics markets, so check the Rules tab before you bet.

A small number of very profitable customers pay a Premium Charge, a weekly top-up that brings their total fees to 20% of their gross profit if it’s between £25,000 and £100,000 over their last 52 active weeks, or 40% above £100,000. Very high-volume, low-margin punters on NSW thoroughbred and NRL markets can also pay a turnover charge. Our Betfair commission calculator shows what a back or lay bet pays after commission, and whether it beats a bookmaker’s price.

Deposits and withdrawals

You can deposit by debit card from $10, PayPal from $15 and Osko/PayID from $30, all free; Betfair takes no credit cards, cheques or third-party payments. Withdrawals go by PayPal, within 24 hours, or bank transfer, in 1 to 3 working days, both free; Australian cards can’t be used for withdrawals. The minimum bet is $1 online.

App and experience

The Betfair - Online Betting App is rated 4.54 out of 5 from 6,491 ratings on the Australian App Store, and 4.24 from 1,201 on Google Play (October 23, 2026).

Safety, responsible gambling and support

As a licensed provider, Betfair can’t take credit cards or crypto, must keep anyone registered with BetStop, the national self-exclusion register, from opening an account or betting, and must follow the Northern Territory’s Code of Practice for Responsible Service of Online Gambling. Support is by phone on 1300 BETFAIR (1300 238 324) and by email at [email protected]; we found no published hours for the helpdesk. Free, confidential help: the National Gambling Helpline on 1800 858 858, 24/7, and our guide to gambling help in Australia.

Who is Betfair best for?

• Punters who want a prediction-market experience legally, trading outcomes against other people.
• Anyone who wants to lay, betting that something won’t happen.
• Not for punters who want in-play sports betting online, or the widest choice of payment methods.

Our verdict

Betfair is the only licensed way in Australia to bet against other punters on elections and other events, at prices they set and for a published commission, which puts it top of our ranking despite two small fines in 2024. Compare it in our ranking, or see the best Betfair alternatives.