Why is the Betfair app different to regular betting apps?

Hey

I was looking for a sports betting apps for my iPhone to place bets on Premiership, Champions League, La Liga and Serie A games. I was thinking about downloading the Betfair app but a work colleague told me I should download a regular bookmaker app instead.

I though Betfair were a bookmakers so I'm a little confused? Can anyone tell me the difference between the Betfair app and all the rest?

Thanks
Brian

 

Hi Brian

Betfair is actually a betting exchange rather than a bookmakers. There is quiet a big difference between the two. In a betting exchange you place a sporting bet or horse racing bet with another member of the exchange rather than with Betfair itself. Lets say for example that you believe Chelsea will win the Champions League final this year, you can be sure that someone else believes Real Madrid will win. What Betair does is act as a go between and holds onto the money until the horse race or match is over.

The layout of the Betfair app is be pretty similar to any other sportsbook app. When you login you are asked to choose from a selection of events, such as football, horse racing, dog racing, cricket, tennis, motor sports etc. Once you've selected your sport of choice, a list of the markets that other betfair members are betting on will be displayed. You would just select "Champions League Final" and then you would be offered the chance to either "Lay" or "Bet".

I hope this makes sense. If you are new to betting then you might be better of using one of the regular sports betting apps like Ladbrokes, William Hill or Paddy Power.

 

If the Betfair app is so great and offers odds that are 20% better than bookmaker apps then why isn't everyone using it? I've know a couple of people over the years who've used it but not that many. What's the catch?

 

I think a lot of people are just confused by the whole Betting Exchange thing. Most of us have grown up around our local high-street betting shops and we are familiar with how they work. For this reason I think it feels much more natural and comfortable moving from a Ladbrokes bookmakers to a Ladbrokes betting app.

Even though I see the Betfair commercials promising much better returns on wagers, I have never really been tempted to download their iphone app.

Anyone else feel like this?

 

Yes definitley. Even though I know I could probably get better odds from Betfair or any other betting exchange app, for some reason when I want to lay a sports bet, I inevitably find myself cranking up the Bet365 app.

Traditional sports books definitely have the advantage of familiarity when it comes to iphone sports betting.

 

basically with betting exchanges you are betting against other people who have an opposing view to you rather than against a bookmakers. the betting exchange takes a small commission to facilitate the transaction.

 

Ladbrokes recently purchased BetDaq recently which is Betfairs biggest competitor. It will be interesting to see what they do with it. Will it remain a separate entity or will they integrate some some betting exchange elements into their sportsbook.

 

I recently started using the Betfair app again because they are the only site that offers cash-out on horse races. The other major bookies like PaddyPower and William Hill allow you to close bets on football, tennis, rugby and other major sports but they don't yet extend the cash out service to horse racing.