Betfair Australia, reviewed
Betfair is a betting exchange, not a bookmaker: its customers bet against each other and it takes a commission from the winner. This review is built from Betfair's own published terms and from public registers, each dated where it is used.
There is no score out of ten on this page, and no sign-up offer is quoted. The facts were gathered on , and each is shown with the date of the text it was read from. Some of those dates are months earlier.
Advertising link. Betfair pays Wattle Select a commission for customers who arrive this way. 18+ only.
What's gambling really costing you? For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au
The short version
On Betfair you do not buy odds from the house. You state the odds you want, and you have a bet when another customer agrees to take the opposite side. That lets you bet against an outcome (a lay bet) as well as for it, and it replaces the bookmaker's margin with a commission on what you win.
It is a more demanding product than a bookmaker's app, and the demands are the point of this review. If backing, laying and liability are new to you, read the guide to how an exchange works first.
What it does well
- You can lay as well as back. A bookmaker only takes back bets.
- The commission rate for each market is published, and none is charged on a market you lose on.
- A deposit limit can be set in the registration form, before any money has gone in.
- The licence is Australian, and the record can be checked on public registers.
What to watch for
- It takes real effort to learn. Laying at long odds exposes you to losses far larger than your possible gain.
- A bet is only placed to the extent another customer takes the other side, so part of it can sit unmatched.
- The headline commission is not the whole price list: three further charges are published beside it, and the terms mention inactive account fees.
- A card issued in Australia can pay in but cannot receive a withdrawal.
What it costs
Betfair charges commission on your net winnings in a market. Finish a market with a net loss and you pay no commission on it. Each market has a Market Base Rate, which is the highest percentage of your winnings that can be taken.
| Market | Market Base Rate |
|---|---|
| Sport, other than NRL | 6% |
| NRL | 10% |
| Racing outside Australia | 6% |
| Australian racing | 8% or 10%, depending on the state and the racing code |
Source: Betfair's Commission and charges page, as it read on (the saved copy we read).
These figures are from the date shown and Betfair can change them, so check the rate on its site before you rely on it. The same page names three further charges: Premium Charge, Transaction Charge, Turnover Charge. Betfair's terms also refer to inactive account fees. Each has its own conditions, and we have not reproduced them here. Read them on Betfair's site before assuming the base rate is all you will pay.
Paying in and getting paid
| Method | Pay in | Withdraw | Note |
|---|---|---|---|
| Card | Yes | No | Credit cards are not accepted. A card issued in Australia cannot receive a withdrawal. |
| PayPal | Yes | Yes | |
| Osko / PayID | Yes | No | For paying in only. |
| Bank transfer | No | Yes | For withdrawals only. |
Source: Betfair's Deposits and withdrawals page, as it read on (the saved copy we read).
- Credit cards, digital currencies such as cryptocurrency, and payment methods linked to a credit card (digital wallets included) cannot be used to deposit or withdraw.
- Betfair's terms say you may be required to turn over deposited funds before they can be withdrawn.
Source: Betfair's terms and conditions, as it read on (the saved copy we read).
We have left out minimum amounts and processing times. Betfair publishes both on its Deposits and withdrawals page, and they change.
What it cannot offer
Some things people expect from a betting site are missing here because Australian law removes them from every licensed site, Betfair included.
- In-play sports betting online. Betfair takes in-play bets on sport by telephone only. In-play betting on horse racing is available online as well as by phone.
- Credit cards and cryptocurrency. Banned for online and telephone betting from 11 June 2024.
- Casino games and pokies. Illegal to offer online to people in Australia.
- Betting before your identity is checked. Betfair says every new customer must verify their identity before an account can be created, and that the exchange cannot be used until that is done.
Source: Betfair's frequently asked questions, as it read on (the saved copy we read).
Source: Betfair's Identity verification page, as it read on (the saved copy we read).
The law behind each of these is set out, with its source, in the rules on the home page.
Limits you can set
| Deposit limit | A cap on what you can pay in per day, week or month. It can be set in the registration form, before the account exists. |
|---|---|
| Loss limit | A cap on losses over a day, a week, a month or a year. |
| Time out | Blocks the account for 24, 48 or 72 hours, 7 days or 30 days. |
| Self-exclusion | Closes the account for 6 months, for 1, 2, 3, 4 or 5 years, or permanently. |
| Activity statement | A statement of your account activity, issued each month. |
Source: Betfair's Responsible gambling page, as it read on (the saved copy we read).
These controls stop at the edge of one account. To be blocked by all licensed Australian online and phone betting providers at once, register with BetStop. The safer gambling page explains how.
Apps and support
- iPhone. Published by Betfair Pty Ltd, rated 18+. App Store, read .
- Android. Published by Betfair Pty Limited, restricted to 18+. Google Play, read .
- Support. Betfair's terms say its call centre answers 24 hours a day, 7 days a week.
Source: Betfair's terms and conditions, as it read on (the saved copy we read).
We have not placed bets through the apps or timed the call centre, so this page says nothing about how either performs.
The licence
Betfair is operated in Australia by Betfair Pty Limited. Its terms say it holds a betting exchange licence issued under the Racing and Wagering Act 2024 (NT), and that it is regulated by the Northern Territory Wagering Commission.
- Licence holder
- Betfair Pty Limited
- ABN
- 30 110 084 985
- ACN
- 110 084 985
- Licensed by
- Northern Territory Wagering Commission
- Kind of licence
- Betting exchange licence
- Under
- Racing and Wagering Act 2024 (NT)
Read in sources dated to . See each source and its date
What are you really gambling with?
For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au
- Gambling Help Online
- Open 24 hours a day, every day of the year.
- 1800 858 858gamblinghelponline.org.au
- BetStop, the National Self-Exclusion Register
- One registration covers all licensed Australian online and phone betting providers.
- betstop.gov.auAll help services
More about Betfair
Who licenses Betfair in Australia?
Betfair Pty Limited (ABN 30 110 084 985) holds a betting exchange licence issued under the Racing and Wagering Act 2024 (NT). The regulator is the Northern Territory Wagering Commission, which the national register kept by ACMA still lists under its earlier name, the Northern Territory Racing and Wagering Commission.
Can I withdraw to the card I paid in with?
Not if the card was issued in Australia. Betfair's payments page listed PayPal and bank transfer as the ways to withdraw, and said cards issued in Australia cannot be used for withdrawals (the page as it read on 7 December 2025).
Is laying a horse safer than backing one?
No. A lay bet wins more often when the selection is an outsider, but each loss is larger: if you lay at odds of 8.0 and the horse wins, you pay seven times the stake you were hoping to keep. Laying changes the shape of the risk. It does not remove it.
Can I set a deposit limit before I start?
Yes. Betfair's responsible gambling page says a deposit limit can be set in the registration form for a new account, over a day, a week or a month (the page as it read on 5 September 2026).
Does Betfair charge anything besides commission?
Its charges page names three more: Premium Charge, Transaction Charge, Turnover Charge (the page as it read on 7 December 2025). Its terms also refer to inactive account fees. Each has its own conditions, which this site does not reproduce. Read them on Betfair's site.
Decide on a deposit limit before you open the account.
Advertising link. Betfair pays Wattle Select a commission for customers who arrive this way. 18+ only.
What are you prepared to lose today? Set a deposit limit. For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au