With a well-regarded online sportsbook and a top-class betting exchange in its arsenal, it’s no surprise that Betfair’s growth over the last few years has been nothing short of phenomenal. Founded at the turn of the millennium by friends Andrew Black and Edward Wray, today the platform is a stalwart in the online gambling industry.
And once you’ve placed your first bet, you’ll see why. There are various popular markets to choose from – some of which qualify for the welcome offer – all available at the touch of a button. After having placed a bet, you can check if it is eligible for Betfair’s new customer bonus by referring to the promotion’s T&Cs. Alternatively, you can head to the ‘My Bonuses’ section found via the ‘My Account’ menu.
In most instances, cashed-out bets won’t count towards qualifying requirements for bonuses on Betfair. Feel free to use cash out on any bets where the feature is supported. This lets you settle bets early to protect against potential losses or claim winnings early.
How To Check Your Bets
There are three main phases of placing a bet. They are as follows:
- Placing the bet
- Checking the bet
- Settling the bet
The middle phase – checking the bet – is too often overlooked. By failing to check bets you could miss out on excellent cash-out prices and incur unnecessary losses as a result, leading to disappointment all round. Moreover, by opening the ‘My Bets’ section to review wagers, you can see where you went wrong and how to remedy particular issues in the future. This will help you become a winning bettor.
There are two options open to you when looking to check bets on Betfair. You can select ‘My Bets’ from the header menu, located right next to the ‘Betfair’ logo, or open the ‘My Account’ menu and click on ‘My Bets’ from the subsequent list of options. Both avenues result in the same destination.
From within the ‘My Bets’ department, you’ll see two filters on the top right-hand side of the page. These are:
Switch between the pair to view bets that are either currently active or have concluded. Unlike some other betting sites where there are multiple filters for bets that are more or less the same, Betfair keeps things as simple as it needs to by offering to display only what’s absolutely necessary.
When looking at the ‘Open’ tab, you’ll see wagers that are in an active state. This means the bet has not been settled, so the event has either not yet started or is in-play at the time of checking the bet. Flick over to the ‘Settled’ area to take a look at all bets that have been and gone – with winnings paid out or your stake taken away. Here, you can learn from past mistakes and improve decisions in upcoming bets.
Click on ‘Betting Activity’ to see a drop-down menu with more options. Using this menu, you can view the following:
- Sportsbook Bets
- Exchange Bets
- Exchange Current Bets
- Exchange Betting History
- Exchange Profit & Loss
- Account Statement
- Transaction History
Essentially, this is a way for you to quickly journey from checking your bets on Betfair’s Exchange to the Sportsbook and vice versa.
Through the ‘Exchange Betting History’ tab, Betfair lets you examine wagers placed between a particular date and time. Bets placed within the last three months are available for viewing, so there’s plenty of experience to look back on here. The ‘Exchange Bets’ category is where all of your Betfair Exchange bets are kept. It’s just like the ‘My Bets’ area on the standard sportsbook with a slight twist.
Lastly, you’ve got ‘Exchange Current Bets’. This is where you’ll see each ‘open’ bet placed on the Betfair Exchange – and they can be filtered by market, date placed and status.
The other listed links in the ‘Betting Activity’ can help you to gain a better understanding of your gambling and spending habits on Betfair.
A quick summary:
- Open the ‘My Bets’ area
- Click on ‘Open’ or ‘Settled’ to check your bets
- Select ‘Betting Activity’ to check bets placed on the Betfair Exchange
Betfair Terminology – Full Definitions
It can be difficult to keep up to date with the latest words and phrases used in the world of online betting. One minute you’re placing a single, the next you’re accidentally looking at multiples and combination bets. Within the hour, the bookie is telling you your bet has been voided due to the postponement of a race – but your horse was a non-runner anyway. Does this mean the wager is settled? Unsettled? Is it somehow going to become open again?
Here, we’ll take you through each of the most-used terminologies on Betfair. By the end, you’ll know when a bet has been settled, cashed out, or pushed.
This is probably the most important term to remember. An ‘open’ bet is one that has yet to conclude – meaning your winnings have not been paid out and the bet is yet to lose as the event has not finished.
‘Open’ bets can often be cashed out if the market qualifies for early settlement on Betfair. As such, many bets are only ‘open’ for as long as you need them to be. Wagers will remain in an ‘open’ state until the event closes or you settle the bet manually.
Open Bets – Bets that have not been settled.
The opposite to ‘open’ bets. ‘Settled’ bets have seen the outcome of your bet, with winnings or losses calculated and the event’s result determined.
However, if you choose to cash out a bet the event will remain active. By settling a bet early you are taking a price as though the event were to conclude at that moment, but in reality, it will continue to play on.
All ‘open’ bets can be settled.
Settled Bets – Wagers where the outcome and payout or loss are known.
To ‘cash out’ is to settle a bet early. Any stake or winnings will be calculated immediately and transferred to your Betfair account wallet. Profit is not guaranteed when you carry out the early settlement of a bet – the amount of money credited to your account balance is entirely dependent on the odds at the time.
Betfair supports two extra cash out features:
- Auto Cash Out
- Partial Cash Out
With ‘Auto Cash Out’, you can select a particular profit level at which you’d like to settle the bet and claim winnings. You won’t need to do anything to cash out as Betfair’s auto cash out system does all the work for you. Think of it as a safety net for your bet.
‘Partial Cash Out’ is a way for you to settle part of your bet. Using this feature, you can cash out a fraction of your stake and leave the rest to continue playing. Winnings accrued from the remaining stake will be less in value compared to the original wager but you may feel more comfortable.
It’s worth noting that you can cash out bets by opening the ‘open’ section on Betfair and selecting the wager that’s ready to be settled. Use the slider to adjust how much or how little you want to settle early, or cancel your ‘auto cash out’ limit by pressing ‘Remove’ next to the profit cap.
Cash Out – To settle a bet early.
A bet is ‘void’ when the operator removes the ability to claim winnings and incur a loss through early or natural settlement. At its core, a ‘void’ bet is one that has been cancelled.
There are numerous reasons your bet may have been voided. Some of the most common explanations for a void bet on Betfair are:
- The suspension or postponement of an event
- Technical issues
- The bet cannot take place for any reason
- Your account is restricted
If your bet is voided or cancelled, Betfair should refund the stake to your account wallet. If you believe the bet should not have been made void or your bet amount was not returned to your balance, be sure to contact Betfair’s support team.
Void Bet – A cancelled bet.
This occurs when you draw with the sportsbook. Although rare, you can tie with the bookie by selecting a point spread equal to the spread itself.
For example, let’s say you were to bet using a point spread on a match between Liverpool and Watford. The spread you pick is Liverpool +2, meaning that you believe the Red will win by two or more goals.
Liverpool win 2-0, thus matching the point spread offered by the sportsbook. As the bookie can’t keep your stake nor can it credit winnings due to the lack of a win or loss on your behalf, you’ll simply receive the bet amount as a refund. This is known as a ‘Push’.
Push Bet – A bet where you tie with the bookmaker and receive your stake as a refund.
A ‘non runner’ refers to a horse or racing participant that does not take part in the event you bet on. There are two outcomes for bets placed on non runners at the Betfair Exchange.
- Selections on Antepost markets will be settled as losing bets
- Wagers on Day of the Race markets will receive a stake refund
On Betfair’s online sportsbook, the following rules apply to non runners:
- Bets placed on the ‘Future Racing’ markets will be lost
- Bets placed on the ‘Non Runner Money Back’ market will see you receive a refunded stake
- Accumulators including a non runner will be settled as though the non runner was never added to the selection
Non Runner – Where your selection fails to start the race.
Other Key Terms on Betfair:
- In-Play Bets
- Bets placed on markets that are only available while an event is underway.
- A bet consisting of four or more selections from the same market across different events.
- Betting Exchange
- A form of betting where punters place bets against one another rather than the sportsbook.
- Where the event you bet on has been temporarily cancelled and rescheduled to be played at a later date. If the event takes place before midnight on the day of the original event, your bet will remain open.
- The amount of money you bet on a particular selection.
- Numbers that are used to calculate the amount you may win if your selection comes good. The greater the odds, the more you’ll be paid out if you win.
- Singles/Multiples/Combination Bets
- The three primary bet-types.
Verify Your Account To Withdraw Winnings
Now that you know the ins and outs of Betfair’s various terms, it’s time to put that knowledge to the test. The best way to do this is by placing wagers on different sports markets and events. Keep all of the above-mentioned phrases in your head when adding bets to your betslip so that you’re prepared for any eventuality. A vast array of sports are waiting to be bet on at Betfair, including:
- Horse Racing
When you win, you can withdraw winnings to the payment method of your choice.
First, though, you must verify your account. In order to access any of the facilities offered by Betfair, such as the Sportsbook, Exchange, or even the Cashier, you need to prove you are who you claim to be.
This is not a lengthy process and can be completed by uploading photos or scans of accepted documentation to Betfair’s security team. By verifying your ID and home address, you’re contributing to a healthier, more secure online gambling community. For an in-depth look at How To Verify Your Betfair Account, read our guide on the topic.
And when you’re ready to take your funds away from Betfair and into your bank account, check out our step by step How To Withdraw walkthrough. There, we discuss processing times, minimum withdrawal limits, fees and more.