Betfair Australia is different from every other bookmaker on this list: it's a betting exchange where punters bet against each other and Betfair takes a commission, rather than betting against the house. That means you can back AND lay, and you rarely get restricted for winning.
Betfair also runs a traditional fixed-odds sportsbook in Australia. Sign-up bonuses remain illegal; member value comes from commission discounts, boosted exchange markets and the sportsbook's promo rotation.
Current Betfair promotions for existing members
Reduced commission
Betfair's loyalty tiers cut exchange commission as your activity grows — the exchange equivalent of a bonus.
Sportsbook boosts
Fixed-odds boosts on racing and sport in the Betfair Sportsbook product.
Best-price feature races
Competitive commission-inclusive prices on major Saturday races.
Promotion availability rotates and can differ by state — check the Offers tab in your account for what's live today.
Payments & withdrawals
Visa/Mastercard, POLi, bank transfer, PayPal and Apple Pay. Exchange accounts are in Australian dollars with standard banking rails.
App & live streaming
The Betfair app mirrors the exchange and sportsbook with live streaming of selected racing and sport for eligible members.
Betfair strengths and watch-outs
Strengths
- Bet against other punters, not the house — winners aren't restricted
- Lay betting: trade out, hedge, or bet a horse to lose
- Often the best available price once commission is accounted for
- Deep markets on major races
Watch out for
- Commission (typically 5–10%, lower for active users) must be factored into prices
- Liquidity on small country meetings can be thin
- Exchange interface has a learning curve
Betfair bonus bets FAQ
- Does Betfair offer a sign-up bonus?
- No — banned nationally since 2019. Betfair's value proposition is structural: exchange prices, lay betting and commission discounts for active users.
- What is lay betting?
- Betting that something won't happen. On the Betfair exchange you can lay a horse (bet it loses), trade positions in-running, or hedge an earlier bet.
- Is Betfair legal in Australia?
- Yes — Betfair holds an Australian licence and its exchange has operated legally here since 2005 after landmark High Court proceedings.