Michael KruseBetfair Review: The Only Exchange Left Standing in Australia
Betfair is the only true betting exchange running in Australia. Lay a runner or back a market at your own price, with Betfair charging commission on your net winnings rather than pricing markets in the way a fixed odds bookmaker does. Betfair’s referral code - Promo codes betfair australia code is KRUZEY. I have laid on the Exchange for years and the bit that catches new punters is the commission, not the price; KRUZEY readers can sense check that against our Bookmaker of the Year survey - Bookmaker of the year survey votes.
What do we like about Betfair?
- The Exchange. Lay a runner, back the market at your own price, let the matched bet sit. No other Australian licensed operator runs a peer to peer book.
- Best Tote on Australian racing. Tote bets are settled at the best of the available Australian tote dividends on supported markets, subject to Betfair’s current settlement rules.
- The Betfair Hub. Free form data, ratings, podcasts and a punter community that has been running for over a decade. Useful even if you never place a bet through the Exchange.
Betfair Referral Code
The Betfair referral code is KRUZEY, entered at signup to tag your account through the KRUZEY referral. It unlocks no sign-up bonus, only the referral tag. For the full rundown, including the Exchange, commission and why no Australian bookie offers a sign-up bonus, see our Betfair bonus code page - Promo codes betfair australia code.
Betfair Betting App
Things move fast in the world of betting apps. This info was last checked and updated: .
Betfair is the only true betting exchange operating under an Australian licence, and the app is built around that single fact. Markets carry no built-in margin because you are matching against other punters, not the house, which means racing and sports prices regularly beat the corporate fixed-odds books.
Lay Betting is the feature that simply does not exist on a bookmaker app. You can back a runner to lose, set your own price on the back side, or trade in and out of a position as the market moves. Betfair Starting Price is also worth knowing about, a guaranteed price on racing markets that is often better than Best Tote.
Ratings are strong on iOS with thousands of reviews and solid on Android with a smaller but still real sample.
No new features this time, just bug fixes and a few improvements under the hood.
| iOS | Android | |
|---|---|---|
| Rating | View on the App Store | View on Google Play |
| Number of ratings | 6,493 | 1,196 |
| Latest version | 2.0.0 | .16473 |
| App Last Updated | 27 May 2026 | 8 Jan 2026 |
| Minimum OS | iOS 15.1 | Android 7.1 |
| Download size | 57.2 MB | Not listed |
| Official App |  |  |
iOS and Android data, last checked and updated
If app polish across the AU licensed market is part of how you pick a bookmaker, our best betting apps in Australia - Best betting apps ranking sets Betfair alongside the rest.
How Betfair Commission Works
Betfair charges commission on your net winnings on the Exchange, not on every bet you place. If a market settles and you walked away $100 ahead, commission comes out of that $100, not your turnover. The headline odds on the Exchange can look sharper than a fixed odds book, but you have to account for the commission to see your true return.
The commission rate Betfair charges is called the Market Base Rate (MBR) and it varies by what you are betting on:
- Australian thoroughbred, harness and greyhound racing: 8 percent on most state markets, 10 percent on some states and codes. Check the market terms before you bet.
- New Zealand racing: 8 percent MBR.
- Sport and international racing: 6 percent MBR.
- NRL markets: 10 percent MBR (the NRL is the exception to the standard sports rate).
Higher volume punters can see their effective rate change too. Betfair runs a Premium Charge and a Turnover Charge that apply to a small number of high activity, high winning customers, topping up the standard commission. The full charges page on betfair.com.au is the source of truth on what bites at what level.
The fixed odds side of Betfair and the tote do not charge commission. The price you take is the price you settle on.
Banking with Betfair
Deposit Methods
- Visa and Mastercard debit (Australian issued cards)
- PayID and Osko
- PayPal
Minimum deposit is $10. Card and PayID deposits land instantly.
Withdrawal Methods
Withdrawals are paid out via PayPal or to your nominated Australian bank account, subject to Betfair’s current banking rules. Minimum withdrawal is $5 to PayPal and $15 to a bank account. PayPal usually lands the same day. Bank account withdrawals follow your bank’s standard settlement window.
Betfair Contact and Customer Service
Betfair supports Australian customers through phone on 1300 238 324 - 1300238324, email at service@betfair.com.au - Service@betfair.com.au. The help centre at www.betfair.com.au/hub/help/contact-us - Hub help contact us covers banking, verification and account questions.
Our Verdict on Betfair
If you want to lay or back at your own price, Betfair is the only Australian licensed operator that lets you do it. The Exchange is a genuinely different product from a fixed odds book and the punters who understand it use Betfair specifically for that reason. Best Tote on racing and the Betfair Hub data add real value for racing punters even when the Exchange is not the main game.
Betfair is the only Exchange in town, so the question is not whether it belongs in your rotation but how much of your turnover sits there versus a fixed odds book. Open one alongside whichever bookmaker is your main, and shop the price market by market. For where Betfair sits against the rest of the licensed Australian market, our best betting sites Australia - Best betting sites ranking is the cross reference.
Betfair Review FAQs
Is the Betfair app any good?
The iOS app is around four and a half stars across a few thousand reviews, and Android is around four and a half stars across over a thousand reviews. The app is split between the fixed odds side and the Exchange and the navigation between the two takes the longest to learn.
Is Betfair legit?
Yes. Betfair operates under a Northern Territory wagering licence. It is allowed to take sports and racing wagers from Australian residents under the standard Australian wagering rules.
How much commission does Betfair take?
Betfair charges commission on your net winnings on the Exchange, not on your stake. The standard Market Base Rate is 8 percent on most Australian racing markets (10 percent on some states and codes), 6 percent on sport and international racing, and 10 percent on NRL. The fixed odds side and the tote do not charge commission. A small number of very high turnover punters also see a Premium Charge or Turnover Charge on top of the standard rate, set out on the Betfair charges page.
What payment methods does Betfair accept?
Betfair accepts Visa and Mastercard debit on Australian issued cards, PayID and Osko, and PayPal for both deposits and withdrawals. Minimum deposit is $10. Card and PayID deposits hit your betting balance instantly.
How do I contact Betfair support?
Betfair Australia runs a phone line on 1300 238 324 and an email channel at service@betfair.com.au. The help centre at betfair.com.au/hub/help/contact-us is the first line self serve resource and covers deposits, withdrawals, verification, the Exchange basics and account questions.
Does Betfair have a referral code?
Yes. The KRUZEY referral code is KRUZEY at signup. It is a referral code only and does not unlock any sign-up bonus. The National Consumer Protection Framework bans sign-up bonuses for new wagering customers, so no Australian licensed bookmaker legitimately offers one.
Is Betfair the only betting exchange in Australia?
Yes. Betfair is the only true peer to peer betting exchange licensed in Australia. Other licensed operators run fixed odds bookmakers where you bet against the bookmaker; Betfair lets you bet against other punters by backing or laying a runner at your own price, with Betfair charging a commission on net winnings rather than pricing each market the way a fixed odds bookmaker would.
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