One betting exchange, read closely.

This site reviews a single operator: Betfair, the betting exchange licensed in the Northern Territory. It explains how backing and laying work, what the exchange charges, and which rules apply to betting online in Australia.

Read the Betfair review

Go to Betfair

Advertising link. Betfair pays Wattle Select a commission for customers who arrive this way. 18+ only.

Chances are you're about to lose. For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au

A bookmaker sells you a price. An exchange finds you an opponent.

That one difference explains nearly everything about Betfair: the odds, the fee, and the extra kind of bet you can place.

Point of comparison	At a bookmaker	On a betting exchange
Who is on the other side of your bet	The bookmaker.	Another customer. The exchange only matches the two of you.
Who sets the odds	The bookmaker, with its margin built in.	Customers. Each one states the odds they will accept, and a bet exists once two of them agree.
What you can bet on	That something will happen.	That it will happen (a back bet), or that it will not (a lay bet).
How the operator is paid	From the margin in its odds.	A commission taken from your net winnings in a market.
Whether your bet is taken	Yes, at the odds shown, up to the bookmaker's limit.	Only as far as someone takes the opposite side. The rest stays unmatched.

Backing, laying and commission, with the sums worked through

Who Betfair is built for, and who it is not

An exchange is a tool for people who already bet. It is not an easier way to start, and it does not change the odds of losing.

It may be familiar ground if

You already bet, and you want to see odds that other bettors are offering.
You want to be able to bet against an outcome as well as for it.
You are willing to learn what liability and commission mean before you place anything.

It is the wrong place if

You want to tap twice and be done. An exchange asks more of you than a bookmaker's app does.
You were hoping to pay with a credit card or cryptocurrency. No licensed Australian site can take either.
You are looking for casino games or pokies. They cannot be offered online in Australia by anyone.
Betting is already costing you more than you can afford. The help services further down are free.

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

Gambling Help Online: Open 24 hours a day, every day of the year.; 1800 858 858 gamblinghelponline.org.au
BetStop, the National Self-Exclusion Register: One registration covers all licensed Australian online and phone betting providers.; betstop.gov.au All help services

The rules Betfair works under

The first is Betfair's own age rule and the Territory Act behind it. The other five come from national law, so they hold at every licensed Australian betting site, and a site that ignores one is telling you something about itself.

You must be 18 to bet with Betfair

Betfair's terms require you to be 18 or over, and say it is an offence for anyone under 18 to open an account or to gamble on Betfair. The Northern Territory Act it is licensed under prohibits a person under 18 from wagering.

Sources: Betfair's terms and conditions, as it read on 5 September 2026 (the saved copy we read); Racing and Wagering Act 2024 (NT), as in force at 2 July 2024, as it read on 2 July 2024 (the saved copy we read).

Identity first, betting second

Since 29 September 2023 an online betting provider has had to finish checking who a new customer is before taking a deposit or a bet. Before that date it had 72 hours.

Source: Explanatory statement, AML/CTF Rules (Online Gambling Services) Amendment Instrument 2023, as it read on 8 October 2026.

No credit cards, no crypto

From 11 June 2024, online and telephone betting operators may not accept a credit card, money from a digital wallet linked to a credit card, or digital currency. Lotteries are outside the ban.

Source: ACMA, Credit card ban for online betting, as it read on 13 May 2026 (the saved copy we read).

No in-play sports bets over the internet

The Interactive Gambling Act 2001 makes in-play sports betting illegal to offer online to people in Australia.

Source: ACMA, About the Interactive Gambling Act, as it read on 5 October 2026 (the saved copy we read).

No online casino or pokies, from anyone

The same Act bans online casinos, and ACMA lists online pokies and casino-style games such as poker, blackjack and roulette among the services that are illegal to offer here. A site offering them to people in Australia is not a licensed Australian operator.

Source: ACMA, Protect yourself from illegal gambling operators, as it read on 22 September 2026 (the saved copy we read).

One register blocks them all

A single free registration with BetStop, the National Self-Exclusion Register, shuts you out of all licensed Australian online and phone betting providers, for a minimum of 3 months and up to a lifetime.

Source: BetStop, About the register, as it read on 8 October 2026.

Before you go further

Is Wattle Select a bookmaker?

No. Wattle Select is a website that reviews one betting operator, Betfair. You cannot bet here or open an account here, and we never handle your money. Betfair pays us a commission for customers who arrive from this site, which makes these pages advertising.

What happens if nobody takes the other side of my bet?

Then you have no bet, or only part of one. An exchange can place your money only against another customer who wants the opposite outcome at the odds you asked for. Whatever nobody takes stays unmatched, and only the matched part can win or lose.

When does Betfair charge commission?

On your net winnings in a market. If you finish a market with a net loss, you pay no commission on it. The percentage is the market's Market Base Rate, which Betfair listed as between 6% and 10% depending on the sport or racing code (its charges page as it read on 7 December 2025).

Why can't I bet online on a match that has already started?

Because Australian law does not allow it. The Interactive Gambling Act 2001 makes in-play sports betting illegal to offer over the internet. Betfair takes in-play bets on sport by telephone only. In-play betting on horse racing is available online as well as by phone. (Betfair's FAQ as it read on 7 December 2025.)

How do I block myself from every betting site at once?

Register with BetStop, the National Self-Exclusion Register, at betstop.gov.au or on 1800 238 786. It is a free Australian Government service. One registration covers all licensed Australian online and phone betting providers, for a minimum of 3 months and up to a lifetime.

The full review covers charges, payments and account limits.

Read the Betfair review

Go to Betfair

Advertising link. Betfair pays Wattle Select a commission for customers who arrive this way. 18+ only.

Think. Is this a bet you really want to place? For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au