Betdaq was originally formed in 2000, and the firm is now the second biggest betting exchange in the UK, and the biggest provider of betting exchange technology on the planet. It became one of the innovators of the betting exchange, when founder, Dermot Desmond, realised his ambition to set up a website where people could bet against and with each other.
The company was bought by Ladbrokes in 2013 for a whopping 썎m, and it now holds around seven per cent of the market share. Its main function is to allow punters to bet against each other rather than betting against a traditional bookmaker. Betdaq claims it handles more than £75m in bets each week.
Betdaq makes money by charging commission on net winnings. If you don't win, you don't pay. The normal commission rate starts at five per cent, but it is possible to lower this rate to as little as two per cent, depending on how many bets you have matched.
You earn a Betdaq commission point for every £25 you win or lose across the exchange markets, and you can qualify for a commission discount rate once you accumulate enough points. This is assessed each week. This possibility is probably most appealing to the more avid betters, however, as it could be expensive for a casual or novice partner to bet enough to lower the commission right down.
Bookies Offers & Promotions
There is a £25 free bet welcome bonus up for grabs when you sign up with Betdaq. You'll need the promotional code FB2515 after you open an account, and then you'll have to wait until you have earned four commission points before you receive the bonus. That means you'll need to spend £100 to get the free bets.
Betdaq has a Colossus page where you could win a life-changing prize, if you can land seven correct scores. There are also Pick 5 or Pick 4 options on either 1x2 results or correct scores. This means that there is plenty of variety on offer, if you want to enjoy a little action as well as your regular betting. This is one of the major selling points for Betdaq and one of just a few features which really sets it apart from the pack.
Having said that, other popular features do include an unusual partial cash out option. This allows you to back some of your profit on pool tickets before the series is over. This means that if you've managed to choose three correct selections but then get cold feet before the fourth, you could pull out part of your bet and leave just some riding. This offers excellent control over your betting.
If you have ambitions of becoming a trader, there is information available in Betdaq's Trading Tools and there is virtual betting on offer and a handy tips section.
If you want to find the latest markets, they're easily accessible from the main in-play screen. You can view the Lay and Back betting prices on the overview page and go from there, or you can click on a match for more detail.
The stats which run alongside a market selection are a nice touch, and it's simple to filter the display. You can even filter it according to how much stake you are thinking about, as well as by the sports you like and don't like.
You may not find as many in-play live betting opportunities as you might with some of the traditional bookmakers, but the website is well presented with very clear odds.
Overall, the website has undergone major improvements in recent times, although you can use the classic site if you choose to. The new site is much easier to navigate, however, and looks much, much better. Other options include a mobile version of the site and apps for iOS and Android, which feature the likes of enhanced specials, race guides and live streaming.
You can use the usual array of debit and credit cards, as well as ewallets, to put money into your account, and Irish and UK debit card users don't have to pay for the privilege. Ewallet deposits are also free, but you will have to pay a 1.5 per cent charge if you decide to use your credit card to deposit funds.
Deposit methods at Betdaq include Laser, Maestro, Visa, MasterCard, PayPal, Skrill, bank transfer and Neteller. When it comes to withdrawing money, you can choose between a similar list of options. You can also make a deposit using a cheque, but you can't make a withdrawal in the same way.
Betdaq has plenty of help available on the site if you encounter problems and have the time to browse through or do a search for the answers you need. If the information you want isn't there, you can call 01 673 3360 from Ireland or 08701 781 021 from the UK. The customer support on offer is of a good standard, so you shouldn't be concerned if you need to make the call.
You could also choose to email customer services using firstname.lastname@example.org. The website doesn't make it clear how long you could be waiting for an answer, unlike some of the competitors who pledge to get back to you within 24 hours. The site also offers no specific detail about when the customer support team works and when it is best to get in touch.
These are minor downsides if you like the idea of trying out all that Betdaq has to offer, however. The website is clear and easy to use and there are some nice features on the site. The Colossus is a particular high point and a nice aside from regular betting action.
It does need to be remembered that there is some bias towards regular or big money punters, meaning that it might not be the best value choice if you're a novice or if you only want to bet every now and again.