MidasBet Review (December 2024)

MidasBet is a new Australian bookmaker fully regulated by Liquor & Gaming NSW and licensed by Greyhound Racing NSW. MidasBet launched in 2022 under the registered trading name of MIDASBET PTY LTD. 

Whilst they are only an infant compared to the rest of the market, MidasBet Australia has struggled to implement some key features that I believe a bookie requires nowadays. This MidasBet review indicates what MidasBet has done well thus far, and what they can still improve. 

🐴Betting Offerings - 8/10

MidasBet offers sound racing markets with all the standard fixed/place and exotic markets. For the most part MidasBet satisfies what a bookie needs to provide, however the lack of a Same Race Multi market is noted in this MidasBet review.

💳Banking Options - 8/10

MidasBet has the typical deposit and withdrawal options; offering bank transfer, and debit card use for its customers. These banking options will satisfy most MidasBet users, me included.

📱Mobile Experience - 6/10

What MidasBet have really failed in is a mobile product. MidasBet Australia does not offer an app on mobile stores, instead providing app functionality for their website. It is critical for a bookmaker to offer a mobile app, so hopefully MidasBet create one soon.

💸Withdrawal Speed - 8/10

The withdrawal time with MidasBet is like other Australian bookmakers. Bank transfer and debit card withdrawals are quickly processed by MidasBet and either option will have cash in your account within 3 business days.

🧩Overall User Experience - 8/10

Yes, the lack of an app does hinder MidasBet’s total experience, however it is still usable with its fast speed and easy navigability. The MidasBet home screen display makes it fun to use and simple to place bets. Don’t be fooled by MidasBet’s fresh face, they are worth a test.

📧​Customer Support - 10/10

Here is why I believe MidasBet can make an impact on the bookie scene. A 24/7 live chat feature run by MidasBet Australia is such a big plus to the platform. This MidasBet review will tell you how integral a good customer service team is to a bookmaker and why an all-day contact hub separates MidasBet from a lot of its competition.

🔒Security - 10/10

MidasBet is a safe and secure platform. Fully regulated by Liquor & Gaming NSW, you will have no security issuing using MidasBet Australia.

As you’ve seen in this MidasBet review, I think the racing markets and really MidasBet’s whole racing product is excellent for such a young bookie. MidasBet provides us punters with pretty much all the markets we would want to get on, save for a Same Race Multi offer. The odds aren’t as competitive as the bigger Aussie bookmakers, but they are decent and you won’t be sacrificing much by using MidasBet. 

The accessibility and ease of navigation provided by MidasBet is awesome. Displayed on the home screen are multiple upcoming races that are about to jump, so you can instantly go onto these racing pages and quickly get your bets on before MidasBet closes the race markets. I love this feature on my bookies, but if you are more conservative or just looking for the full range of races, you can go into MidasBet’s racing tab. This tab will show you all today and tomorrow’s track markets along with all the pages for each individual race.

MidasBet’s page for each race clearly displays your betting options. You will be able to find both fixed and tote win/place odds for each runner, as well as full access to exotic markets. MidasBet Australia’s exotic markets include exactas, quinellas, trifectas, first fours, and quadrellas! Each of these exotic markets has their own tab within each race page making it easy to create and place.

Ultimately, MidasBet excels in its racing markets relative to its age. However, the implementation of Same Race Multis will really round out MidasBet’s racing product. As such, with decent odds and a good range of markets, MidasBet will satisfy our needs as racing punters.

The landscape for Australian bookmakers has shifted to a place where a mobile app is a necessity. Unfortunately, as we have discussed, MidasBet does not offer an app. This limits the amount of punters likely to use MidasBet, however I believe the mobile site integration to your phone is a decent alternative. If you're looking for reliable apps, be sure to check out our betting apps page. It’s packed with expert reviews on everything you need to know, straight from the best in the industry.

MidasBet Australia’s mobile site can be added to your phone’s home screen and used in the same way as an app. You are still able to place bets on MidasBet, as well as contact the live chat and use MidasBet’s other features. 

I do acknowledge that as a punter you want a dedicated mobile app designed specifically for your phone, however as alternatives go, MidasBet’s mobile option isn’t a bad one!

MidasBet is also a new bookie, so I’d hope they are looking into a mobile app soon. But for now, you can use MidasBet’s mobile website from your phone’s home screen with no issues and full functionality.

MidasBet may be in its infancy in the Aussie bookmaking scene, but they nonetheless offer features to punters to incentivise the use of their product over other bookmakers. I have gone into detail below of some of these points of differentiation or where they excel in existing bookie operations.

24/7 Live Chat

All bookies have some sort of customer service, it is essential in a variable industry such as gambling. However, there is massive variance in the extent to which each bookmaker will support its customers. MidasBet gets a big plus for me in this aspect as they have round the clock live chat support. Live chat is also the easiest and most convenient way to communicate with support agents and for these reasons MidasBet customer support gets a big tick from me.

MidasBet Best Tote odds

One of MidasBet’s more prominent features for myself in their racing component is their “best tote” offer. When you are in a race's markets and selecting the win you will see next to the fixed odds either 'Best of the Best', 'Best of 3 Totes', 'Best Tote Plus SP' or 'Best of 2 Totes depending on which TAB the odds are coming from.

Essentially, this means that MidasBet will automatically filter what the best tote odds that are coming in are for all the given totes available on that race and present them in this column.

MidasBet Protest Payout

Protest payout pays you out in full if your runner is declared the win, even if it is later protested and loses, or the other way around. An example of this would be if you back a horse and it comes 1st, although the second place decides to protest and is successful, therefore making your house come 2nd. You would still be paid out. Alternatively, if your horse comes 2nd and the protest is successful, you will be paid out as if it came 1st. MidasBet offers protest payout on all their races and can come in very handy!

MidasBet does well to cater for punters who are betting on Australian horse racing. They offer the following standard win bets:
Fixed win

• Fixed place
• Tote win
• Tote place

In addition to the racing markets above, MidasBet also provide us with exotic markets with their own dedicated tab within each racing page. The following exotics are available on MidasBet:

• Exacta
• Quinella
• Trifecta
• First Four
• Quadrella

Whilst MidasBet is still in its infancy as a bookmaker, they cover the range of necessary markets a bookie has to offer on racing these days. This, coupled with the fun outlay of MidasBet makes it an enticing platform to check out.

The promotions available with MidasBet for existing customers is great. They have a range of daily promotions across several upcoming events, so it's really easy to get great value for money when betting with MidasBet. Remember, promotions are only available for existing customers and you'll need to be logged into your account to view all that's on offer.

I would view the MidasBet promotions and bonuses as some of the best going around and it is one of the key drawcards of betting with them. You should always check back in your account as well because you never know when a new promotion for you to take advantage of might pop up!

This is very simple to do, all you need is to follow my steps below:

1. Go to the MidasBet website: https://www.midasbet.com.au/
2. Click on the join button in the top right corner of the home screen.
3. Fill in the basic details (name, date of birth, and address).
4. Create your username and password for your MidasBet account.
5. Click sign up at the bottom of the screen and there you go, easy as that!

How to Place a Bet

MidasBet has a fun and easy to use platform that encourages us to get involved in the racing markets. If you need assistance on how to place your bets with MidasBet, follow along with the steps below:

1. Either select a next to jump race on the home screen or go into the racing tab for MidasBet’s more comprehensive list of today and tomorrow’s tracks and races.
2. Find the event you would like to bet on and enter the race page by clicking on it.
3. Select the market you are interested in betting on.
4. Go to your betslip on the right side of the page.
5. Enter your stake into the empty box next to your selected market in the betslip.
6. Ensure you have sufficient balance to cover your stake.
7. Click confirm to place your bet.

How to Verify

Verifying your MidasBet account is a requirement if you are withdrawing funds. Follow my method to verify your account to enable withdrawal from MidasBet:

1. Select the my account button in the top centre of the home screen.
2. Go into profile then account overview before scrolling to the bottom.
3. Click verify account.
4. Enter one of the Australian ID options (I think driver’s license is always the easiest).
5. Click verify these details and if they are correct, your MidasBet account will be verified.

MidasBet doesn’t offer the most all-inclusive selection of deposit and withdrawal methods, however they offer the usual payment options that will likely satisfy your banking needs. Some users don’t see the banking options as an important aspect to a bookmaking platform, however I truly believe that a good bookie offers a wide array of payment methods.

Personally, I am a debit card user, and this has always worked well for me on pretty much all bookies. However, I know some punters who like to deposit and withdraw through various channels. MidasBet certainly satisfies me, but does it do the same for my fellow punters?

MidasBet offers bank transfer and debit card deposit options. Of the three, bank transfer is the easiest and will process in a relatively short span of time (1-3 business days depending on your bank and time of withdrawal). Debit card has always been my go-to, including on the MidasBet platform.

Overall, MidasBet simply covers the standard banking options without going above and beyong. MidasBet has left plenty of room to improve their payment methods and I hope to see a wider variety soon.

In this MidasBet review I’ve discussed the importance of a sound customer support team. I have also mentioned that MidasBet Australia do an exceptional job in this department. Some people may not consider this feature to be as important as markets or odds, however in an age where we desire an instantaneous outcome, MidasBet succeeds in delivering on this.

MidasBet has a 24/7 live chat feature with customer service agents manning the helpline at all hours. This means at any hour of any day you can receive instant assistance from what I’ve experienced to be a very helpful group of customer service agents.

How does it really help? Well, let’s say you are keen to get on a race in the early hours of the day, but you have accidentally placed the wrong bet. No worries! You can immediately get in touch with the MidasBet support team via live chat and rectify the situation.

I think by now you can grasp how important I see this feature to be, but MidasBet also offers another avenue of customer support. Aside from the live chat feature, you can email MidasBet for assistance too. This really comes in handy if you require more in-depth help or simply don’t want to wait around for an entire conversation.

It must be noted that MidasBet do not have a direct phone line for customer support, however as an entire product MidasBet excels in their customer support services.

Margins are effectively the perceived amount that a bookmaker is making on every bet they accept. As such, the margin is a reflection on the odds of that bookmaker. For example. if a bookmakers’ margin is 120%, for every $1 bet the bookie accepts, it takes $0.2.

Below I have compared MidasBet's odds and margin to Sportsbet and TAB 1 hour before the jump, and 5 minutes before the jump:

Race 1 - Ballarat Synthetic R1 31/10/2022

1 Hour Before Jump:

• MidasBet - 126.5%
• TAB - 127%
• Sportsbet -126.8%

5 Minutes Before Jump:

• MidasBet - 128.2%
• TAB - 126.2%
• Sportsbet - 124.9%

Race 2 - Ballarat Synthetic R1 31/10/2022

1 Hour Before Jump:

• MidasBet - 130%
• TAB - 128.1%
• Sportsbet 125.1%

5 Minutes Before Jump:

• MidasBet - 122.3%
• TAB - 124%
• Sportsbet - 122%

Compared to other betting sites, MidasBet might be lacking in a couple of areas, but there are some key areas they excel in and I would say the positives definitely outweigh the negatives here. Their customer service team is excellent and I've found them very responsive and friendly. They have decent enough odds across racing and sports events.

Something that you'll enjoy the most is their range of promotions and bonuses. Their website is also very easy to use, making it a great place to get your last-minute bets sorted easily. At the end of the day, MidasBet is a solid bookie and has a lot to offer, so they are certainly worth checking out.