You can use a betting agent with Bitcoin such as AsianConnect88, BetInAsia and others - and deposit your Bitcoin with them and withdraw via Bitcoin with them as well.
They can open for you an account with Orbit Exchange or 9Wickets which are BetFair clones!
This way you would participate, indirectly, in the real BetFair website - and would pay even smaller commissions (3% instead of 5% on the winnings).
Couple of questions:
(1) My understanding was betting agents are only really for high rollers. Is that not the case anymore?
(2) Do Orbit / 9Wickets allow BTC deposits?
1) no they aren't for high rollers , been using them for over a year a now and did many small deposits and withdrawals ( I'm using Asianconnect88 )
2) thing is that you aren't directly depositing to orbit or 9wickets , you create an account with asianconnect then you ask their support to open an account for you in orbit
they will create your account and send you your login details
after that you deposit bitcoin to asianconnect and transfer it to orbit , so both of your deposits and withdrawals are through the broker ( which is Asianconnect in my case )
they are really great and I'm using them a lot for horse racing
This is really interesting - always thought I needed to be betting large amounts to go through a broker.