Betfair is one of the most popular betting players in the online gambling industry in UK. The company is founded during 1999 year from Andrew Black.
Today for the exchange,which is based in Hammersmith -west London, works around 1000 employers and the have over 950 000 registered users form the whole world.
The exchange accepts bets for football,box,tennis,horse racing,athletics, darts and many others sports.They also offer betting possibility for events like Big Brother and X Factor.
The main and essential differents between Betfair and others bookmakers :
- The customer don’t bet directly against Betfair.They just connect with other players from the whole world with different,opposing views on the outcome of a sporting event. Your bet will be accepted only from other customers.If the bet is with big amount, it will be accepted from many other customers(players)
- The odds are higher
- Betfair exchange is free market, the odds are not undercontrol of the bookmaker.
- With Betfair every customer can take the role of the bookmaker when betting against the outcome of an event.
- At the exchange for odds you can ensure profit only from the move of the odds,regardless of the outcome of a sporting event.
The traditional bookmakers define their own odds and the customers have to choice between different bookmakers if the want to have better odds.
But Betfair gives opportunities of his customers to do a Lay bet.
For example, George from London can offer odds 4,0 lay against win of Man United in a match with Liverpool and Richard can accept the bet.
George actually said: “I think ,that the Man United will not win and I am ready to pay you if I wrong.”
Betfair ensures anonymous so not George, nor Richard will know that they are bet between each other.
Evry customer must have enough funds in the account to be able to cover the bets.
So in our example,George have to point how much is ready to lose.In odds 4.0, if Richard can bet 100 euro adter that George must have 400 euro in his account, in order to can cover the bet of Richard