Betfair

Since Betfair was launched in June 2000 it has become the largest online betting company in the UK and the largest bet exchange in the world. Betfair currently has over 1,000,000 clients and a turnover in excess of £50m/week.

A bet exchange allows punters (gamblers) to bet at odds set and requested by other punters rather than by a bookmaker. Both back and lay bets are allowed.

Betfair uses decimal odds, which are easier to calculate with than fractional odds. Its bookmaking model brings together two counterparties with opposing views, and thus removes the need for a bookmaker's markup or overround. As a result, the odds are up to 20% better than bookmakers' odds, according to the site's operators.[citation needed] Betfair punters are able to offer odds based on their own opinion rather than on a set bookmakers' margin. Betfair charges a commission on all winning bets, which is set at 5% of the net winnings for most markets--though it is possible to earn discounts

• Betfair is the world's leading online betting exchange, a concept it has pioneered. Your browser does not support frames. Please click here
• Betfair betting exchange provides better sporting odds and chance to bet live in-play on sporting events. Place a back bet or lay bet on football