Betfair isn’t a conventional bookmaker, but a betting exchange with dynamic odds. Betfair was founded in August 1999, and is today the leading betting exchange.
The betting exchange concept means that your bets are being matched by other Betfair customers. In this case, although Betfair knows who is on each side of every bet matched, you never know who you are betting against, as it may be a number of people matching your one bet.
This is if you are a UK registered customer, if you are registered with Betfair from outside the UK you are betting directly against Betfair rather than other Betfair customers, but in all cases your privacy and the confidentiality of your bets is maintained by Betfair's secure site.
This also means that there are no limits and frequently high odds, but bear in mind that if your price is unrealistic your bet is unlikely to be accepted.
Betfair charges a commision on net winnings (the base rate is 5%), and for some customers, who place many bets and long time winners with few losses, there are further charges. If you fall in this category you should examin the regulations in greater detail.
One of the advantages of Betfair as a betting exchange is that the market for possible bets are huge. You can bet on practically everything! Just browse the site and let yourself be surprised. Betfair’s principle is to cover all events where there is even the slightest possibility of interst in gambling, or almost :-)
Back payments are at 98-100%. An interesting aspect with the betting exchange concept is that it is also possible to both buy and sell odds, and you can in this way create higher odds for yourself – if anyone takes the bait, that is. Live betting is also possible.
Registration at the site is easy and intuitive, and the usability is good. Betfair accepts most commonly used credit and debit cards, and bank transfer is also an option.
Betfair is recommended.
