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Betfair was launched in June of the year 1998 and since then has seen massive growth to become the UK’s largest on-line betting company and the largest bet exchange company in the world. Betfair can now boast over two million customers turning over a combined weekly sum of £50 million. Betfair has become a sports betting phenomenon since it’s inception. It has literally revolutionalised sports betting. Previously “punters” could back (predict to win) a selection they fancied at odds offered, now Betfair offers the opportunity to lay (predict to lose) a selection.Fotolia_13160394_Subscription_XXL

Betfair operates differently from a traditional bookmaker, the key difference between a high street bookmaker and Betfair is that there is no “bookie” offering odds on all outcomes with a built in percentage profit margin. The key ingredient to make Betfair different is that “gamblers” are on both sides of the transaction. As a Betfair customer you do not bet against Betfair but against another Betfair customer. Customer 1 thinks that an outcome will happen and Customer 2 thinks that an outcome will not happen. One of the customers will “back” a selection and the other will “lay” the selection. As long as the two customers agree on the odds then the transaction can happen.

Being a betting exchange means that Betfair works on the same principles as the stock exchange except that users are exchanging sports odds as oppose to share prices. There are some key benefits to using a betting exchange over a traditional high street bookmaker as follows.

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