Betfair – the largest betting exchange!
Betfair is the largest internet betting exchange in the world. The company is based in Hammersmith, UK and offers online gambling to over two million customers. It differs to the usual gambling website and operates as a betting exchange. This means that customers are able to place their bets with odds which are set or requested by other customers. Usually this is done by the bookmaker. Those who use the betting exchange are able to either “back” bets (a normal bet where the customer has bet on their prediction to win), or place “lay” bets, which means the wager is going against the bet which is “backed”. This method means that the customary role of the bookmaker is not required.
Customers of Betfair will find that they usually offer up to 20% better odds than other gambling websites. However there is a commission charge made on all winning bets, which is usually around 5%.
If you are considering signing up with Betfair then you will usually find that a free gift or incentive is offered to new customers. This is usually in the form of a free bet. There will be conditions attached to the use of the free bet; however it is possible to win large amounts of money solely off the back of it.
As well as betting on events, Betfair also offers money-based games such as poker, roulette and bingo. There are opportunities to win big money on these games, and you will also be offered incentives upon signing up for your first game.