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Betfair is the trading name of The Sporting Exchange Ltd.It is the world's biggest online betting exchange, with 20% better odds than traditional bookmakers, and a recipient of the Queen's Award for Enterprise.
The Sporting Exchange Limited is registered as a limited liability company in England and Wales, company number 3770548. The Sporting Exchange Limited was founded in August 1999 by Andrew Black and Edward Wray in order to commercialise proprietary betting technology that had been under development for the preceding year.
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All bets on Betfair have been placed there by users who either want to have a bet in the normal way (back), or offer odds to other punters (lay). Bets are matched between people with opposing views. Differences between betting with Betfair vs. a conventional bookmaker:
- You can back or lay a bet.
- You can choose the odds you want to play at
- Commission and Tax.
- You can bet whilst the game is in play.
Claim your £25 Free Bet with Betfair today!
When you "back" a selection (be it an individual, a team, horse, dog or other), you are betting that it will win. This is just like betting with conventional bookies. When you "lay" it, you are betting against it winning. For example, if you're betting in a market on which team is going to win the Premiership and you lay Man Utd, you offer odds to other punters who wish to back Man Utd. If Man Utd don't win, then you pick up the backer's stake. If Man Utd wins, then you pay out. This is what bookmakers traditionally do
They also currently offer a free £25 bet to new customers!
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