Betfair pioneered the concept of the betting exchange. On betfair, you can bet that an outcome will happen (back) or that it won’t happen (lay). You can also choose the odds at which you bet and because of the way the site is set up, all markets are available in-play.
Betfair takes a commission from every bet you place as you are betting with other punters rather than with the bookmaker itself. This unique concept means that betfair can offer better odds than conventional bookmakers.
On betfair, when you back an outcome, it is similar to backing it with a conventional bookie. When you lay a particular outcome, you are effectively being the bookie. For example, if you lay Manchester United from winning and they do win, then you have to pay out.
Betfair was founded in 1999 by Andrew Black and Edward Wray. It was done to commercialise betting technology which had been developed over the previous year. Betfair uses proprietary technology which is protected by copyright and subject to patents. Betfair is licenced to operate in the UK, Australia, Malta, Italy, Austria and Germany. The main betfair site is translated into 16 different languages and has six English versions depending on territory.
Betfair is one of the market leaders in providing betting news and content. Their betting.betfair blog covers a vast range of different sports, as well as political and reality TV markets. There are 19 different betfair blogs, which are translated into 17 different languages. In addition, they operate their own betfair football website on which fan banter and articles of a less professional nature are published. Andy Gray is their most well-known writer although they do have a team of regular columnists and bloggers who write opinion pieces based around the latest sports betting events. Their ‘Betfair Front Room’ promotion, in which they regularly recorded five fans chatting about the week’s football betting, has been a significant hit, both in terms of online viral and TV advertising.
In an attempt to be market leaders, betfair are the official bookmakers for Manchester United and FC Barcelona. As well as sports betting, they also run successful poker and casino divisions. They also run an Exchange section in which customers can play games such as Hi-Lo, Baccarat, Omaha Hi, Blackjack and Texas Hold ‘Em. They have just launched betfair arcade.
Betfair is particularly strong on football, offering a wide range of different markets. However, they also cover a vast range or other sports including popular ones such as cricket and rugby, as well as the more obscure such as fishing, cycling and netball. Outside the sporting arena, betfair also runs markets on politics, reality TV shows and the financial markets.
Betfair offer a free £25 bet meaning if your first bet loses, they will refund it.
Sports Betting News June 30, 2010 08:42 |