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Betfair Exchange


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Betfair is the worlds largest Internet betting exchange. The company is based in London.

Since Betfair was launched in June 2000 it has become the largest online betting company in the UK and the largest bet exchange in the world. Betfair currently has over 1,000,000 clients and a turnover in excess of 50m/week.

A bet exchange allows punters (gamblers) to bet at odds set and requested by other punters rather than by a bookmaker. Members can make both Back bets (normal bets on a selection to win) and Lay bets (bets on the opposite side of the Back, against the selection), thereby eliminating the traditional bookmaker.

Betfair uses decimal odds, which are easier to calculate with than fractional odds. Its bookmaking model brings together two counterparties with opposing views, and thus removes the need for a bookmakers markup or overround. As a result, the odds are up to 20% better than bookmakers odds, according to the sites operators. Betfair punters are able to offer odds based on their own opinion rather than on a set bookmakers margin. Betfair charges a commission on all winning bets, which is set at 5% of the net winnings for most markets though it is possible to earn discounts.

The company has attracted much comment in the British and Australian press. Its co-founders, Andrew Black and Edward Wray, won the Ernst and Young Emerging Entrepreneur of the Year award. More recently the company was recognised by the Department of Trade & Industry when it was given a Queens Award, the most prestigious business award in the UK.


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Contact Details

0870 0110 444
PO Box 34467
W6 9WS
United Kingdom
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