Betfair is certainly not a bookmaker in the traditional sense; rather, it is a betting exchange where individuals not only have the opportunity to place bets, but also play the role of the bookmaker. It is this revolutionary approach to sports betting that has made Betfair an internet phenomenon and the largest betting community in the world.<\/p>\n\n\n\n

How it works<\/h2>\n\n\n\n

Instead of having a punter and the bookmaker, individuals on Betfair are actually betting against each other, in much the same way as two mates would do down the pub. The difference is, there is a vast array of different sports and races covered, and a huge customer base meaning that you can still get virtually whatever bet you are looking for. The role of Betfair is to provide the online platform for this betting activity; holding onto both sides of the bet until a winner is determined. At that point, Betfair will transfer the winnings to the successful party, minus a small commission of course.<\/p>\n\n\n\n

Most punters will still use Betfair in order to place bets on results they expect to happen. In this respect, Betfair is much like any other online bookmaker. However, punters also have the opportunity to provide odds on an event not happening; this is called laying a bet. This is the aspect that makes Betfair so much different from other online betting sites. Although the technical aspects of what you have at stake when you lay a bet needs a little getting used to, you are always aware of what you stand to gain or lose.<\/p>\n\n\n\n

Sports Covered<\/h2>\n\n\n\n