Set up in 2000 as a consequence of a chance meeting between professional gambler Andrew Black and City boy Edward Wray, the Betfair group pioneered and went on to create the world’s largest internet betting exchange. The first ever betting exchange was offered by Betfair at the 2000 Epsom Oaks. By 2004 revenues were exceeding £50 million and by 2010 the company had floated on the UK stock exchange. Betfair now processes over 1.2 billion bets in a year with a total value of over £56 billion – this equates to more transactions than all major European stock exchanges put together.
Betfair launched a fixed price sportsbook alongside its exchange, in 2013 although exchange is the most people sign up for. The concept is by cutting out the middle man you can both back and lay bets with other punters (peer to peer) at any odds you choose and Betfair simply takes a commission from each transaction (usually 5% of winnings that can reduce to as low as 2%). This can mean you find odds around 20% better than on fixed books. While Betfair is not the only bookmaker that offers an exchange they are the biggest and with the most experience.
The pioneering model has won Betfair many awards over the years. Betfair was the first online bookmaker to offer in-play live betting all the way back in 2001 on their exchanges and many would say they are responsible for abetting revolution. Originally based in Hammersmith, London, UK, unfortunately, like most other big bookmaking enterprises, Betfair now operates abroad under a Maltese gambling license.
With around 1 million active customers Betfair is one of the largest online bookmakers in the UK market. Betfair has a global presence in over 100 countries, accepting bets in 7 different currencies and offering their site in several languages.
they are the giant of the betting exchange and if you like this type of peer-peer betting with the option to place fixed odds bets aswell then you are onto a winner with a bookmaker. Betfair cannot offer some services you may expect from a bookmaker. Their online sportsbook is good but there are better out there if you only place fixed odds bets.