Betfair is one of the largest UK based online betting company of today’s world. It was launched eight years back in June 2000, during this period it gain popularity around the globe and now its world’s largest bet exchange, having more than 1,000,000 clients and it has a weekly turnover of ₤50 million.
The gamblers can bet at odds sets that are requested by other gamblers in the bet exchange rather than betting at the sets offered by bookmakers. The customers have option either to go for ‘Back bet’ or ‘Lay bet’ and this option also helps in eliminating the conventional bookmakers. The calculations at Betfair are much easier because of the use of decimal odds rather than fractional odds. These odds appear to be 20% more useful than odds of bookmakers. In few cases the odds can be 50% more in Betfair. This results in an increased success rate of the bet. The odds are offered according to the choice of gambler, bookmaker’s margin is not considered.
The commission rate is charged on successful bets by Betfair; it is 5% of the total prize amount. The commission charge can be reduced due to the low amount of bet; the lowest rate could be 2%.
The interface of Betfair is similar to Stock Exchange, as it provide the ‘bet’ and ‘lay’ options which are similar to ‘buy’ and ‘sell’ of the Stock Exchange. Betfair is played by many professionals through purpose-designed software to get profit. These softwares serve as Stock Market Trader of the Stock Exchange. Betfair gain enough coverage in British and Australian’s press. In 2003 Betfair Company won the Queen’s Award for Enterprise. There are thousands of customers of Betfair in Australia; it is licensed in Tasmania therefore more marketing activities are carried out there. The racing industry and the totalizators gain a negative repute of Betfair, but still it is renowned in Australia. Betfair left the Stock Exchange in two states of Australia on decent terms and in July 2006 it signed a landmark agreement with Racing Victoria that result in coverage of Victorian racing.
Betfair is the only casino around the world that gives the players an opportunity to play a Zero House Edge on few games, this feature make it unique. The games that are offered at the casino are above 40 including three reel slots, five reel slots, soft games, card games, video poker and table games. Some other games that can be enjoyed at the Betfair casino are Hi/Lo, Craps, Casino Stud Poker, Cash Inferno, Hollywood Reels, Cash Inferno, Red Dog, Three Card Poker, European Blackjack and Casino War.
In order to get started with the Betfair you need to register to the site and fund your account. After that you will select the event of your interest by browsing over the Betfair’s market. The events have the list of available best odds; you can select one for your bet and can place the bet.