Why the betfair betting exchange is number one in the world
Betfair was founded in June 2000 and they are approaching the twenty-year anniversary in terms of how long they’ve been in operation.
It’s been a hugely successful venture and it all began with the popular sports betting exchange which offered betting customers more choice than ever before.
Before betfair was launched, customers only had the chance to bet on selections to win a particular betting market. It could have been a horse to win a particular race, a team to win a football match or a cricketer to score the most runs for his side.
Betfair came along and altered everything. They still allowed customers to bet on selections to win like a fixed-odds bookmaker although they also offered customers the choice to play the role of a bookie.
In addition to backing, customers could also lay selections and adopt different strategies when it came to placing bets. For example, rather than bet on Arsenal to beat Manchester United, they could lay Manchester United which would mean an Arsenal win or a draw would allow them to win on their bet.
The same thing applied to horse racing. Rather than trying to back a horse to win a twenty-runner race, customers could choose certain horses to lay and have the rest of the field on their side.
It wasn’t just the opportunity to back and lay either. The betfair exchange doesn’t operate like a normal bookmaker seeing as it’s effectively person-to-person betting. You can draw parallels with eBay in terms of there needing to be someone willing to trade on both sides of the market in order for a bet to be placed.
If a customer wants to place £50 on Manchester City to beat Liverpool, then there needs to be a customer effectively willing to take that bet. In addition, a price must be agreed between the two parties or no transaction can be placed.
In terms of the odds available at the betfair exchange, this simply comes down to personal choice and getting your bet matched. You might see a Tottenham v Chelsea match market and see Spurs trading at 2.50 to win the game. You have the choice to take that price or request bigger odds.
If your request is matched by a layer, then you get the bigger price. Alternatively, your bet is cancelled if nobody matches it and you effectively get your money back.
The betfair exchange continues to be popular in the present day and many people use the trading platforms to make money, with In-Play betting available across a wide range of sports.