Betfair is the trading name of Betfair Limited, which was founded in August 1999. Unlike fixed odds bookmakers such as William Hill, Ladbrokes and Coral, betfair is a betting exchange, allowing customers to choose whether to back a selection or instead effectively act as the bookmaker themself and lay a selection instead.
The first ever sporting market traded on betfair was the 2000 Oaks and, in the space of seven years, betfair has become the world's biggest betting exchange and effectively revolutionised the betting industry in the process.
As you would expect, the betfair website is an entirely different beast compared to the fixed-odds bookmakers. Betfair are essentially hosting a marketplace where thousands of users meet online to match bets with each other, much in the same way that ebay does with your unwanted playstation. It's an incredibly slick, quick and user-friendly interface which allows customers to access their markets quickly, with each sporting market refreshing in real-time according to the liquidity available.
Although betfair claim that their odds are, on average, 20% better than fixed-odds bookmakers, this largely depends on the liquidity available on a certain market. While you can regularly get bigger prices on horse racing and televised football matches, you'll often struggle to find your bet matched at reasonable odds when it comes to the more obscure markets.
Similarly, while they should be applauded for the sheer volume of markets they set up and settle, it always comes down to how many customers decide to bet on that particular market. However, it should be noted that you can always request the odds you want on a certain selection although there's no guarantee that your bet will be matched.
The Betfair customer service is excellent. Naturally, betfair have to deal with a far wider range of queries than you'd get with a normal bookie and the operators are polite and knowledgeable. Their Helpdesk is manned 24/7 by English speaking brokers and you can contact them by email and telephone. They aim to respond to all email queries within four hours and are generally true to their word.
£10 free matched bet
There are so many things to get excited about if you're a betfair customer. The In-Play service offered, especially for horse racing, simply can't be bettered by fixed-odds bookmakers due to trader limitations. You'll generally get bigger odds on your football and racing selections and nothing beats the thrill of laying an odds-on selection and seeing it beaten. It takes a while to get one's head around the concept of a betting exchange but using betfair is such a rewarding experience.