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What is Betfair and how does it work?
What is Betfair?
All bets on Betfair have been placed there by users who either
want to have a bet in the normal way (back), or offer odds
to other punters (lay).
Bets are matched between people with opposing views.
Differences between betting with Betfair vs. a conventional
bookmaker:
You can back or lay a bet.
You can choose the odds you want to play at
Commission and Tax.
You can bet whilst the game is in play.
Back or lay
When you "back" a selection (be it an individual,
a team, horse, dog or other), you are betting that it will
win. This is just like betting with conventional bookies.
When you "lay" it, you are betting against it winning.
For example, if you're betting in a market on which team is
going to win the Premiership and you lay Man Utd, you offer
odds to other punters who wish to back Man Utd. If Man Utd
don't win, then you pick up the backer's stake. If Man Utd
win, theny ou pay out. This is what bookmakers traditionally
do.
You never know who you are betting against, your privacy and
the confidentiality of your bets is maintained by Betfair's
secure site.
Choose odds
With Betfair there is always a choice of what odds to accept.
If you want better odds than are currently available, you
can place an order for a better price, but be realistic because
there has to be somebody prepared to lay the bet at those
odds, and vice versa.
Take a look at the odds before a game and you will see them
change as visitors back and lay their bets. The odds often
improve nearer to the off, as there are more people in the
market.
Commission
You do not pay tax at Betfair, and commission is only paid
on your net winnings on each market. This is particularly
beneficial if you have multiple bets on a single market such
as the Premiership Winner market. Some of your bets may win,
some may lose, however you only pay commission on your NET
winnings. If your bets in a particular market amount to a
net loss, you do not pay commission.
We offer a customer incentive scheme. Your Commission rate
is set according to how much you use Betfair.
Fees for transferring funds to and from Betfair
To reflect Betfair's own charges, there is a 1.5% fee for
all credit card deposits. There is NO fee for UK debit card
deposits or withdrawals to any card. Deposits and withdrawals
can also be made by cheque and bank transfer - there is a
small fee for bank transfer withdrawals only. These fees are
made by our bank and are not retained by Betfair.
Who is behind Betfair?
Betfair is the trading name of The Sporting Exchange Ltd.
The Sporting Exchange Limited is registered as a limited
liability company in England and Wales, company number 3770548.
The registered office of The Sporting Exchange Limited is
at:
The Waterfront,
Hammersmith Embankment,
London,
W6 9HP.
The Sporting Exchange Limited was founded in August 1999
by Andrew Black and Edward Wray in order to commercialise
proprietary betting technology that had been under development
for the preceding year.
The technology used by The Sporting Exchange Limited is proprietary
and, as well as being protected by copyright, is the subject
of a patent application that has been filed with the United
Kingdom Patent Office.
The Sporting Exchange Limited is located in the United Kingdom
and operates within the confines of the Betting, Gaming and
Lotteries Act 1963. It holds a bookmaker's permit in England
and Wales.
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