Online Sports Betting Exchange
Betfair: Pioneers of the Third Millennium
Founded in 2000 by two young entrepreneurs, Edward Wray and Andrew Black, Betfair betting exchange is a brilliant symbiosis between the stock market and gambling. It took about a year to start the project, which turned to be a real breakthrough in the gambling industry and lead to an amazing success due to the unique and innovative concept applied by Wray and Black. This all became real due to the adaptation of the stock exchange to the gambling industry. Now, gamblers can bet at odds set not by bookmaking companies but other gamblers, who contribute to the supply and demand, make sports bets and analyze the recent trends and nuances of the sports market.
It wasn't long before the term "sales margin" or "odds" appeared. As you can see, the actual track record is similar to the one of the stock markets, with just a single twist based on sports. It was an excellent way to make money from sporting events.
By following their own strategies, skilled and experienced gamblers make lots of money at such betting exchanges as Betfair, which turn to be their workplace, where they work hard, while maintaining an extreme interest in what they do. It is worthwhile to say that in addition to sports, Betfair users pay interest to politics, social life, and different events both on local and global scales. You can also have your own opinion on all the above and you will most likely find at least one person willing to enter into the dispute over any event no matter how footless it may seem. After all, any opinion can be contradicted.
In 2006, the assets of Betfair Sporting Exchange Ltd. were worth USD 3 billion. The same year, 23% of Betfair were purchased by Softbank for USD 600 million. And this became possible in six years after the project's startup! The company won hundreds of awards and nominations. It was recognized one of the best startups in the UK (2006) and won Queen's Award for Enterprise (2008), while Edward Wray and Andrew Black were named the best British entrepreneurs in 2002.
The current Betfair's client base equals to 1 million gamblers, while its weekly turnover is £ 50 million. Betfair is licensed in the UK, Australia, Germany, Malta, and Italy.
What is a betting exchange?
Betting exchanges represent unique platforms designed specifically for betting, where gamblers provide and find fixed odds and line bets rather than making use of bookmaking services. Betfair is an online betting exchange that acts as an intermediary responsible for the bets placed and payoff allocations. The company charges a commission of 5 percent on all the winning bets. For example: Gambler A makes a "back" bet, whilst Gambler B "lays" his/her bet, i.e. bets the opposite to the "back" bet, which eliminates the need for traditional bookmaking. This is a continuous process that includes millions of gamblers worldwide. You will definitely find your "back" or "lay" bet in this myriad of options. Let's presume you want to bet on the match between Manchester United and Chelsea. You believe that the Red Devils win and want to bet your $50 on the event. You can find odds on the website or offer your own "back" bet that will wait for the opposite betting. Given the number of registered users, your odds have all the chances to succeed; otherwise, your bet will be given back to you. After the sporting event is over, the money is allocated according to the winning bets.
Betfair presents a convenient gambling environment for online betting exchange and only benefits from the winning bets. Thus, the company has no interest in any user limitations. Besides, you can also earn before a sporting event actually starts. If you bet wisely and listen to your intuition, you can get the odds before they are dropped down. This is how you can get the winning bet. Unlike bookmaking agencies, you are allowed to register as many Betfair accounts as you like. The company's unique offering is that it imposes no limitation on the amount you win. You can also have up to £ 40 credited on your first winning bet.
Once registered, you shouldn't make live bets, when the situation may change every minute. Such betting may turn to be a nightmare for inexperienced gamblers. Just wait and you will soon be able to effortlessly navigate in the space of sporting events and make live sports bets wisely and profitably.
Consider all possible outcomes before you make the bet. This will help you avoid unnecessary loss.
Be sure to keep your username and password secure. If anyone enters an incorrect password for 4 times, your account will be suspended.
Safety and confidentiality