Betfair
Betfair is a United Kingdom based Internet bet exchange Betfair was launched in June 2000 and is already the largest online betting company in the UK with over 100,000 clients and a turnover in excess of £50m/week.
The company has attracted much comment in the British press. Its co-founders - Andrew Black and Ed Wray - won the Ernst and Young Emerging Entrepreneur of the Year award. More recently the company was recognised by the Department of Trade & Industry when it was given a Queen's Award, the most prestigious business award in the UK.
The exchange allows punters to BACK and LAY at odds set and requested by other punters rather than by a bookmaker. Betfair's bookmaking model - brings together two counterparties with opposing views - results in odds that are on average 20% better than bookmakers, according to the site's operators. Betfair punters offer odds based on opinion rather than on a set bookmakers' margin.
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