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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.

• You can bet that an outcome will happen (back) or that it won't happen (LAY).
• You can choose the odds you want to play at.
• 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 wins, then you 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.

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.

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. You can receive a discount off the standard Market Base Rate dependent on how much you bet. The more you bet, the larger the discount you receive. This is known as your Discount Rate.

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 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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