Betfair

Betfair is a betting exchange that allows punters to bet at odds set and requested by other punters rather than by a bookmaker. Befair members can make both 'Back' bets (normal bets on a selection to win) and 'Lay' bets (bets on the opposite side of the Back, against the selection).

Betfair punters are able to offer odds based on their own opinion rather than on a set bookmakers' margin. A commission of 5% is charged by Betfair.

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