Betfair is the brain child of Andrew Black and Edward Wray. Together the two helped develop unique betting technology and in August 1999 Betfair was born. Since then the company has expanded from the UK and now has liscences in Malta, Italy, Austria, Germany and now here in Australia.
Betfair have built themselves up to be one of the market leaders in internet betting due innovations that simply can’t be found on any other site.
Back or Lay
The “back” or “lay” system allows you to bet on two outcomes winning or losing. When you “back” a selection (be it an individual, a team, horse or dog) you are betting that it will win. This is called traditional betting.
When you “lay” a selection you are betting against it winning. For example, if you’re betting on which team is going to win the Premiership and you “lay” Man Utd, if they end up winning the league you pay out. This is something that is usually only done between bookmakers, but Betfair gives you the opportunity to do it with other punters.
Choose you own odds
One of the great things about the “back” or “lay” system is that it allows you to choose your own odds. If a horse you fancy is showing odds of $3.00, you can put an order in for $4.00, and if someone is willing to “lay” off against that bet then those are the odds you get. The thing with this is to not be greedy. Choose realistic odds or you are likely to miss out all together.
In play betting
Another of Betfair’s great initiatives is its in play betting service. This allows you to bet on a number of out things within most sports as they are taking place. This includes sports like baseball, darts (yes you can even bet on the fat guys chucking things at a small circle while drinking their weight in beer) and cycling. Lance Armstrong is at $8.00 to win his eighth Tour De France by the way.
The Betfair website also offers a comprehensive guide and results system. Showing stats on trainers, jockeys and horses as well as the Betfair TV guide so that you will never miss your favourite sporting event ever again. They have even introduced a hotline. So if there is no way of making it to the internet you can give them a call and still get your bet in.
Betfair is easily one of the best betting websites around as it offers unrivaled features, and if you sign you up right now you are entitled to a free $50 bet. Just go to the site to claim it, but make sure you stick it all on the Aussies winning the Twenty20 World Cup, at $4.50 you can’t go wrong.