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.

Why use Betfair ?

	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.

Choose odds
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.

Commission
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.

Fees for transferring funds to and from Betfair

To reflect Betfair 's own charges, there is a 1.5% fee for all credit card deposits. There is NO fee for UK debit card deposits or withdrawals to any card. Deposits and withdrawals can also be made by cheque and bank transfer - there is a small fee for bank transfer withdrawals only. These fees are made by our bank and are not retained by Betfair .

Who is behind Betfair ?
Betfair is the trading name of The Sporting Exchange Ltd.

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 Waterfront,
Hammersmith Embankment,
London,
W6 9HP.

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.

For any enquiries concerning the company please go to the Contact us section.

Is betting with Betfair safe?

	Your full card details are encrypted and sent over the internet only once - when you register your card.
	Your card details remain encrypted and are stored on Betfair 's secure server.
	Betfair uses DataCash and The Royal Bank of Scotland plc as our secure payment partners.
	Betfair possesses a BT TrustWise Secure Server Certificate, has a bookmaker's permit and is registered as a limited liability company in England and Wales.
	For further information on the Betfair deposit process, email info@betfair.com or call our UK help desk on 0044 20 8834 8060.