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BETTING EXCHANGES
Betfair brought a revolution into the world of online betting, bringing benefits to punters in terms of better choice of bets and better prices and as a result Betfair is now the biggest online betting site in the World.

Betfair is a Betting Exchange, there is no bookmaker on Betfair, just people exchanging bets. Betfair have removed the bookmaker and his inflated margins from the betting process.

Betting on betfair takes place between a community of online punters who put their knowledge of sport to the test, trading bets as if they were trading shares on the stock exchange. ie. the punter is buying or selling a team winning chance. 
BACK a horse to win
Using Betfair, BACKING is the traditional way of placing a bet.
If the horse WINS you WIN. 

EXAMPLE - BACK WAR OF ATTRITION at 8.2 (7.2/1) for 20 

WAR OF ATTRITION wins - you WIN 7.2 x 20 = 144
WAR OF ATTRITION loses - you LOSE 20
LAY a horse not to win
Using Betfair, LAYING is the opposite of backing. 
If the horse LOSES you WIN.

EXAMPLE - LAY WAR OF ATTRITION at odds of 8.44 (7.44/1) for 20

WAR OF ATTRITION loses - you WIN 20.
WAR OF ATTRITION wins - you LOSE 7.44 x 20 = 149
On betfair you BACK a team or horse if you think it has a good winning chance or LAY if you think it will not win. You can chose to back or lay at prices already left on the betting exchange my other punters, or set your own odds. You are always in control, bet at the odds you want to and for as much money as you want to.

For high staking punters betfair is perfect. Winners are welcome and if you are a winning punter you will not have your stake limited, as is the case with winning punters at many bookmakers. With several million pounds matched on live soccer matches there really is no limit to how much you can bet.
In-Play betting at Betfair .

Betfair brings you an exciting and fast-moving addition to existing products? 'In-Play' betting. You are now able to bet once the event has started.

When a market is In-Play, it signifies that the event the market refers to, or a closely related event, has begun. 

When a market is In-Play at Betfair, betting on this market operates in an identical fashion to normal, with one difference. When you place your bet, whether this is to match another bet or to place an order, there is a deliberate time delay before the bet is processed. This delay is indicated by the In-Play icon on the betting slip.

The reason for the time delay is to allow those people who have orders on the system to cancel and change their bets if something dramatic happens during the event. For example, if Newcastle are playing Everton and Newcastle score a goal, someone who has left an order to back Everton might want to immediately cancel their bet and change

To give you further protection, when a market goes In-Play, all existing orders will be cancelled first and the market immediately reopened. This allows you to leave an order on the system, say two days before the event, and know that it will be cancelled automatically (if it has not already been matched), before the event begins.

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