Why is Betfair different to other Bookmakers?

Question

I was watching thier advert and it said something like people bet against people? Does this mean that I can make my own odds?

Answer 1

Betfair is a 'betting exchange' rather than a bookmaker.

A betting exchange allows gamblers to bet at odds set and requested by other punters rather than by a bookmaker.

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), thereby eliminating the traditional bookmaker.

Answer 2

Yes, basically you choose your odds and then someone will decide if he wants to match it or he doesnt want. The odds are better. You can find a review with all the pluses of BF at http://bettingwise.hit.bg/Betfairsports....