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Review Date : 10th Feb 2007
Took over business as of 17th January 2002.

There are some nice ideas on this site, the layout is an attempt at using many small screens at once to show a lot of information. Using a set of menus on the left you get access to all the available markets from any screen you happen to be in.

There is a huge amount of action in the horse racing market. Take care not to be dazzled by higher than bookmaker prices as this market allows punters to lay horses that they know cannot win. The prices in the racing market are the most accurate (as opposed to bookmakers and others) for the odds of the horses winning or losing.

There is some good thinking in creating novel betting markets over events that aren't betting friendly. E.g Formula 1 - here you can bet who wins a GP without the top two teams, or the make up of Car Numbers or How Many Finishers etc.

For Racing fans there is a "place" market, a place to back horses to come 1st, 2nd or 3rd. Fluid in action in both win and place markets.

As with some of the other sites, Betfair uses the decimal continental style of representing odds.

You have to know what back and lay mean but once you've got them sorted out in your head its reasonably easy to understand the betting screen.

There are also information buttons next to each bet. Click on that and you will get a chart showing price changes over time with volume. Gives you an idea of what the market has been doing.

Betfair charges a Commission on your net winnings on a market. If you have a net loss on a market you do not pay commission. Commission is calculated by multiplying your net winnings by the Market Base Rate, as shown on the Rules tab. From this we will apply a discount. The more you bet with us the greater the discount you will receive.

The size of this discount, or your Discount Rate, is determined by the number of Betfair Points you have accrued on your account. Betfair Points are earned in proportion to your betting activity - the more you bet, the more points you accrue, the greater your Discount Rate. Please note that your discount rate will be capped at 30% unless you have completed Betfair's Know Your Customer check requirements.

You earn Betfair Points every time you bet on a market. You will earn 1 point for every 10 pence of commission paid (if you have net winnings) or implied commission (if you have a net loss). Betfair Points are awarded equally whether you win or lose.

Once your Discount Rate has been calculated, your Betfair Points balance is reduced by 15%. This is known as the Weekly Decay. If you continue to bet at the same level each week, your Discount Rate will remain unchanged. If your Betfair Points at any time imply a higher Discount Rate, you will move to that rate immediately. Discount Rates are applied at the time of market settlement rather than bet placement. These might be different for you in long term markets

Is the size of commission. We need more competition or regulation.

After time this site has become the top site for general person to person betting. It has high liquidity an so you are likely to get the action you want. The software works well and has nice features that may take a while to learn but are useful once you get there.
Summary Rating : 8½/10 No Freebies
Cut : 5% or less on net win Max Odds : Any Limits : Opening £25
Based : London Tel : 0870 0110 444
The Sporting Exchange Limited was founded in August 1999 by Andrew Black and Edward Wray
14-16 Peterborough Road, London. SW6 3BN
Written correspondence to Betfair, PO Box 30729, London, SW6 3FX, UK
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