Betfair is the world's leading sports betting exchange, a concept it pioneered in 2000. All bets on Betfair are placed by users who either want to bet for a selection or outcome in the normal way (back), or bet against a selection or outcome (lay). Bets are matched between people with opposing views. Betfair is a licensed bookmaker in the UK. It also has licences in Australia, Malta, Austria and Germany.
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