This is an excellent question. The name hints at what the company has to offer, although it has often been misconstrued as being about fairness in gaming.

Old Betfair App

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In essence, Betfair wanted to take the process of setting lines for sporting events out of the hands of the traditional bookmaker and put it into the hands of the punters, or bettors.

The theory was that if people were allowed to set their own odds based on their personal knowledge of a sport or their love of a particular team, then the betting options would increase, making the wagers more appealing to a broader group of players.

Warning: Although the current score, time elapsed, video and other data provided on this site is sourced from 'live' feeds provided by third parties, you should be aware that this data may be subject to a time delay and/or be inaccurate.Please also be aware that other Betfair customers may have access to data that is faster and/or more accurate than the data shown on the Betfair site. DraftKings is well prepared to enter the online/mobile side of betting when it legally can. As one of the leading sportsbooks in America, DraftKings was swift to enter New York’s market, despite only allowing for in-person betting. PPB Counterparty Services Limited, having its registered address at Triq il-Kappillan Mifsud, St. Venera, SVR 1851, MALTA, is licensed and regulated by the Malta Gaming Authority under Licence Number MGA/CRP/131/2006 (issued on 01 August 2018). PPB Counterparty Services Limited, Betfair Casino Limited, PPB Entertainment Limited and TSE Malta LP are licensed and regulated in Great Britain. PPB Counterparty Services Limited, Betfair Casino Limited, PPB Entertainment Limited, PPB Games Limited and TSE Malta LP are licensed and regulated in Great Britain by the Gambling Commission under account numbers 39439, 39435, 39426, 39411 and 39561. Register an account with Betfair and get access to sports and exchange betting across all of your favourite markets and topics.

To accomplish this, Wray and Black created a betting exchange. The principle behind the exchange is similar to that of a stock exchange. A player would initiate a wager at a certain price and odds, and it would be posted to the exchange.

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If someone fancied that particular wager, then they could agree to make the wager. The bet would happen between the two players, with Betfair taking a small fee for providing the service.

Let’s show you what this could look like regarding an NFL football game. For this example, we will use a game between the New England Patriots and the Cleveland Browns. Many bookmakers would consider this an easy game for New England, so they may set a line that looks like this:

This means that New England would have to win the game by 15 points for you the wager. Now, let’s say you are a huge fan who is so sure that you want to give more points away. With Betfair, you can create a wager like this:

• NE -21.5 +150

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In this case, you are betting that they will actually win by 22 points, but if someone wants to take the other side of that wager, then they have to put up $150 to your $100. See how easy it is? Of course, there has to be someone on the other end of the bet, or else it doesn’t take place.