In the UK and in
Australia, Betfair operates a betting exchange which is a
bookie using technology to make sure you get a better price.
It does that by eliminating its risk, which means it doesn't
have to build in extra margin as a safety cushion.
The effect is that Betfair punters bet on the price they want,
and not the price they're told they can have.
For example, imagine two friends having a bet while watching
a football match; an impartial observer holding the money
while the game is played. A betting exchange works in the
same way: our punters bet against each other, and Betfair
hold the stakes until the bet is settled.
By contrast, in Malta, Betfair is a bookmaker which allows
non-UK registered customers to bet against Betfair, but still
at prices set by other punters.
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