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Betfair is the world's largest Internet betting exchange. The company is based in Hammersmith in West London, England.
Since Betfair was launched in June 2000 it has become the largest online betting company in the UK and the largest bet exchange in the world. Betfair currently has over 2,000,000 clients and a turnover in excess of £50m/week.
A betting exchange is a p2p gambling website acting as a broker between parties for the placement of bets. The concept is similar to that of a stock exchange or a futures exchange, where in this case the commodity being traded is a bet, rather than a stock or futures contract. Most betting on a betting exchange is a form of fixed odds gambling.
The subject of gambling is all encompassing. It combines man's natural play instinct with his desire to know about his fate and his future. (Franz Rosenthal)
Poker is the game closest to the western conception of life, where life and thought are recognized as intimately combined, where free will prevails over philosophies of fate or of chance, where men are considered moral agents and where - at least in the short run - the important thing is not what happens but what people think happens.
