Betfair is an open-market betting company that allows customers to make their own odds in order to transact with each other at mutually beneficial levels.
At the heart of Betfair is the pioneering Betting Exchange, where customers come together in order to bet at odds sought by themselves or offered by other customers, thereby eliminating the need for a traditional bookmaker. Betfair also offers a range of other sports betting products, casino games and poker.
Betfair also owns Betfair US, which comprises of TVG (a licensed US horse racing wagering and television broadcasting business) and a development office in San Francisco.
In addition, Betfair has a 50 per cent. shareholding in Betfair Australia, a joint venture which operates a licensed betting exchange business in Australia.
Betfair has twice been named the UK’s “Company of the Year” by the Confederation of British Industry and has won two Queen’s Awards for Enterprise, being recognised for Innovation in 2003 and most recently for International Trade in 2008.
The Betfair Group owns gambling licenses in Gibraltar, Malta, Denmark, Spain, Schleswig-Holstein, Italy, the United States and Tasmania.