Betfair is the trading name of Betfair Limited, which was founded in August 1999 by Andrew "Bert" Black and Edward Wray.

Unlike fixed odds bookmakers such as William Hill, Ladbrokes and Coral, betfair is a betting exchange, allowing customers to choose whether to back a selection or instead effectively act as the bookmaker themself and lay a selection instead.

The first ever sporting market traded on betfair was the 2000 Oaks and, in the space of nine years, betfair has become the world's biggest betting exchange and effectively revolutionised the betting industry in the process.

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