BBC - betfair.com Did anyone see this on BBC tonight! This shit is crazy! It's not a bookie, it's a place where you meet up with others and bet against each other on the outcome of a sporting event! E.G. I say to dude, "Hey dude! I bet £5 that horse X will win and I want odds of 100/1". Dude says, "Nee botha! If the horse doesn't win you owe me £505 but if it does I owe you £505!"
Re: BBC - betfair.com Thats not exactly how it works. Its simply a service that allows you to be the bookmaker by doing a thing called laying odds. For example you could log on and say you will offer odds of 10/1 that England will win euro 2004 and are prepared to take £100 on it. However to do this you will have to have £1000 in your account to cover the bet should England win the tournament, but if they dont then you make yourself £100. So it allows you to choose teams/horses whatever NOT to win rather than backing them to win. This has caused loads of controversy in horse racing as large amounts have been staked on horses to lose and they have been pulled up in races or jockeys have appeared to deliberately jump off.
