Betfair is an online betting exchange that allows users to place bets against each other rather than against a traditional bookmaker. This means that bettors can set their own odds and offer bets, creating a more dynamic and competitive betting environment. Users can also back or lay bets, giving them the flexibility to bet on outcomes they believe will happen or not happen. Founded in 2000, Betfair has grown to become one of the largest betting platforms in the world. It offers a wide range of sports and events to bet on, including football, horse racing, and tennis. With its user-friendly interface and innovative features, Betfair has revolutionized the way people engage with sports betting.