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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 LMAX, which has developed an exchange platform for online retail financial trading that has evolved from Betfair’s exchange technology. LMAX was originally established by Betfair in 2007 and has invested significant resources since then in developing its proprietary exchange which launched in October 2010. Betfair also owns Betfair US, which comprises 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.

Betfair employs more than 2,000 people, with more than 100 also employed by Betfair Australia.

The Betfair Group owns licensed operations in the UK, Malta, Italy and the United States and (through Betfair Australia) in Australia.

Betfair’s Betting Exchange has fundamentally changed the sports betting market by offering customers better pricing and more choice and flexibility. In the calendar year 2009, Betfair offered on average 24 per cent. better odds than other online gaming companies on UK horse racing and 9 per cent. better odds on matches for the top 5 European football leagues.

Bets are only accepted by the Betting Exchange if the full risk of each can be matched with another customer or a set of customers with the opposite view. Betfair generates revenue on the Betting Exchange by charging a commission (between 2-5%) on a customer's net winnings on a market.

Betfair Games and Betfair Poker are incorporated and registered in Malta.