The main point in betting exchange is the providing of the retail facilities for customers. They buy and sell different contracts which are usually structured as "binary options".
More often betting exchanges organizes horse racing and some kinds of sport betting, but also includes lots of other current event and betting casino markets.
Betfair, the betting exchange company can be considered as an online type of a betting establishment. It was created in 2000 by Andrew Black that just wanted to develop some of the" betting" ideas on his laptop. Nowadays this company has its main office in Hammersmith along with 800, 000 customers throughout the whole world.
You can make bets on football, boxing; even such events as Big Brother or the X factor are included in this agency. They don't differ very much from the traditional kind of bookmakers where everybody can make some bets, but still one can find its particular advantages and disadvantages in both types.
For you to compare, in the traditional bookmarker shop you'll need to obey to their odds and there will always be some edge on their side. Here you're setting odds against the other players; you attract the visitors with your stakes.
The other great benefit of the betting exchange is the opportunity to make bets during the race or some match is in progress; such bets are called "in-playing" ones. There is no undue risk to the operator.
Of course there are lots of critical points towards betting exchange from the side of bookmarkers' agencies. It is said that corruption is very likeable here. Indeed you can see the integrity of commercial interests in the betting exchange. There is strict control on bribes and cheating. Try once and you'll notice the benefits for sure!