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Betting Exchanges

Biography

Hello, my name is Matt, I am a professional gambler from the UK. I have gambled for 5 1/2 years, 2 1/2 years full time. I make my living betting on tennis (mostly) on a website called - www.betfair.com. Some of you may know me from the forum under the name of "steady".

Betfair is a "betting exchange", which operates in similar fashion to a stock exchange. All bets are made on a person to person (P2P) basis. The way stock exchange traders might set their asking price and amounts is the same way a betting exchange works. Each gambler sets his or her price and amount, the exchange automatically sorts these forming a market place. This gives the option to bet on something to lose, something to win, trade a price movement or make a book - options the average gambler never had before.