It also claims that users can get an average of 20% better odds by betting on the site than by going through a traditional bookmaker.
Betfair makes money by charging 2-5% commission on all winning bets placed through the site.
Betfair counter this claim by pointing out they keep personal records on all gamblers and have information sharing systems in place with a variety of sports bodies to ensure that suspicious betting patterns are fully investigated.
Betfair is part of a small group of companies to have won the Queen's Award for Enterprise multiple times.
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Free bet stakes are not returned with winnings from your free bet. Betting exchanges take a different approach to traditional betting sites by cutting out the bookmaker and allowing customers to bet directly against each other and Betfair was set to revolutionise the gambling industry.
Although other online betting exchanges launched around the same time, Betfairs approach differed in operating more along the lines of a financial exchange.
After acquiring their competitor in 2001, they soon owned more than 90% of the bet exchange market share.
Betfair claims to have over 4 million users and a turnover of over £50 million a week.
Since 2008 they also levy premium charges on some customers if their total charges paid amount to less than 20% of their gross profits on the site, although Betfair estimate these charges affect less than 0.5% of customers. Their in-play betting system on horse racing drew concerns that broadcast delays of up to 5 seconds may allow companies using software that places high-speed automated bets to gain an advantage using courtside information that would not yet be available to regular customers.
The bet exchange model has also attracted extensive criticism from traditional bookmakers who claim that it has increased gambling related corruption within sports.