Betfair is one of the most prominent players in Britain's online gambling industry, which was worth £5.2bn in 2005.
It was founded in 2000 by Andrew Black, who developed the idea on his own laptop in his spare time.
Today the company, which is based in Hammersmith, west London, employs nearly 1,000 staff and has 800,000 registered customers worldwide.
It takes bets on football, boxing, athletics, darts and other sports as well as horse racing. It also offers the chance of betting on events such as the general election, Big Brother and the X Factor.
Click on this link for a full explanation of how the betting exchanges work
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