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Originally Posted by dagulla
What does this mean ?
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Betfair allows customers to bet against a selected outcome by essentially becoming the bookmaker. In other words, if I think Horse A is going to lose in the 8th race at Fair Grounds, I can bet against that horse by accepting someone's bet ON Horse A at whatever odds the market is offering. If the odds on Horse A are 4-1, and he wins, then I have to pay out $4 for every $1 I "boooked" on Horse A.
But this is currently only available to customers outside the U.S., as it is illegal here.