The short explanation of Betfair and Betfair Sports betting.
On the first image You can see the home page of Betfair.
On the left top, there is My Account which includes every information of Your account.
On the right top side of image You will have short account info, Your Betfair username and under which will be Your Total available balance which is divided into two wallets, the first is most used - UK wallet, and the second is AUS wallet. The Deposit button function is great, as You can deposit more funds for Your betting really fast and without any problems (It will open pop-up window).
The Transfer button is for transfering funds from UK to AUS wallet or vice versa and the Logout button is the one which You won’t like to use, but it is the safest way how to end the work with Betfair, especially on shared computers.
Again on the left side You can see the Betfair logo and the amount of fun which they offer. There are Sports, Games, Poker, Casino, Forum and Extras. This is more than enought for all customers which want decent fun from the Largest Exchange!
After clicking Sports you will see the Search function (second image)

You can easily and instantly search the whole Betfair Sports Market.
After click on the My Account text you will see this menu (click here).
Account Summary is shorten info about Your Account. (click here)
There You can check Your current available money to bet. In my case it is the number 69.60. This amount I can place anytime on any sport. Betfair Points are very usefull and they will give You discount from the fee of the winning amount on the market. The default value for fee is 5%. I have got discount of 6% so far (5% x 0.94 will be 4.7% fee). Maybe You would say that 0.3% will not make much difference, but that is not true at all! Even the lowest discount of 2% will help You to make more money. More about discounts in this image. The Betfair Points Balance will show You how much Poits do You have at moment. You can also book holidays, that mean the whole week You are on holidays you won’t be affected by points decay, weekly -15% on Your points balance. You also won’t earn any points while the holiday is booked. You will get one holiday per 3 months period up to maximum of 4. If You use them You will get more by ever 3 months period.
Let’s see the next image. There is a tennis match Federer versus Monfils. Right under the players You can see the “Going in-play” text which informs You that You will be able to bet LIVE on this match. The Live Video as well as Live Scores and Stats are also available for this match.
The odds on the Roger Federer are 1.08 then 1.07, 1.06 and so on. So if You are going to bet, You will get the highest possible automatically at the moment of betting. I have 1.08 on the picture and the numbers under the odds are showing the maximum available amount which You can place on the Federer at the odd of 1.08. This numbers are chaning as the bettors placing their bets. The “Matched” amount showing how much the Betfair customers placed on this market.
Let’s see the pink buttons. there is a 1.09 number, which is the LAY method of betting. If somebody for any reason don’t want 1.08 odd, he can ask for a higher odd, for example 1.09. So this request will go to that LAY. Now, if You would click on the 1.09 then You are betting AGAINST the Federer, that means if he win, then You lose and if he lose then You win. Basicly it is the same as You would bet on Gael Monfils. But sometimes it can be for better price.
On the next picture You see the betting FOR Roger Federer. I have palced 100EUR at the price of 1.08. So if he wins I will win 8EUR (minus the currect fees) and if he lose I will lose 100EUR. This is simple betting as You may know from other sportsbooks, but the LAY thing is another. There is a 1.09 odd and I LAYed it for 100EUR, which means, if the Federer lose I will win the backed amount - 100EUR (minus the currect fees), and if he wins I will lose the 9EUR which will go to some another bettor who asked for the 1.09 odd. (this image)
Your Stake amount means how much You are risking on the bet and the Profit amount is your winning if Your outcome wins.
The Backed amount means how much You are placing on the bet, and the Liability amount means Your risk on this bet.
The best Exchange which You can use in gambling is Betfair for sure. They are offering also a deposit bonus of 100% on Your first bet up to 25GBP! Don’t miss this great chance and sign up now.