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The Betfair Exchange allows customers to bet against each other rather than betting against a traditional bookmaker. By matching customers, rather than taking the risk itself, the Exchange gives bettors the option to 'lay' (betting on something not to happen).The Betfair Exchange connects you with a community of punters, allowing you to set your own odds and place bets directly. Without bookmaker intervention, Betfair fosters a real community that interacts directly with odds, offering you better value and improved odds.
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He has a really big head.