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What is the Betfair Exchange and how does it work?

The Premier League season is just around the corner and bettors will no doubt be preparing their wagers for the opening weekend.

Liverpool open the campaign on Friday, August 9 with a home clash against newly-promoted Norwich City, whilst Sunday sees a blockbuster clash as Chelsea head to Manchester United.

That second fixture, in particular, is set to attract plenty of bets, with the Betfair Exchange offering punters a different way to get involved as opposed to regular sportsbooks.

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What is the Betfair Exchange?