Tote v Betfair

[shamanism]

I have often heard people saying that there is much better value using Betfair. On this site specifically I have come across threads which might state for example that Shamanism paid $1.40 the place on NSW (let's pretend that was the better of the three totes) and $1.50 on Betfair. My understanding is that Betfair is only an exchange, not a totalisator or bookmaker. Therefore are the prices that I have seen quoted just from individuals wanting to match a bet or is there a bit more to it that I am not aware of? Is Betfair difficult to use as a novice?

[YoungBuck]

Every price you see is an idividual wanting a price matched. Sometime better, sometimes worse than tote odds, but long term i would want betfair odds.

[shamanism]

Thanks YoungBuck