To anyone considering playing with Fairlay:

I recommend staying away from these guys.

• They don't seem trustworthy. I feel fortunate to have escaped with funds in tact after waiting 2 day for a withdrawal but you may not be so lucky.
• Many people have talked about the apparent liquidity in their markets versus the reserves they have shown. Short version: they haven't given enough proof to believe they are solvent versus the huge bets offered on their site.
• Another problem is that we don't know if they are licensed. They claim to be located in London, but is it believable? Not really.
• Their site is barely functional. As an example, their "exchange" doesn't match market makers with intersecting offers automatically. This is absolutely a most basic function of an exchange and theirs didn't even do that in my experience.
• The support is horrible. Based on how long it took them to respond to any of my attempts (BCTalk, email, Facebook, Twitter) I really thought they had run off with my money.
• Now they're lying about being aware of the bugs I reported. As you can see in this thread I informed them that their matching wasn't working properly and now they claim they "already knew" which makes no sense.
• They're using the likeness of Vitalik Buterin to promote their brand and lend credibility to it. Something tells me Vitalik doesn't actually endorse them.

Bottom line: Don't risk it with Fairlay.