(covers information from several alternate timelines)
The Betazed Federation ambassador during the 2360s and '70s was Lwaxana Troi, daughter of the Fifth House, holder of the Sacred Chalice of Rixx, heir to the Holy Rings of Betazed. (TNG: "Angel One", "Manhunt", DS9: "The Forsaken")
During the Dominion War in 2374, Betazed was invaded by the Dominion from the Kalandra sector. The Federation Tenth Fleet had been assigned to defend Betazed and its outlying colonies, but was caught out of position on a training exercise. The obsolete and undermanned planetary defense system was overwhelmed, and the planet fell in under ten hours. With Betazed captured, other nearby worlds, including Vulcan, Tellar, Alpha Centauri, and Andor, were at risk of Dominion attack. (DS9: "In the Pale Moonlight")
Near the end of 2374, the Second Fleet struck the Dominion forces occupying Betazed three times in a single month. However, each time the Dominion sent reinforcements and fortified their surface positions. (DS9: "The Sound of Her Voice")
Points of interestEdit
According to the script for "Q-Less", the pronunciation for Betazed was "BAY-tuh-zed". 
The scenes on Betazed in "Ménage à Troi" were originally written with studio filming in mind as their shooting locale, because the notion of using filming locations was at first prohibited for the episode. When more money became available, however, this plan was revised, with a day of location shooting planned instead. (Starburst, Special #29, p. 57) The footage was ultimately filmed at the Huntington Library Botanical Gardens in Pasadena, California, where "Justice" had also been filmed, two and half years earlier. (Star Trek: The Next Generation Companion)
According to Star Trek: Star Charts (p. 33), Betazed was the fifth planet in the Betazed (Beta Zeta) system. The official name of the government was the Fifth House of Betazed, which governed this planet from the capital city of Rixx. Betazed was admitted into the United Federation of Planets in 2273. As reported in the census of 2370, the planet was populated with 1.3 billion Betazoids living there. Betazoids had been warp-capable since antiquity. Major attractions on this world included Lake Cataria, Janaran Falls, and the University of Betazed. The system was named by the 21st century Human John Burke, chief astronomer of the Royal Academy.
According to Star Trek: Star Charts (pp. 36 & 48) and Stellar Cartography: The Starfleet Reference Library ("Federation Historical Highlights, 2161-2385"), the Betazed (Beta Zeta) system was located in the Alpha Quadrant. The primary was a G-class star. In October 2374, the Dominion won the Battle of Betazed and claimed the system. (Stellar Cartography: The Starfleet Reference Library ("Stellar Cartography" p. 41; "The Dominion War: Strategy and Battles, 2373-75") placed this event in September 2375.)
According to The Worlds of the Federation, Betazed was the fifth planet in the Beta Veldonna system. Its natives call it Cyndriel.
According to the Star Trek: The Next Generation First Year Sourcebook, Betazed is the second planet in the Beta system.
According to Planets of the UFP, Betazed is the second planet in the Betazed system. Its capital city is Medara.
According to the Worlds sourcebook, Betazed is the third planet in its system.