|Online betting exchange Betfanatic launches today, hoping to take a slice of the person to person (P2P) betting pie from Betfair.com. |
The London, UK based Betfanatic is aiming to quickly establish itself among the market leaders and will mount a six-week marketing push to create brand awareness.
Betfanatic will charge a maximum of 3% commission to winning punters, who can back and lay bets on a variety of sporting events.
The technology is provided by TradingSports, which floated on the London Stock Exchange’s AIM in May this year. TradingSports is preparing to launch more exchanges over the coming months.
Betfanatic founder Arbib said: 'This is an exciting time for betting exchanges. The growth of P2P betting has been phenomenal and shows no signs of abating. I expect Betfanatic to quickly establish itself as a major player in the P2P marketplace.'
Only three years after P2P betting arrived, it now accounts for up to 15% of the UK gambling market, with Flutter making most of the headlines in 2000 after it secured £27 million ($45 million) from investors.
Flutter merged with Betfair in December 2001, since which time Betfair's weekly betting revenues have grown fivefold. It now processes about £50 million ($84 million) in bets per week, putting it on course for an annual turnover of £2.6 billion ($4.3 billion).