|London-based company Betfanatic goes online today, coinciding with Royal Ascot. Betfanatic will charge a maximum of 3% commission to winning punters, who can back and lay bets on a wide variety of sporting events.|
Founder Benjamin Arbib linked up with TradingSports to establish the exchange. The software provider floated on AIM last month and is gearing up to launch more exchanges over the coming months.
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.'
The company aims to emulate the success of Betfair, whose weekly betting revenues have grown by a factor of five since December 2001. It now processes about £50m in bets per week, putting it on course for an annual turnover of £2.6bn. P2P betting is estimated to now account for up to 15% of the UK gambling market. Betfanatic will begin a six-week marketing campaign to boost brand awareness.