Betfair announces South African licensing deal
By maddy
(London 10/12/03) Betfair, the company revolutionising betting, is delighted to announce a data license deal with Phumelela - Gold Enterprises, a joint venture between South African horseracing and tote betting operators Phumelela and Gold Circle that controls and manages all media and information rights emanating from the two companies.

This is a landmark deal for both parties, representing Betfair’s first international agreement for racing data rights, and underlining South Africa’s credentials as a leading and forward-thinking racing jurisdiction.

Betfair has also agreed to work with the South African Jockey Club to address any questions of integrity through a Memorandum of Understanding, which will allow access to betting records.

Betfair’s Commercial Director, Tim Levene, hailed the groundbreaking deal as an integral step in the international expansion of Betfair’s business. He said:

“This is the start of what we believe will be a long and healthy relationship with South African racing. Their product is an important part of our business, and in line with our policy world-wide, we believe they should be paid appropriately for it. We hope that other international racing industries take their lead, and view us as an ally and not a threat.”

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Notes to Editors:

1. Betfair (www.betfair.com) was the first person-to-person betting exchange. A betting exchange allows punters to bet on prices set by punters themselves rather than by a bookmaker, which, by one independent study, results in Betfair’s odds being 20% better than bookmakers’ starting prices.

2. Betfair was launched in June 2000 and is already the UK’s No 1 online betting company. At peak times the exchange – based on the NYSE - matches up to 12,000 bets a minute.

3. The company’s co-founders – former professional gambler Andrew Black and former JPMorgan vice-president Edward Wray – were jointly voted Ernst & Young Emerging Entrepreneur of the Year 2002. In April 2003 Betfair won a Queen’s Award for Enterprise in the Innovation category.

4. In 2002, Betfair was the 4th biggest sponsor of horse races in the UK in terms of the number of races covered. The company is also currently the shirt sponsor of the Premiership’s Fulham FC.

5. Strategic investors in Betfair include Benchmark Capital, UBS Capital, JP Morgan Chase.

 
 
 
 
 
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