|It was on Oaks Day at Epsom four years ago that Betfair.com was originally launched and since then Betfair has gone on to become the biggest and most successful on-line bookmaker in the world.|
The rise of betting exchanges, which provide punters with greater value, choice and control, have changed the way many people bet today. Whilst dozens of me-too exchanges have been set up in the wake of Betfair’s success, Betfair still retains an estimated 85% share of the betting exchange market.
The site’s 200,000 registered users (including active accounts from over 85 countries) are testimony to the popularity and success of the company. The technology is able to cope with 1,000,000 transactions a day and at peak time matches up to 12,000 bets a minute. Betfair has also recently launched its own poker site.
Director of Public Affairs, Andrew Silverman, commented.
“Betfair has delivered unparalleled choice and value to punters since its inception in 2000 and injected real competition into the UK sports betting market. The company has revolutionised betting in the UK and boosted the integrity of sport through the conclusion of industry leading agreements with major sporting regulatory bodies.
“Betfair is also ideally placed to work in partnership with the new Gambling Commission and looks forward to the introduction of the Gambling Bill that will pave the way for its creation.”
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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 2003, Betfair was the 3rd most prolific sponsor of horse races in the UK.
5. Strategic investors in Betfair include Benchmark Capital, UBS Capital, JPMorgan Chase.
For further information please visit www.betfair.com or ring Georgina Hard on 020 8834 8224.