|(London, 12/07/04) Betfair, the world’s leading online betting exchange, is proud to announce that it has won the award for the Best Use of Technology at the regional National Business Awards.|
The award is the latest endorsement for the company, having won the Queen’s Award for Enterprise in 2003, and will now be put forward for the National final in November.
Betfair was founded with a view to making betting fairer and safer for everyone, using cutting-edge technology to ensure at source that crime is kept out, the punter is always paid, and the vulnerable are protected.
Commenting on the award, David Yu, Betfair’s CTO, said, “Our technology is constantly being challenged by the phenomenal growth of the company and the event-driven demands of our customers. We have retained 90% of the betting exchange market and it is paramount that we remain as the leader in the technology battle.”
Other finalists in the technology category included Quick Formations Ltd, MailSource UK and Adept Scientific.
Notes to Editors:
1.The award was made to ‘the organization that can best demonstrate that it has effectively used business technology to create a significant and exploitable competitive or operational advantage in any business area including revenue, improved quality and/or customer convenience’.
2.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.
3.Betfair was launched in June 2000 and is the UK’s No 1 online betting company. At peak times the exchange matches up to 12,000 bets a minute and over 1,000,000 bets per day –three times as many as the London Stock Exchange.
4. 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.
For further information please visit www.betfair.com or ring Communications, on 020 8834 8000.