|Betfair, the world’s leading betting exchange, has been named as the UK’s seventh fastest-growing technology company in the Sunday Times Tech Track 100.|
The Sunday Times Microsoft Tech Track 100 ranks Britain’s fastest-growing private technology companies by sales over a two-year period between 2002 and 2004.
“Technology is the basis of Betfair’s success and its application in the betting exchange format has, in a relatively short period of time, revolutionised the way many people bet,” said Stephen Hill, Betfair’s chief executive.
A betting exchange, a concept pioneered by the company in June 2000, is a bookmaker that offsets all its risk through sophisticated technology. Betfair has already invested £30m to ensure that its betting platform is the fastest and most resilient in the industry, a claim substantiated by external monitoring companies. The company is planning a further £20m investment this year.
Betfair punters place more than 5m bets a day, of which more than 99.9 per cent are transacted in less than one second. Betfair’s use of technology enables customers to bet “in-play”, which means they can continue to bet once an event has started.
Betfair offers in excess of 24,000 betting markets a month from over 35 different countries and covers 60 football (soccer) leagues and divisions from 28 countries. Betfair has the widest range of sports of any online sports betting operator in the world with more than 51 different sports covered.
The full Sunday Times Tech Track 100 is on the internet at www.fasttrack.co.uk