The Betfair logo.
Betfair is the biggest player in the world's betting trading market. The company is located in Hammersmith in West London, England. Since Betfair was founded in June 2000, they have become England's largest winery and the world's largest bargain trading site. They currently have over one million customers and revenue is over € 70 million a week.
Betfair does not have a license from the Chancellor Commission in Belgium and is listed on the blacklist. Belgian visitors can not visit the website. In addition, the site is also forbidden in the Netherlands and the US. Method
A betting trading site gives gamblers the opportunity to end a bet against each other. The bets are placed by the user where usually a traditional bookmaker determines the quotes. Members can both "back" (put a bet on profit) as "lay" (placing a bet on loss).
The model that Betfair uses (bringing two sides with opposite thoughts) does not require a bookmaker because the listings are determined by the user. The user who accepts the quotation / betting offered bets against the person who places the bet. Thus, the user can determine the notes themselves and play 'for' the bookmaker. These opportunities are often 20% higher than with a conventional bookmaker. Betfair will charge a commission for all winning bets as an intermediary. This is usually 5%. However, this percentage may depend on the user's status. Using Betfair, the player collects points that make the fee payable. The commission can thus be reduced to 2%. The Betfair environment has strong agreements with stock trading. By buying and selling options you can make a profit or loss. Instead of shares or options, you trade in sports betting. Business structure
The company was founded by Andrew Black and Edward Wray. It is known for its innovativeness and attracted many awards including the prestigious Queen's Award in 2003, the UK's highest prize for companies. In April 2006, Softbank bought 23% of Betfair's shares worth £ 1.5 billion. In December 2006, Betfair bought the horse race company 'Timeform' which provides statistics regarding horse racing. In March 2007, the company launched its own radio station Betfair Radio, which can be received via the internet and phone. The channel broadcasts live commentary during horse races and occasionally from other sports. The broadcaster transmits from a studio at Betfair's headquarters in Hammersmith.
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