Betfair, nowadays the undisputed leader in the Betting Exchange , was born in the late 90's by intuition of two English friends Andrew Black , trader at JP Morgan, and Edward Wray , programmer and professional gambler . The core of this new and exciting entrepreneurial activity, is a ' brilliant idea since the two friends were able to integrate and fuse the two " worlds " until then different and diametrically opposed: Bets and financial markets. The idea under Betfair was to create a fully electronic trading platform where anyone : bettors , bookmakers, or simple people could freely place bets without having to physically turn to a bookmaker. In this Betfair platform everyone can backing an odd, or selling an odd commonly named Laying, prerogative until then in the hands of bookmakers only. This idea, despite looking very simple, has shocked the world and revolutionized the betting and bookmakers because it opened a previously closed market and lack of transparency. The bookmaker , given the success of Betfair, tried over the years to hinder the Exchange by realizing the loss of a significant part of business and a migration of customers towards this new method . But we must emphasize that the complaints for a different tax treatment have some foundation because the bookmakers pay to the various States a fixed % on betting odds, while the Exchanges ( e.g. Italy), pay to the State the percentage of 20 % on gross fees generated by the customer , in addition to the taxes that accrue to society as a legal entity. The bookmakers for their function of Banco , have a gross margin on profit in a range from 10 to 15 % of the value of the offer; therefore without their brokerage units - by force of circumstances - in Betfair are better and therefore the highest . Thats for this reason, that the two founders, gave the name Betfair to their new creature. In fact the same just means " betting right".
Since 2000 Betfair has grown year after year always increasing revenues by about 10% and has reached a total of about 3 million customers from 140 countries. Even products in the platform Betfair have always been increased. Initially it started with the horses and with the major sports, then all the other sports, in order to cover all the world scenario, were added (such as darts , dogs , billiards , golf, etc.). At the same time just to meet the new requirements of customers (in line with the other competitors) , the other gambling games such as poker , casino, live casino , arcade , bingo and even as a novelty Exchange Game have been implemented. The Exchange games in fact work with the same logic and rules of the Sports Exchange, but with the possibility to back or lay the portion controlled by certified software that simulate the croupier.
The commercial policy of Betfair in recent period has changed preferring to close the registration to residents of those nations that have narrowed the rules of the gambling game such as USA, Germany , Switzerland, Russia, Norway, Canada, Denmark etc . Betfair has opened in Italy since several years the company Betfair Ltd based in Milan and 100% controlled by Betfair International plc which operates in the online gaming industry without any collection agency in the country with the site www.betfair.it. Next country should be certanly Spain and maybe France.
- Written by: DevelopUser
- Category: Trading betfair