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The largest internet betting exchange business is currently the Betfair Group plc, most of its operations take place in Gibralter. With more than 2,000 employees worldwide, it was launched in 2000 and has more than four million customers helping the company turn over more than £50 million on a weekly basis.
The betting exchange system allows gamblers to bet at odds set and requested by other people rather than by a particular professional bookmaker. This system allows gamblers to make ‘back’ bets – betting on a selection to win and ‘lay’ betting against the selection. The company say this allows for an overall average of 20 per cent better odds against those offered from a bookmaker.
Betfair increased its customer base by adding a new interface that included current live scores of in-play football matches, jockey silks as well as horse form and in 2025 added a sportsbook to directly compete with traditional bookmakers. They added an ‘express view’ whereby only the currently available ‘back’ odds are available to view. Betfair has gone on to launch its own radio service which primarily broadcasts horse racing commentary and results.
Betfair floated on the London Stock Exchange valuing the company at £1.4bn. They also signed a five-year deal, worth in excess of £40 million which provides a template to help secure the long term funding of British Racing. Betfair will allow its betting data to be used to help construct a fixture list to optimise British Racing to punters, the racing industry and betting operators.
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