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Top Betting Exchange
What have been the biggest breakthroughs at Betfair over the past year?
Betfair had a record-breaking year in 2008, with many highlights and breakthroughs. In September, our total number of registered customers passed the two-million mark, which we see as a considerable achievement. We sponsored the hugely-successful World Series of Poker Europe for the second time, and also launched the Betfair Arcade, a series of interactive games including the popular Deal or No Deal and Monopoly.
Betfair Predicts, launched in October, is an innovative tool that conveys the predictive power of Betfair’s markets and presents them in a way that is accessible to all, punters and non-punters alike. We also had breakthroughs internationally; our Italian sportsbook was launched back in May.
What has been the biggest hurdle to overcome?
The over-riding challenge this year has been working towards a position where the European countries which offer betting through state monopolies are finally forced to stop clearly flouting European law. We haven’t succeeded yet but it’s important that we do. The only winners under the current situation are the black market and the monopolies themselves. The losers are consumers who are offered little value and no protection, and the regulated industry which has to sit and watch as the business goes elsewhere.
Another big challenge has been to continue to create awareness of our products to the more traditional mainstream betting market. We have had success in this area and must continue to do so.
As much as you can disclose, what milestones are you striving for in 2009?
In 2009 we are on schedule to match the two-billionth bet on our exchange, a big landmark and an indication that our model is more popular than ever. We enter a big sponsorship deal with Ascot racecourse, a partnership that is very exciting for the business and something that we will be looking to exploit.
Likewise we’ll be offering customers better value and more choice around the big sporting events of 2009, including The Ashes (we have extended our partnership with the Test Match Grounds), the Twenty20 World Cup and the British Lions tour to South Africa.
We must also strive for continued growth and maintain our success throughout 2009 in the difficult economic climate, both in the UK and internationally.
Best Full Service Site
What sets Betfair apart from its competition in terms of this achievement for being a full-service site?
How many words can I have? We’ve used technology to transform the experience of betting, so customers can choose their own odds and bet right up to the final whistle. But there’s a lot more to it: greater fairness, complete transparency, more choice, a different approach to working with sport. The list goes on. In short, we’re a better all-round package whether you’re a customer or a regulator. The clue’s in the name!
Our casino offers games, such as blackjack and roulette, where the customer has the same 50:50 chance of winning as the house in the ‘Zero Lounge’.
Sports-betting markets present information publicly available regarding every event and runner, including a history of the odds, amounts bet, amounts available to bet and so on, allowing customers to make the most informed choice possible. Because Betfair has no direct financial interest in the outcome of an event, winners are welcome.
In addition to sports betting, we offer a portfolio of innovative products including casino, exchange games, arcade and poker. In total, we process over six million transactions every day, more than all of Europe’s stock exchanges combined.
Mark Davies, MD corporate affairs, Betfair
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