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Readers Choice Awards
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Top Betting Exchange: Betfair
Richard Bloch, Head of PR for Poker and Games, Betfair
What sets Betfair apart from the competition?
Betfair is the world’s biggest online betting community and pioneered the first successful betting exchange in 2000. Betfair is distinctive in the sports betting landscape with its unique range of products and commitment to both technological and product innovation. The company now processes over six million transactions a day from its two million registered customers around the world, which allows it to retain high levels of liquidity. Betfair offers not only a world class, award winning, sports betting exchange, but also a broad range of products including casino, exchange games and poker. All this is also combined with great customer service.
What has been the company’s biggest breakthrough in 2009?
In the US, Betfair’s $50m acquisition of TVG Network – the largest legal wagering business in America – positions the company to take advantage of any legislative change. We are now the first online company legally to offer bets on US horseracing. Of Betfair’s success in 2009, our Chief Executive David Yu, explained:
“This has been a phenomenally successful year for Betfair. We have stayed on the path of sustainable long-term growth, even in recession. Our relentless focus on value for the customer, our substantial investments in technology and the importance we place on regulatory affairs means that the business is well positioned for a leading role globally. We will continue to push into international markets and to innovate with popular new products, and I look forward to another exciting year ahead.”
What has been the biggest hurdle you’ve had to overcome?
As with the rest of the industry we have had to deal with and overcome the global recession. There has also been the challenge of growing our business internationally, which we have successfully done and continue to do. Group revenues rose by 27% to £303m as Betfair reaped the benefit of a three-year plan of investment in its product range and international operations. International customers now account for 49% of total revenues (2008: 44%).
As much as you can disclose, what milestones are you striving for in 2010?
Next year will see Betfair celebrate its 10th anniversary in the industry as well as hitting the three million customer mark. As a company Betfair are always looking to innovate and break into new markets. By talking to our existing customer base we aim to improve many facets of the website as well as offer new services.
What is it that makes Betfair’s range of products unique within the market?
Betfair continues to offer a full and comprehensive range of products that appeal to both the experienced and recreational gambler. Betfair offers its customers the ability to bet against each other which allows them to dictate the odds they want. As well as its industry leading sports exchange, Betfair also provides world class exchange games, poker, casino and arcade products to keep its customers entertained.
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