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Placing a Single Bet. Placing a Multiple Bet. Manage bookmakers. It also offers a Sportsbook fixed odds betting , online casino, online poker and online bingo. In December , Betfair completed the purchase of the horseracing publishing company Timeform which traded under the name Portway Press Ltd.
Betfair was the first betting company to sponsor an English football team, featuring on the kit of Fulham in the —03 season before the Gambling Act permitted the industry to advertise on television and radio. In March , Betfair launched its own Betfair Radio service, available via its website, on the telephone and elsewhere.
This has now become Timeform Radio, broadcasting horse racing commentary and results. In November , Betfair announced a deal with the New York Racing Association that allows Betfair's customers to start wagering immediately on Aqueduct's thoroughbreeding races. In March , the company moved some of its operations to Gibraltar to reduce the amount they paid in tax. The transaction was structured as an acquisition of Betfair by Paddy Power  and the enlarged entity, named Paddy Power Betfair , is based in Dublin.
Betfair claims to have over 4 million customers 1. Betfair claims on average 20 per cent better odds than those offered by a traditional bookmaker. These charges are non-refundable if the bettor's account subsequently goes or reverts to an unprofitable status. In late autumn of , Betfair finalised a deal that began in early summer, to purchase the online poker site PokerChamps. In a press release, the company's then poker head, Ben Fried, stated: "Having our own poker software puts us in command of our own destiny.
It means we can react quickly to customer feedback and continue to develop an innovative, community focused product. We are confident that we are laying the foundations of a market leading poker room. Cash 4 Clubs is a sports funding scheme set up and funded by Betfair.
The scheme provides sports grants to local community sports clubs. Betfair owns subsidiaries in the United States. The main company is TVG Network , which is dedicated to horse racing, broadcasting live races as well as race analysis, interviews, handicapping tips and features. Betfair also has a subsidiary called BetfairCasino. On 7 April , Betfair launched its betfair exchange in Italy. In March , Betfair successfully trialled an auto-cash out feature with its live betting customers in the UK and Ireland.
The features allow players to lock in their chosen profit. In November the Tasmanian government announced a deal to license Betfair Australia in the state. It was the second licence awarded to Betfair outside the United Kingdom , the first being in Malta with subsequent licences following in Austria and Germany, and Tasmania now receives substantial tax revenues. However it infuriated the established monopolistic totalisators and bookmakers due to loss of revenue and governments due to loss of taxes in the other Australian states.
A ban on the use of betting exchanges took effect in Western Australia on 29 January , with Betfair successfully claiming this new law violated the Constitution of Australia. In a unanimous verdict by the High Court of Australia on 27 March , the two provisions of the legislation, purporting to ban Western Australians from using a betting exchange and prohibiting an unauthorised business from using Western Australian race lists, were declared invalid as they applied to Betfair. The provisions were characterised as imposing a burden on interstate trade that was protectionist in nature and therefore contravened section 92 of the constitution.
The Court decision suggests, but leaves open, that a more narrowly drafted ban may have been allowed e. In October , chief executive Stephen Hill announced his resignation when the board decided not to proceed with plans for a stock market flotation, the investors holding out for a higher valuation. In December , after overseeing the company's Initial public offering Yu resigned his position.
In its annual report, the betting firm admitted that its final dividend in and the interim and final dividends for and were paid erroneously because, by law, the "company did not have sufficient distributable reserves to make those distributions and so they should not have been paid by the company to its shareholders".
Betfair also admitted that the purchase of 6. In September , Betfair admitted that it had concealed the theft of confidential customer data from the company's share prospectus. The theft included the payment card details of most of its customers, "3. The company further stated that it had informed the Serious Organised Crime Agency of the incident which happened on 14 March but was not discovered by Betfair data security until 20 May that year. Betfair offer in play betting on a variety of horseracing events.
There has been some controversy over alleged broadcast delays of up to five seconds. Among the bettors on Betfair's exchange are companies that place high-speed automated bets using predictive models. Some of these companies use courtsiding data transmitted directly from agents located at the event, giving them an edge over recreational punters who do not receive the latest scores as quickly.
The practice drew widespread scrutiny after one such agent, working for a company established by former Betfair employees, was arrested at the Australian Open ; charges were later dropped. In February , the ASA banned another Betfair advert, that stated "On Betfair, you cut out the middle man, which means you could win bigger".
The regulator said that the description "cutting out the middleman" was ambiguous and misleading, because the site takes a commission fee on winnings, which could be perceived as a middleman role. In September , Betfair introduced a "Premium Charge" for wagerers whose winnings are particularly high compared to the amount of commission they pay.
Though Betfair stated that the charge would only affect less than 0. Betfair has noted that they have signed numerous information sharing agreements with governing bodies around the world, with whom they cooperate on matters if the latter suspects corruption to have taken place. Betfair has agreements with some thirty sports bodies, such as the Lawn Tennis Association and the British Horseracing Association, and has been instrumental in several high-profile investigations into suspicious betting.
In June , high-profile racehorse owner and professional gambler Harry Findlay was banned by the British Horseracing Authority for using Betfair to bet against his own horse, Gullible Gordon. At the disciplinary hearing into Findlay's betting against Gullible Gordon, it was revealed that Findlay had been in financial difficulty and that Betfair had allowed him to use the account of a friend, racehorse owner Eammon Wilmott.
In a further twist, the bets were actually made by Findlay "associate" Glenn Gill. Betfair themselves condemned the punishing of Findlay, saying the punishment was not "proportionate or consistent with similar offences in the past.
In August , Betfair took the unprecedented step of voiding all bets following a tennis match between Martin Arguello and Nikolay Davydenko because of suspicious betting patterns. In December , Betfair voided all in running bets on a race at Leopardstown after an automated customer reportedly laid the winning horse Voler La Vedette at odds of 28—1, even as the mare crossed the finish line.
Some of these customers are believed to be pursuing their case with the independent adjudication body IBAS , as Betfair no longer falls under the jurisdiction of the Gambling Commission since its move to Gibraltar in Although funds were removed from customer accounts before the bets had won, the company claimed that due to "technical issues in transmitting bets into the Tote pools in the last 10 minutes before the pool closed", they would not pay any winnings.
From Wikipedia, the free encyclopedia. United Kingdom. Operating income. Net income. Archived PDF from the original on 31 August Retrieved 23 March The Telegraph. Archived from the original on 16 December Retrieved 5 April Archived from the original on 20 October Retrieved 8 April SBC News. Archived from the original on 22 September Retrieved 22 September BBC News.
Archived from the original on 10 September Archived from the original on 12 February
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