Betting on horses has become big business and how it now has become a significant portion of horse racing plus has with all the utilization of the latest technology revolutionised the game of horse racing and it has now moved into all kinds of betting.
Betfair is a business that specialises in online sports gambling by which betters can bet on horses online. The business was founded by Andrew (Bert) Black and Edward Wray. The idea of a betting exchange was Andrew Black’s idea and he guessed the idea in January 1998. Back in July 1998, Bert had a gathering with Edward Wray and so they decided to interact. 1 year later, in August 1999, the parent Gclub corporation, The Sporting Exchange Limited, has been incorporated, to develop the betting exchange platform.
In 2000, in June, Betfair premiered by The Sporting Exchange. The initial market for Betfair is The Oaks, a horse race Great Britain gained with Divine Love as well as in October, Betfair puts its first advertisement on television.
Besides horseracing, Betfair additionally offers betting on football games which started in May 2001, when Betfair took bets around the Alaves versus Liverpool match at the UEFA Cup final. At June of the same year, Betfair became the state gambling exchange provider for your Racing Post’s internet site, the Racing Post turned into a paper which publishes horseracing results and information on the pedigree of their horses that run at the horse races. Back in October 2001, Betfair launched its telephone betting service. In December 2001, Betfair united with Flutter.com, Flutter becoming a competitor to Betfair. Now, the company is a part of Betfair.
In July 2002, Betfair became the sponsor of the Fulham Football Club. Back in September 2002, Betfair transferred into its new office in Hammersmith, London out of its old office in Old Trafford, Manchester. Back in October 2002, Andrew Black and Edward Wray are named Ernst and Young Emerging Entrepreneurs of the Year. In June 2003, Betfair suggests a historic memorandum of understanding (MoU) with the UK Jockey Club. This memorandum is targeted toward protecting and keeping the integrity of horse racing.
Back in October 2003, Betfair signed a MoU with the Association of Tennis Professionals (ATP). In November 2003, Betfair becomes multi-faceted by launching services on its web site in German, Danish, Greek, Italian, Swedish, Norwegian, Finnish and Chinese. Along with this particular Betfair signs a training initiative with GamCare, a charity that promotes responsible attitudes to gambling. Back in January 2004, Betfair signed a MoU with the International Cricket Council, the governing body for cricket.
Back in March 2004, Betfair signed a MoU with all the English Football Associationand also the organiser of the English Premier League. Back in April 2004, the company signed a MoU with Cricket Australia. In May 2004, Betfair started its own card game website as a licensee of why Cryptologic, a company that develops supports and licenses web applications and electronic commerce software. Back in July 2004, Betfair entered into a joint venture (JV) with Australia’s Publishing and Broadcasting Limited.
Back in September 2004, Betfair signed a MoU with the National Horseracing Authority of South Africa. At precisely the same year, Betfair sponsors the St Leger, a Group 1 apartment horserace in Great Britain and the entire world’s earliest horse race. Betfair launched a new service named Betex and successfully transferred 300,000 customers to the brand new support.
At October 2004, Betfair hosted its very first online card tournament. The prize money in this tournament was 1 million pounds. The company acquired the customers of Sporting Options through a rescue package.