What Is Betfair?
Betfair Group plc is the world’s largest Internet betting exchange. The company’s headquarters are located in Hammersmith in West London, England. Since March 9, 2011 Betfair has operated its betting exchange under a Gibraltar licence. It was listed on the London Stock Exchange until it merged with Paddy Power to form Paddy Power Betfair on 2 February 2016.
History & Timeline – Betfair
- April 2006 – Softbank purchases 23% of Betfair, valuing the company at £1.5 Bn.
- December 2006 – Betfair completes the purchase of the horseracing publishing company Timeform (which traded under the name Portway Press Ltd).
- March 2007 – Betfair launches 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.
- January 27, 2009 – Betfair announces the purchase of the TVG Network in the United States from Macrovision $50 million USD as part of Macrovision‘s dissolving of TV Guide‘s assets.
- November 2009 – Betfair announces a deal with the New York Racing Association that allows Betfair’s customers to start wagering immediately on Aqueduct’s thoroughbreeding races.
- October 22, 2010 – Betfair floats on the London Stock Exchange with a stock symbol of BET at £13, valuing the company at £1.4Bn ($2.2Bn).
- March 2011 – Betfair moves some of its operations to Gibraltar to reduce the amount they pay in tax.
- In 2012 – Betfair launches a fixed-odds betting sports betting service to compete with traditional bookmakers.
- August 2014 – Net Entertainment NE AB enters into a partnership with Betfair to expand its reach into the UK market.
- September 2015 – It is announced in September 2015 that Paddy Power and Betfair have agreed to terms for a merger. The transaction was structured as an acquisition of Betfair by Paddy Power and the enlarged entity, named Paddy Power Betfair, is based in Dublin. The merger was completed on 2 February 2016.
- February 2, 2016 – The Paddy Power Betfair merger is completed.
How Online Gambling Began…
The Internet has made way for new types of gambling to form online as a result of improvements in technology.
In the late 1990s, online gambling gained popularity. Internet gambling websites had increased from just 15 websites in 1996, to 200 websites in 1997. A report published by Frost & Sullivan revealed that online gambling revenues had exceeded $830 million in 1998 alone. In the same year the first online poker rooms were introduced. Soon after in 1999, the Internet Gambling Prohibition Act was introduced, meaning a company could not offer any online gambling product to any U.S citizen. This did not pass. Multiplayer online gambling was also introduced in 1999. This was the first time people could gamble, chat and interact with each other in an interactive online environment.
Gambling has become one of the most popular and lucrative businesses present on the Internet. In 2007 the UK gambling commission stated that the gambling industry achieved a turnover of over £84 billion according to the UK Gambling Commission. This is partly due to the wide range of gambling options that are available to facilitate many different types of people.