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British Web Site Lets Gamblers Have It Their Way

By Andrew Beyer -- Friday, January 3, 2003


A revolution has rocked gambling in Britain. So-called "sports betting exchanges," exemplified by a company called Betfair, have enthralled gamblers, giving them unprecedented opportunities, while generating fear and intense opposition from established bookmaking firms.

While Betfair is principally oriented toward British events, it also handles action on American horse racing and other sports. U.S. horseplayers who establish an account with the company will be amazed by the value it offers. And U.S. racetrack operators -- most of whom are now oblivious to what is happening at www.betfair.com -- are going to be stunned by the nature of this new competition.

Betfair has done for wagering what eBay has done for commerce: Through the Internet, it brings together two parties to make a transaction without having to pay the traditional middleman. Just as the owner of a painting can offer it online to eBay's customers and avoid an auction house's steep commissions, subscribers to Betfair can make wagers with each other, bypassing bookmakers and racetracks with their high takeout rates.

The business has been stunningly successful, and it now "matches" -- i.e. serves as the middleman for -- more than $10 million per day in bets.

Betfair's founder, Andrew Black, told an interviewer: "Centuries ago, betting started between individuals and then needed market-makers -- bookmakers -- when it got bigger. Now, in a sense, it has come full circle."

Betfair handles wagers on a wide variety of activities -- soccer, American football, cricket, darts, the Golden Globe Awards, the 2004 U.S. presidential election, the Dow Jones industrial average (you can bet whether the index will be up or down on any day). In any category, a customer may offer a wager for which he will act as a bookmaker, e.g.: He wants to lay odds of 15 to 1 against Hillary Rodham Clinton becoming the next Democratic presidential candidate, and will take up to $100 in wagers. Or a customer can propose a bet that he wants to make with someone: He wants to bet $50 at 3 to 1 or greater that "Gangs of New York" will win the Golden Globe Award for best picture.

Betfair's computer systems streamline this process, handling as many as 12,000 transactions per minute. Customers first establish an account and make a deposit -- though U.S.-issued credit cards are not accepted. (Americans need to make a wire transfer from their bank.) Their transactions are anonymous; bettors simply type the amount of a proposed or accepted wager into a grid on the screen. Betfair calculates the wins and losses, making the additions or deductions to the customers' accounts after each wager is decided. For its services, Betfair takes from the winner's profit a commission ranging from 2 to 5 percent -- depending on the customer's overall level of betting.

It is this low commission rate that makes horse betting especially attractive on Betfair. Because American racetracks take from 15 to 20 percent of any win bet -- and British bookmakers aren't noted for their generosity, either -- there is an enormous edge in betting man-to-man and paying only a small percentage to Betfair.

Two horse-racing channels televise American races in England, and Betfair handles wagers on these races -- from tracks including Laurel Park, Calder, Hawthorne and Santa Anita.

The action on Betfair is fast and mesmerizing -- and it offers opportunities that horseplayers never see in parimutuel wagering. Every handicapper has encountered innumerable races where he doesn't like the favorite but doesn't have a good way to capitalize on that opinion. On Betfair he can, in essence, become a bookmaker and accept a bet. Recently I was looking at a maiden race from Suffolk Downs where a horse with an 0 for 28 career record was the 6-to-5 favorite. I had no opinions on the race, but this looked like an ideal situation for Betfair. I offered 8 to 5 on the bum favorite and quickly got a taker.

As gamblers around the world make similar offers, the market on a horse race at Betfair is similar to a stock exchange where "bid" and "asked" prices for stocks are constantly fluctuating. The Betfair data on the computer screen shows a "back" and "lay" price for each horse. A horse might be available to bet at 3.2 to 1, while wagers on him could be booked at 3.4 to 1. In most cases, the betting odds are higher than at the track. A player who can anticipate the movement of the odds can lock in a price significantly higher than the post-time odds. I got 8-to-1 odds at Betfair on a horse who would up going off at 5 to 2 at Laurel.

The amount of action on run-of-the-mill American races is astonishing. Typically a U.S. race will produce $30,000 to $50,000 in matched bets. Gamblers are continually looking for any edge they can find, and the Betfair market offers myriad opportunities to secure an edge. As a result Betfair's business is growing every week, and the racing establishment has found it difficult to counter or eliminate the competition from a service that the public loves.

© 2003 The Washington Post Company
 

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MoneyBookers is an e-payment wallet solution that enables you to transfer funds into a ‘virtual’ MoneyBookers account, via local bank transfers or cheque, and then transfer funds to your Betfair account. MoneyBookers has bank accounts in over 20 countries into which you can transfer money quickly and cheaply.

Step 1: Go to www.moneybookers.com and open your free MoneyBookers account. You only need an email address. Opening an account takes just a few minutes. Note: Be sure that the currency of your MoneyBookers account is the same as the currency of your Betfair account.

Step 2: Log into MoneyBookers, click Upload Funds and send funds to your MoneyBookers account via bank transfer or cheque.

Step 3:Click Send Money and request a transfer to 1 of the following accounts, depending on the currency of your Betfair account -

Betfair account currency: Send Funds to:

Sterling - moneybookersgbp@betfair.com
Euros - moneybookerseur@betfair.com
US Dollar - moneybookersusd@betfair.com
Hong Kong Dollar - moneybookershkd@betfair.com
Australian Dollar - moneybookersaud@betfair.com
Canadian Dollar - moneybookerscad@betfair.com
Norwegian kronor - moneybookersnok@betfair.com
Danish kroner - moneybookersdkk@betfair.com
Swedish krona - moneybookerssek@betfair.com

Important : Be sure you type in your Betfair Username in the ‘Subject’ field of the email form.Your Betfair account will be credited within 24 hours
 

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Betfair is a great service,but one must be
wary of a few systemic problems that enable
a few of the bigger punters to have an
unfair advantage.Here's a link to a basic
idea of what i'm talking about
http://sport.guardian.co.uk/horseracing/story/0,10149,798996,00.html

Also the volume on most of the american races
isn't that high,generally more liquidity on
weekend/higher class racing.

Ciao /infopop/emoticons/icon_wink.gif
 

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The article on 'bots' explains why the value on the NBA disappears so quickly after a line move.

Betfair is a good service but the 5% commission is a bit excessive as there are other sites charging 3% and less.
 

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Horse racing -- Betfair takes action against rogue 'bots'

Ban for odds computer programs after punter bonanza

Greg Wood Thursday September 26, 2002 The Guardian

Betfair, the internet's largest betting exchange, is expected to ban the use of automatic trading programs - known as bots - on its website, following a system crash that kept the site offline for two hours on Tuesday afternoon.

The crash has highlighted a practice that has been going on for several months, much to the surprise of the vast majority of Betfair's regular clients, with one punter claiming that his computer program has made him hundreds of thousands of pounds.

A bot is a computer program that can access a website and strike or lay bets, just as any human punter can. Unlike a regular punter, though, it does not need to eat, drink or sleep, and can request a web page several times a second.

About a dozen Betfair clients are thought to have been using bots to scan the site for chances to bet overbroke, or otherwise gain a guaranteed edge on other users. They will now be warned to switch off their bots, or be banned from using Betfair's site.

A Betfair spokesman said yesterday that Tuesday's problems were not caused directly by the use of bots on their site. However, the fact that a number of the programs were attempting to access Betfair dozens of times a second, while technicians were struggling to get it online, meant that the site was unavailable for much longer than would otherwise have been the case.

The program responsible is believed to have been written by a Betfair user who regularly posts messages in the site's users' forum under the name "Gary". Although his claims are difficult to verify, he has stated that his bot has won him hundreds of thousands of pounds in recent months. He is also thought to have passed on his program to several other punters in recent weeks, increasing the strain on Betfair's servers.

There are several ways in which a bot can suck the value from a robust and vibrant market such as Betfair. It is possible, for instance, to write a program that scans active markets looking for one that is momentarily "overbroke", allowing it to back every runner to return a small, but guaranteed, profit. The bot places the required bets automatically and instantly, and moves on to look for its next opportunity.

Others can be programmed to notice obvious mistakes - a punter, say, who has tried to offer a horse at 2.0 in Betfair's digital odds system, and offered 2.2 instead. A bot could also be set up to back and lay consistently around a given price. Backing at 2.6 and then laying at 2.4, over and over again, would soon try the patience of most human punters, but a computer program does not get bored.

"The result tends to be that there are lots and lots of very small bets going through, which are a pain for everybody concerned," Mark Davies, Betfair's spokesman, said yesterday. "And when we have a problem like we did on Tuesday, the program just keeps on trying to trade, asking the database questions which it is not in a position to answer. We're getting in touch with the account holders in question, and we would expect to make a statement on Friday morning."

The bots are not merely a technical problem for Betfair. The site's image, as a place where punter meets punter in a battle of judgment and wits, is among its biggest selling points. A perception that its clients might in fact be taking on a bank of computers, or that it is pointless looking for serious value because a bot will always get there first, would be damaging.

One problem for Betfair, though, is that a well-written bot will appear to be just another client logging on to the site. To be certain that no-one is using a bot, it may be necessary to study access and betting patterns over several days, or even weeks.

"Depending on how well written a bot is, and if it doesn't hit the hell out of the server, it may be almost impossible to block it," said Glyn Wintle, chief technical officer of backandlay.com, an exchange which is due to launch in the next few months.

"Over time, you can be pretty sure when someone's using a bot, but if someone's got a well-written program that means they can't lose, they'll probably think it's stupid not to run it."

as i suspect you know Betfair did not proceed to ban bots although it probably did suspend those that were causing it problems.

jackdaw -- the 5% is payable on winning bets only and reduces down to 2% if your action is high enough. it is not very hard to get it down to around 3% but regardless none of the other P2P sites have anything like the liquidity Betfair provides.

btw i have got set for around US$30K on a couple of NFL games.
 
Where does one get a hold of a "BOT?"
icon_confused.gif


Simple Game.
icon_cool.gif
 

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Spiders are programs that crawl the Web following hyperlinks, and are used to populate databases for search engines. Aggregators pull together data from several different sites, for example to present and compare prices from a number of online retailers, while "Bot" is a generic term covering any program that pulls data from the Internet.

Spiders, bots, and aggregators are all so-called intelligent agents, which execute tasks on the Web without the intervention of a human being. Spiders go out on the Web and identify multiple sites with information on a chosen topic and retrieve the information. Bots find information within one site by cataloging and retrieving it. Aggregrators gather data from multiple sites and consolidate it on one page, such as credit card, bank account, and investment account data.


i first heard of bots when maria made reference to them with regard to betfair around 6 mths ago.

spiders sound like they might be useful to you for checking prices on games constantly but i am not aware of any generic ones for sale so you either need to write yourself or have someone do it for you.
 

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Here's a little blurb about a possible
development for betfair customers.
http://thoroughbredtimes.com/todaysnews/newsview.asp?recno=29431&su

an excellent forum that discusses british horse
racing,and betfair related issues is the one
i linked to below.the link will take you to
forums on their site.
www.theracingforum.co.uk/cgi-bin/ikonboard/ikonboard.cgi

[This message was edited by Maria Sharapova on 01-09-03 at 08:19 AM.]

[This message was edited by Maria Sharapova on 01-09-03 at 08:26 AM.]

[This message was edited by Maria Sharapova on 01-09-03 at 08:32 AM.]
 

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A dotcom licence to print money

Weekly turnover of £50m makes Betfair's betting exchange the web's star turn

Greg Wood Wednesday January 8, 2003 The Guardian

If you stand on the roof of Betfair's gleaming new Thames-side offices in Hammersmith, you can just about see the attic room in Putney where the business was founded only three years ago, a couple of miles away. In a physical sense, the company has not travelled far. By any other measure, however, all the visitor can do is look around and gasp.

"The exchanges" - which means, for most purposes, Betfair alone - have been absorbed into the punting vernacular so quickly that it is easy to forget how young the idea of person-to-person betting via the internet still is. Betfair started out with three people working in a single room, and its website was launched in June 2000. By December 2001, the payroll had risen to 30. Barely a year later, it is 160.

The amount of money going through Betfair's site has also risen exponentially. In April 2001, it "matched" - and took its commission from - £1m of bets in a week for the first time. It was £5m a week in December 2001, hitting £10m the following month. The firm now matches about £50m each week, though these days it prefers to measure performance by the number of bets matched each minute. At busy times, Betfair processes 12,000 bets every 60 seconds.

Making it all possible, of course, is the internet, and as a child of the dotcom boom that has never made a loss Betfair can fairly claim to be the most successful web company ever. As a measure of the internet's global reach, Betfair has to employ two Chinese speakers on its help desk to deal with Far East inquiries.

Walk around the Hammersmith office, the firm's fourth headquarters in barely as many years, and everywhere there are people doing jobs that did not exist at the turn of 2000. This time, they have a 10-year lease and first refusal on enough extra space to double the workforce once again. There is a shine and a swagger to it all, a tangible belief that the future belongs to them.

No wonder so many people are nervous. Change is often frightening, but lightning-fast, fundamental change like this can easily breed paranoia. Traditional bookmakers do not like betting exchanges, and Betfair in particular. They have seen its business grow by the week, and plotted graphs in which their own turnover eventually starts to buckle.

And now that anyone can lay any horse they please, quickly and easily, what might it mean for the integrity of racing? Only two weeks ago Royal Insult, a runner in a race at Lingfield, drifted from 9-2 to 49-1 on Betfair. He was injured in the race and later destroyed, and even Andrew Black, one of the exchange's founders, admitted that the betting pattern looked "dodgy". You do not offer 49-1 about a horse that has a solid chance on form unless you are positive it is not going to win.

It is a stick that has been used to beat betting exchanges with since the concept was devised, but if the blows are hurting then Betfair keeps it well hidden.

"Integrity is something that people have always attacked us on," Mark Davies, Betfair's spokesman, says, "but I think that in not too long, things will come full circle, and people will realise that we can uphold the integrity of the sport far better than ever before.

"We've raised the bar. We can see everything that happens in the betting world and we're an independent middleman - we have no interest in the outcome of a race. We just sit there analysing what's going on, which as far as the fight against corruption is concerned is a massive positive."

It is a persuasive argument. The arrival of SIS cameras on racecourses in the mid-1980s made it much harder to run a non-trier, and Davies suggests that Betfair can offer a similar window on to betting markets. As money flows to and fro in the minutes before a race, anyone with a computer can click and watch. Suspicious betting patterns will be far more obvi ous in an exchange market than they could ever be in the shadows of the betting ring.

Betfair is also putting the finishing touches to a Memorandum of Understanding with the Jockey Club, which will enable it to provide information on bets - and who is placing or laying them - to the club's investigators when there are reasonable grounds to do so. A security officer is to be added to the Betfair staff.

What remains to be seen is whether the firm can hang on to its immense "first-mover" advantage in the market. In particular, there is the question of how long the established bookmakers will wait to tackle the betting exchange on its own territory.

"I think my biggest worry is that one of the big players could start an exchange, and then really bastardise the model to the detriment of the punter," Davies says.

"If we got into a situation where, for argument's sake, Ladbrokes took over the betting exchange world and then effectively closed it down two or three years later and went back to where they were, we would have achieved nothing.

"We don't want to be the Betamax of the piece, and find ourselves being overtaken by an inferior product just because it has a bigger backer."

Another possibility is that Betfair might fall into a very old-fashioned trap, and grow too big, too quickly. Bloated companies are easy prey for leaner, hungrier competitors.

"We don't think we're out of the woods by any means," says Davies. "We try hard not to forget where we came from." It is fortunate, then, that where they came from is still so close by.


http://sport.guardian.co.uk/horsera...,870356,00.html
 

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Concerned Jockey Club chiefs and government officials seek legal guidance as Betfair exchange site targets Hong Kong


ALAN AITKEN South China Morning Post 11/01/03


Value added: Come See You won at 2.6-1 on Wednesday night, but British betting exchange Betfair offered odds of up to 10-1.

The latest and potentially most lethal Internet predator to move into the Hong Kong market has sent the Jockey Club and government scrambling for firm legal opinion. Betfair, a British betting exchange, started regular operations on Hong Kong racing with Wednesday night's Happy Valley meeting - but it remains unclear whether it is contravening the Gambling Ordinance.
"We and the Home Affairs Department are still looking for an answer to that," said Jockey Club director of betting Henry Chan Shing-kai. "Even racing in the United Kingdom is looking at that question, because the way that Betfair operates appears to be outside the existing framework.

"The lawyers are still discussing whether what they do constitutes bookmaking, but if the question is whether someone in Hong Kong can legally place a bet through Betfair, well I believe the existing legislation covers any betting activities which originate in Hong Kong, whether it is betting, settling bets or the transfer of money to make bets with."

British bookmakers have been operating via the Internet on Hong Kong racing for some time, and it is illegal for SAR residents to place a bet with them, but few experts regard them as a threat to Hong Kong turnover as they are notoriously "risk averse" and hold interest for only the smallest punters.

Betfair is another matter, however, as it takes no risk and therefore has no limit to the scope of its holdings. Rather than being an odds-setting organisation, a betting exchange is a facilitator and the Betfair name has become almost a generic term for all betting exchanges.

Punters establish cash accounts and then offer each other odds via the Betfair Web site, which is processing 12,000 bets a minute during peak periods in Britain. Betfair acts as a go-between to match the backer with the layer at whatever odds they agree, then it takes a small percentage from the winning side of any "matched" bet.

Mark Davies, Betfair's director of communications, said yesterday: "The Hong Kong legality question is obviously one that is brought up a lot, but we have taken a step back and kept away from it by ensuring our legality at a more fundamental level - namely by not offering the product to Hong Kong residents. Therefore we are not taking money out of the pool there."

Betfair pronounces its handle in matched bets rather than turnover. If one punter lays a bet at 5-1 for £10, he risks £50 and the other punter risks £10 in taking the odds - this is regarded as £60 in matched bets. Thus the figures are difficult to compare with turnover in the classic sense.

Betfair operated on Hong Kong for the first time on International Day last month but Wednesday was its debut on bread-and-butter racing. At Happy Valley, Betfair matched bets totalling nearly £96,000, an average of close to £12,000 a race with more than £24,000 wagered on the fifth race and £17,000 on the January Cup won by Come See You.

With a disadvantage to the punter which usually hovers around one or two per cent - as opposed to 19 per cent on the Jockey Club's tote - better odds are offered on most, if not all, runners, especially strong chances. As much as 10-1 was bet about Come See You and, while Ivan Allan's stayer jumped away at 2.6-1 on the Jockey Club tote, he was still 4-1 on Betfair. Six of the other seven winners showed price advantages.

"The odds on Betfair are very attractive because the company pays little in the way of tax and nothing for the product," Chan said. "Really, they have exploited a loophole and the sufferer will be the racing or sport on which they operate, which will not receive the revenue needed to keep going."

Davies said Betfair's policy was not to ignore the intellectual property rights of those who stage events. "We're keen to come to a deal about paying money back into Hong Kong racing, since we derive something from it in offering it to our UK userbase," he said. "So, in line with our policy as exemplified by our deals in the UK and Ireland, we are very keen to strike a rights deal with those who organise the sport in order to pay our way in its funding."

In addition to a wide range of sports, Betfair operates on racing throughout the UK, and in the United States, South Africa, Sweden and now Hong Kong. In October, Betfair passed a milestone when the punter-to-punter site matched more than £1 million on a single racing event, the Breeders' Cup Mile featuring British superhorse Rock Of Gibraltar.

However, Davies told the Racing Post in England that the figure "probably equated to about £100,000" in traditional terms. While that is dwarfed by Jockey Club pools of more than $100 million a race, Betfair's potential is immeasurable.

The company was launched in June 2000 and has undergone extraordinary growth. In October 2002, it was reported to be growing at five per cent per week. The firm now has more than 50,000 account holders.
 

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<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>jackdaw -- the 5% is payable on winning bets only and reduces down to 2% if your action is high enough. it is not very hard to get it down to around 3% but regardless none of the other P2P sites have anything like the liquidity Betfair provides.<HR></BLOCKQUOTE>
Oh, there are plenty of guys with money on that site, but it does not mean that much is being matched. I am not the only one that has noticed that turnover must be dropping. Having made a fortune myself on BetFair during the last World Cup I wanted to know how much of it went to the best gambler in the world. I gave Harry the Dog a phone call and he told me to my surprise that he never ever looks at BetFair for the football. In the Dutch language there is an expression: "Never wake up a sleeping dog". Well I though this dog should then definitely be kept asleep, so I did not ask him too much about his disinterest in football on BetFair. And now comes the shocking story: Me too for the non-Premier League matches I do not even look at BetFair's market anymore. Others from time to time have to warn me that there is still some 200 pounds available at some ridiculous price. A year ago I was actually hoping that traditional bookies would become extinct and that I could stick to just BetFair. I do not know what happened to them, but in recent weeks I have been forced starting to re-open accounts with traditional bookies. Some guys blame BetFair for the high initial 5% commission. Me too I was a little bit like but where can one get better knowing that this 5% is the very maximum one pays and at the same time the minimum vig any other bookie should have to survive. Well there is a bookie that has something like a 7 cent line on some matches: www.indosoccer.com
 

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Written by Alan English 2003-01-02 10:29:37

It may not happen very often these days, but sometimes Britain leads and the US follows. Right now, it’s happening in the world of wagering. The British bookies are running for cover. A revolution has swept the country – it’s called exchange betting. And guess what? It’s about to happen in the US too.

What’s it all about? Let’s take a practical example. The New York Jets play Indianapolis Saturday. If you want to bet on this game, you can get in contact with a bookie – or you can join the revolution and try exchange betting on TradeSports.com.

What makes exchange betting different and better? There’s one big reason – because it cuts out the middle man, namely the bookie. Most bettors don’t even realize that they are being systematically fleeced. Slowly but surely they will lose their money. It has always been that way. It’s a numbers game and the bookies crunch the numbers. They decide the odds and you can take them or leave them.

On TradeSports it’s you and people like you that decide the odds. You can bet for or against something. That means you can effectively become a bookmaker yourself.

Take Saturday’s game. The Jets (9-7) are looking good. They’ve gone from a terrible 1-4 start to the playoffs. They’ve got a new quarterback, Chad Pennington, who looks like he might be good enough to take them all the way to the Super Bowl.

Naturally, they are favorites against the Colts (10-6). But wait. Pennington’s opposite number, Peyton Manning, has some seriously good options around him, such as the terrific Marvin Harrison, Edgerrin James and Marcus Pollard.

So there will be plenty out there who like the Colts. What TradeSports does is it offers a platform for bettors who think one way to bet in real time against bettors who think the opposite. That’s why exchange betting is a vastly superior model to betting with bookmakers – because bettors with an opinion are in a position to offer better odds than a bookie who has to balance his book and take a vig into the bargain.

It’s the kind of betting system the internet was born to facilitate. And it couldn’t be easier to bet. The new TradeSports betting interface allows you to bet in moneyline, fractions, digital odds or the 0-100 system.

It’s at its best during a game. It’s your judgement on the line and you get to make as many judgement calls as you like. You can bet for or against a team numerous times in the same game and if you’re judgment is correct, as the game ebbs and flows, you’re making money every minute.

If there’s a more exciting thing to do on the internet, then this writer hasn’t come across it yet! The adrenalin rushes are intense and it makes a game many times more exciting. Sometimes you’ll find yourself in a strong position. Do you hang on to it – at the risk of losing everything if the game turns around – or cash up and get out while you’re ahead? Decisions like these are the lifeblood of being an exchange bettor.

Not all bookies in the US realise it yet, but the revolution is coming and they should be afraid. Very afraid.
 

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4th Aug, 03

Betfair is proud to announce that it has won a Queen’s Award for Enterprise, in the Innovation category, for 2003.

The award is the latest and most significant endorsement the company has received, and will allow Betfair to carry the Queen’s Award emblem on its site for the next five years.

A Queen’s Award is given (as its name suggests) by the Queen, on the recommendation of the Prime Minister, and following a full assessment by the Department of Trade and Industry.
 

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Betfair blows away any exchange betting and their volume is enormous.
 

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I believe its going to be in US also,its the best solution,the housekeeper earns at least 3%,and the punters are able to bet and get their money without worrying that they ll be called "member of syndicate"
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the housekeeper earns at least 3%

not quite. betfair counts its turnover as "matched bets" ( ie if 100 on 100/1 shot or any other odds it counts as 200 ) and its earn on same is more like 1%.

reason for this is much of its turnover will come from traders and peops covering positions "in play".

one poster in another country said his turnover had increased 70 times after he started betting on Betfair.
 

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