Betdaq Betting Exchange
Betdaq is an online marketplace where punters can choose to either back an outcome or back against an outcome. This platform is called a betting exchange and is one of the main ingredients used in matched betting.
Betdaq is the second largest betting exchange with around 7% market share. They were founded in 2000 by Dermot Desmond, a wealthy Irish businessman. The headquarters of the company are still today operating from Dublin.
Launching just a year later than Betfair and Flutter, another rival at the time, Betdaq were expected to catch up due to their superior financial support.
This allowed Betdaq to launch it’s platform charging 0% commission, rising 1% a month until it reached 5%. On paper a brilliant idea. However, it didn’t turn out so successful and it was nowhere near as powerful as Betfair’s brilliant campaign.
Despite the somewhat failed launch, Betdaq aimed their platform at high-rolling gamblers who would wager £1000s on each bet. The reason behind this was that Desmond already had contact with a number of wealthy gamblers.
The plan was to work their way up to 25% market share. Unfortunately they never got close to that figure. They currently have about 7% market share.
In 2013, Betdaq was acquired by Ladbrokes for €30 million. Ladbrokes later joined forces with Coral and they now form the UK’s largest bookmaker. It will be interesting to see what they do with Betdaq and if they decide to challenge Betfair for a greater market share in the exchange industry.