Betfair Betting Exchange
There’s no need to introduce Betfair. Most people, whether bettors or not, have heard of them. They are one of the largest online betting companies and the biggest player in the betting exchange market. Founded back in 1999, Betfair revolutionised the betting industry with the innovative idea of creating a peer to peer betting platform – what we now know as a betting exchange. In this Betfair review we’ll look at the different aspects which make them such a popular choice in the betting exchange industry and how this benefits matched betting.
Back in 1999, Betfair launched with quite a bang as they ran a coffin through the streets of London with the slogan ‘Death to the Bookmaker’ emblazoned on the side. The media loved it and in all honesty it was brilliant marketing from the start up.
There was now a huge buzz around the new concept of peer to peer betting which carried through to the Euros in 2000. Traditional bookmakers were not happy with the new craze. They were worried about match fixing and money laundering and claimed betting exchanges should be banned in the UK. In reality they were just worried about losing customers and being on the back foot.
It’s fair to say, traditional bookmakers haven’t died like Betfair claimed they would, but they’ve had to re-evaluate how they entice customers and stay competitive. One of the main challenges bookmakers face is the inherent benefits to players using a betting exchange. We’ll come onto these reasons later in this Betfair review.