Betfair Betting Exchange - A Fairer Way To Bet
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Betfair originates from Hammersmith in West London, and is famous for being the worlds largest internet betting exchange company. It saw light of day in June 2000, and has since been reeling in millions of customers with amazing turnover rates.
Betfair famously went offshore in 2011 through licensing in Gibraltar and began its offshore license. The company claims to operate with close to 4 million customers worldwide, having employed more than 2000 employees worldwide and 1200 in the UK alon. It has an annual turnover o $50 million a week, thus it can be imagined where the company stands on the listings for betting stations.
Betfair is known to place an average of 20 percent better odds than the TAB’s or even the traditional bookmakers that customers go to.
The company also famously charges a certain commission on the winning bets of customers, which is at a 5 percent of net winnings regardless of the marker the bet is placed in.
However, on some occasions it caters to the client wagers on the site itself, and the commission could be thus reduced to as low as 2%. But there is a premium tax that goes with certain conditions that Betfair applies on particular customers who fulfil the following criteria:
• If the account is in profit over the length of its lifetime
• If the total charges of the account over its lifetime are less than 20% of its gross profits
• If the customer has bet in more than 250 markets
There are certain conditions though through which a higher premium charge is incurred. These are:
• If the lifetime net profits of the users account are exceeding $250,000
• If the lifetime commission that is generated is less than 40% of the lifetime gross profits
• If the betting has taken place in more than 1000 markets.
Over the last few years Betfair have introduced some very profitable offers and benefits to their customers, especially since the business has been around for such a long time and has a history full of achieved landmarks.
Betfair can easily be called a pioneer in Betting Exchange, with its customers being offered such a service that the need to hire a traditional bookmaker is removed altogether.
It is a horse racing wagering service as well as a television broadcasting business, with its headquarters placed in San Francisco. Betfair is owner of almost 50 percent of the shares in Betfair Australia which is a popular joint venture operating under the licensing betting exchange business that is a national factor in Australia.
Furthermore, Betfair has been named the Company of the Year two consecutive years in the UK, having been awarded by the Confederation of British Industry. It also boasts of having won two Queens Awards for Enterprise due to its ethical business operations.
Lastly, it has won the award for Innovation in 2003 and for International Trade in 2008, the former due to its excellent and creative use of user information in doling out benefits, promotions and limited time offers that go hand in hand with exactly what their customers require.
Betfair is known to generate its revenue on the betting exchange through charging a commission of either 2.6% or 6.5% for the Australia and New Zealand racing or sporting events. These charges are applied on the net winnings of the customers.
There is also an online lounge which is a step above the traditional bookmakers and online betting services, as it offers innovative means to place bets and play P2P Exchange Games.
There are also virtual betting games which was a trademark idea of Betfair when it came about, but is now being utilised on other services as well. The Betfair Arcade was launched in 2008 and has since garnered a huge list of regular customers due to its games and contemporary themes with some very well known names included, such as the Deal or No Deal service, Monopoly and the X Factor.
In the Betfair arcade, there is a customers cash game programme as well as a multi-table tournament game with a lot of variety in the nature of the games. Furthermore, there are different programs included with Betfair when a user registers with the service, such as Tradefair Spreads which came about in 2007.
This covers more than 2000 markets and is focused on the financial aspect of trading, like shares, indices, commodities and currencies. It is a white label partnership which is famously linked with the London Capital Group and is authorised officially by Financial Services Authorities in the UK.
There is no denying that Betfair has been the front runner for a long time in the market as a provider of betting services in sports and racing events, and a lot of the contemporary online betting services available now tend to follow the pattern of marketing that Betfair has set forth.
It has the market knowledge and the street know how to ensure its survival, which is exactly what their rivals are looking for. As the financial markets are currently so shaky, there is no knowing how the economy will be in the next few months or years.
Thus, Betfair’s financial services are truly highly recommended as they come with years of recommendations from financial professionals and are award winning
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