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In 1999, professional gambler Andrew ‘Bert’ Black and City professional Edward Wray joined forces to form The Sporting Exchange, the Company that went on to launch the Betfair Betting Exchange in 2000.
The first Betfair market was the 2000 Epsom Oaks and although the early stakes were small, several respected media sources correctly predicted the start of a betting revolution. Betfair took off over the next few years with sports bettors attracted to a new form of betting which offered better value and the ability to trade. Betfair‘s Exchange was the first platform to turn a betting market “in-play” in 2001 and in the same year the Company merged with fellow exchange Flutter.com. By 2004 Betfair was seeing revenues of over £50 million and had established itself as the pre-eminent Exchange product in the market. Betfair continued to build on its product and volumes in the UK and Europe throughout the decade, as well as launching several additional gaming products including Poker and Casino, and acquired the TVG horseracing advanced wagering operator in the USA in January 2009.
Betfair floated on the London Stock Exchange in 2010, becoming Europe’s largest .com IPO at the time. Since then the business has continued to evolve, launching a traditional fixed odds Sportsbook in 2013 to expand its reach in the recreational market place, and following up with a range of unique products that integrate the Exchange and Sportsbook to provide exciting betting opportunities. Betfair is currently focussed on investing in its unique product and brand to take them to a mass market audience.