The history of Betfair
Betfair , the undisputed leader in the Betting Exchange, was born in the late 90s from the intuition of two English friends Andrew Black , trader of JP Morgan, and Edward Wray , programmer and professional bettor. At the basis of Betfair, a new and exciting entrepreneurial activity, lies a brilliant intuition because the two friends managed to integrate and merge two “worlds” that had been different and diametrically opposed until then: betting and the financial markets.
The basic idea was to create a completely electronic exchange platform where anyone: bettors, bookies, or simple people could freely place bets without having to physically go to a bookmaker.
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In Betfair.it is possible for everyone, both to bet a share, and to sell a share itself which in jargon is called laying, a prerogative until then in the hands of bookmakers only. This apparently simple idea has shocked and revolutionized the world of betting and bookmakers because it has opened up a market that was previously closed and devoid of transparency.
The bookmakers, given the success of the initiative, have tried to hinder the Exchanges over the years because they saw a significant part of the business taken away, and a migration of customers towards the latter. However, it must be emphasized that the complaints about a different tax treatment have some foundation because the bookmakers pay the various States a % of the wagers for fixed-odds bets, while the Exchanges (example in Italy) pay the State the percentage of 20% on the gross commissions generated by the customer, obviously in addition to the taxes due to the company as a legal entity.
Due to the Banker function that they perform, bookmakers have a gross profit margin which is in the range from 10 to 15% of the value of the odds offered, and therefore without their intermediation the odds, necessarily, in Betfair are better and therefore higher. It is for this reason that the two founding partners gave the name to their new creature Betfair which means “fair bet”. they have a gross profit margin that stands in a range that goes from 10 to 15% of the value of the quota offered, and therefore without their intermediation the quotas, inevitably, in Betfair are better and therefore higher.
It is for this reason that the two founding partners gave the name to their new creature Betfair which means “fair bet”. they have a gross profit margin that stands in a range that goes from 10 to 15% of the value of the quota offered, and therefore without their intermediation the quotas, inevitably, in Betfair are better and therefore higher. It is for this reason that the two founding partners gave the name to their new creature Betfair which means “fair bet”.
Betfair has grown year after year since 2000 , always increasing its turnover by around 10% and has reached around 3 million customers from 140 countries. Even the products in the Betfair platform have always been increased, initially starting with horse racing and with the main sports, all the others have been added over time in order to cover the whole world scene (darts, dogs, billiards, golf, etc.) .
At the same time, to meet the new needs of customers (in line with the other competitors), other gambling games were implemented such as poker, casino, live casino, arcade, bingo and, as an absolute novelty, also the Exchange Games. In fact, Exchange games work with the same logic and rules as the Sport Exchange , with the possibility, however, of betting or laying the odds , controlled by certified software that simulates the croupier.
How Betfair works
Betfair has done nothing but replicate the functioning of an ECN market in the best possible way (albeit with some significant differences in that a bet can never be resold but only canceled by buying an opposite one) by creating a real Betting Exchange in which the instead of shares, derivatives, and other financial instruments, sports odds could be exchanged, the price of which would be correlated to supply and demand on each specific odds linked to a single sporting outcome at any given moment.
This has allowed the birth of real sports traders or sports traders who soon learned the advantages of earning from single odds swings rather than limiting themselves to betting on a single outcome or a multiple. With Betfair and the betting exchange it becomes possible to always have control of the situation and exit the market at any time with a profit or, in the worst case scenario, limiting losses.
Betfair in Italy
Betfair ‘s commercial policy has changed in recent months and has preferred to close registration to residents of those countries that have restricted gambling regulations such as the USA, Germany, Switzerland, Russia, Norway, Canada, Denmark, etc.
Betfair in Italy opened the Betfair srl company several years ago with headquarters in Milan and 100% controlled by Betfair International plc which operates in the online gaming sector without any collection agency in the national territory with the site www.betfair.it . Betfair is the holder of the government concession for the remote operation of public games granted by AAMS (Autonomous Administration of State Monopolies) number 15211.
At the time of writing, Betfair.it only offers the possibility of betting at fixed odds (even live during the match), thus behaving like a normal bookmaker, while by March 2014, with the arrival of the Betting Exchange in Italy , will give everyone the opportunity to trade on odds, betting and laying.
Since October 2013, Betfair Italia has sent numerous customers an email shortly announcing the new site and some new features such as live bets, accumulators, the casino and soon the arrival of the Betting Exchange in Italy, and in the first months of 2014 many Italian users who operated on the English Betfair were invited to close their account and open an Italian one as in a few weeks the Betfair exchange will be operational and accessible to all
We just have to wait a few months to have also in Italy the Betfair Betting Exchange
Betfair has recently decided, as a company policy, to split the two branches of its main activities: the Betfair exchange, the company’s core business betting exchange platform, and Betfair sports book , the division that deals with traditional bets as a classic online bookmaker . Betfair, probably to compensate for the decrease in revenues deriving from the abandonment of the betfair exchange in various countries due to very restrictive national laws, has decided to intensify and develop the business as a bookmaker by acquiring several smaller companies.
Betfair sportsbook , unlike its competitors, can count on an extraordinary option to offer its customers: the cash out. The cash out is nothing more than the green up used on the Betfair Exchange, which allows you to exit a back bet at any time and obtain a certain profit before the end of the game itself. To make this method known, Betfair has launched a targeted advertising campaign in Great Britain made up of commercials with high added value and high visual impact.
The cash out can also be done with multiples and allows for example to exit before the last bet on the slip, which most of the time is the one that jeopardizes the final result. According to some rumors it seems that an important Italian bookmaker is gearing up to launch the cash out in Italylike Betfair. Even sportsbook mode, the giant Betfair, has very competitive and attractive odds compared to the other competitors (like what happens with the betting exchange )
Betfair is unofficially known in Italy because many traders coming from the famous scalping school of L.Gioacchini or in any case from the financial world in general, tired of paying commissions, decided to try and apply the trading techniques learned at the Betting Exchange, which was a kind of betting exchange (in many ways similar to the traditional stock exchange) in which shares of sports odds were traded instead.
The system proposed by Betfair, with its international site, was complete with vertical charts and books, above all thanks to the possibility of coupling it with an external professional platform, which expanded its basic functions (one of the most important for scalpers who operated at Betfair she has always been Geek Toy ).
Unfortunately in recent years the international Betfair site has been overshadowed by the state monopoly of our country because it is considered in competition with authorized gambling and worse still Betfair, in view of a future agreement and to maintain good relations, has agreed not to open more accounts to Italians while allowing those who already had an account open to continue operating on the betting exchange .
Betfair obtained authorization for its Betfair Exchange in Italy in April 2014 with the Italian site of Betfair which has finally launched the betting exchange service, and has sent letters of invitation to close the English account to all Italians, explaining precisely that they will be able to continue to operate only by opening a regular account in our country.