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BETFAIR TO LAUNCH AS A BOOKMAKER

03/26/2012 : BETFAIR TO LAUNCH AS A BOOKMAKER
 
Company will soon introduce its own fixed-odds sports book
 
Online betting exchange Betfair is to launch itself as a bookmaker in a move designed to prevent customers deserting to rivals such as William Hill and Ladbrokes, the publication This Is Money reported over the weekend.
 
Interim chief executive Stephen Morana told This Is Money that Betfair will shortly be introducing its own fixed-odds sports book, which means it will start taking bets of its own rather than just acting as a marketplace where customers offer bets to each other.
 
"Our sports exchange always has been – and always will be – Betfair’s core product," said Morana. ‘It has revolutionised the industry and we have a loyal customer base, but we also recognise that there are certain bets at certain times that the exchange, by its nature, cannot offer.
 
"Some of our customers are going to traditional bookies for a portion of their betting and we hope to address this with the introduction of an integrated risk product that will complement the exchange, not compete with it."
 
Morana said that Betfair has yet to decide on the br anding for its new bookmaking business.
 
Betfair has given investors a rough ride recently. Since listing at GBP 13 a share in October 2010 it has seen its share price plunge disappointingly to GBP 8.71.
 
Chief executive David Yu and founder-chairman Ed Wray have both since left the company, which earlier this year was forced to cancel millions of pounds in bets due to a ‘technical failure’.
 
This Is Money reports that some analysts believe that by combining betting exchange and bookmaking business models Betfair could boost profits by more than 50 percent, but there are warnings that the results are not certain.
 
The company boasts four million registered users, of whom 900,000 gamble regularly.
 
In the year to last April, it made pre-tax profits of GBP26.6 million on turnover of GBP 368.6 million.

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Gambling News :

Pokerstars Bahamas Main and High Roller Results - The inaugural PokerStars Championship Bahamas saw two big winners crowned this weekend when Christian Harder won the main event for $429,664 and Luc Greenwood took home $779,268 after taking down the $25,750 High Roller event.

Rodrigo Duterte has identified illegal gambling as his third priority - Illegal online gambling operators can anticipate tougher times in the Philippines following a directive from President Rodrigo Duterte that stamping out illegal gambling is his third most important goal after illegal drugs and government corruption.

High Hopes For Pennsylvania Online Gambling - Pennsylvania state politicians have wasted no time in getting back to work in the new legislative season, and there is renewed hope for a gambling expansion bill that includes online gambling and daily fantasy sports.

WILLIAM HILL ACCUSED OF QUESTIONABLE MARKETING TACTICS - British Labour member of parliament for Swansea East, Carolyn Harris, has described as "appalling" player-poaching techniques allegedly encouraged by the online and land bookmaker William Hill plc.

GoWild has announced the launch of its own new gaming platform - The European online gambling group GoWild has announced the launch of its own new gaming platform, providing entertainment in addition to its Microgaming games, which will now be delivered via the Quickfire platform.

UK Government Introduces Mandatory horseracing levy - The levy kicks in after the first GBP 500,000 in gross revenue has been earned by online and retail bookmaking firms and other betting organizations.

Chinese Arrested in Philippines Invalid - Representing the thirty-nine plaintiffs, defense lawyer Irene Bianca B. Distura claimed that the warrant that led to her clients’ apprehension is “invalid.”

NJ Warns No Federal Online Gambling Ban - New Jersey Senator and gubernatorial candidate Raymond Lesniak warned that any attempt to overturn a 2011 Department of Justice opinion that the federal Wire Act exclusively governs sports betting would be met with a hard-nosed reaction from his state.

Casino du Liban To Launch new online gambling platform - The venture will be in partnership with an unnamed international company, and a tender has already been launched with a deadline of January 19 to submit the proposals.

Winstar slot Pays Big Jackpot - One very fortunate online punter in Bermuda has scored a major win on the Winstar slot at the PokerStars online casino, collecting a $825,037 jackpot.

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