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BETFAIR INTRODUCES IN-RUN BETTING TO MELBOURNE CUP
Online betting exchange Betfair Australia, which is co-owned by Oz gambling mogul James Packer, has extended its penetration of the horse racing market with the introduction of in-run betting at the prestigious Melbourne Cup, traditionally run over the first Tuesday in November. Company spokesmen said that this form of wagering is expected to dominate gambling in Australia as punters become more technologically savvy, sports become more dependent on product fees and governments less tolerant of poker machines.
Betfair has been aggressively pursuing in-run wagering in the Land Downunder, introducing it last month on selected races on Guineas Day at Caulfield, and extended it to all 10 races on the Derby card at Flemington.
Prior to the big event, Betfair's chief executive, Andrew Twaits, said: "This will be the first Melbourne Cup where Australians will have the chance to bet online while the race is being run."
Betfair's in-running volumes have risen in recent weeks, from A$48 800 on Guineas Day to A$58 800 on Caulfield Cup day and A$60 200 on Cox Plate day to A$143 500 on Derby Day.
Looked at in the context of the $1.36 billion taken by Tabcorp alone during last year's Victorian spring racing carnival, it's not yet big money, but the potential is clearly there. Twaits says, "Anything over 1 percent of total volume on the Melbourne Cup will be a good result. Online in-running betting represents a generational change in the way punters can bet on races."
Betfair extracts an average commission of 3.5 percent on the net result, compared with the 15 percent typically taken by TABs.
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2017 Aussie Millions Event 1 -
The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.
Swiss Reject idea to Block Gambling Websites -
The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.
Growth Ahead For Online Gambling -
Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.
New Qubit software For SkyBetting -
#qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.
Slotfather II Slot Launching -
#betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..
Massachusetts Online Lottery Bill -
Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.
Italy Doing Well With Online Sports betting -
The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.
Michigan To Reintroduce Online Gambling Bill -
#Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.
MGM Buys DC office building For lobbying team -
#MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.
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