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How did Betfair start?
I think most people in the gambling arena have heard of Betfair by now. A brilliant idea started by Andrew Black and Edward Wray. The two became involved in the gambling industry as regular players. Mr Black, in particular, spent a considerable amount of time in the betting shops of England, not doing well at university he was asked to leave Exeter Uni.
After spending a few years bouncing around different jobs, Black started to formulate the very clever idea that would become Betfair.
Wray completed his degree in engineering, economics, and management at Oxford University before moving on to become a vice president at JP Morgan. Black suggested to Wray the idea of Betfair in the late ’90s and they decided to try to raise the capital to start the project.
Betfair’s name itself hints at what they do, although it has often been thought of as a representative body about fairness in betting and gaming.
What is Betfair?
Betfair wanted to take the process of setting betting lines for sporting events out of the hands of the traditional bookmaker and place it in the hands of the punters, or bettors themselves.
The thinking was that if people were allowed to set their own odds based on their personal knowledge of a particular sport or their fondness of a particular team, then the betting options would increase, making the wagers more appealing to a broader group of customers.
To accomplish this, Wray and Black created a betting exchange. The principle behind the exchange is similar to that of a stock exchange. A player would initiate a wager at a certain price and odds, and it would be posted to the exchange. If someone fancied that wager, then they could agree to exchange bets, as you would with your mate down the pub. The bet would happen between the two players, with Betfair taking a small fee for providing the service. Now Betfair has developed into a very big deal indeed and maintains it’s place as the original and best betting exchange online. Now with the Betfair Sportsbook for a more traditional form of betting
About Betfair Exchange Login
Paddy Power Betfair is one of the world’s leading sports betting and gaming operators, formed from the 2016 Merger. Formed in 2016 and is an international, multi-channel sports betting and gaming operator. Our business is now separated into four operating divisions.
Writing and reviewing bookmaker and casino websites for two decades. About free betting sign up offers and which are the best bookmakers in the UK.