Betfair was launched in 2011, with headquarters in Hammersmith in London, England. Since then, it has become the largest online betting company in the United Kingdom, and the largest internet betting exchange in the world. Betfair employs over 1800 people, and they claim to have over four million customers. Another of Betfair’s claims is that their odds offered are on average twenty percent better that any offered by traditional book makers. Betfair does charge a commission on all winning bets, but the amount of the commission can depend on how much the client wagers on their betting site.
Betfair was floated on the London Stock Exchange in 2010, and the following year moved some operation to Gibralter, to reduce the amount of taxes paid. In 2012 a fixed odds sports betting site was launched, to compete with the traditional betting sites. In 2014 a partnership was entered into with Net Entertainment, so the gaming company could expand into the United Kingdom market. Betfair now has an established presence in the United States, through its main subsidiary, TVG Network.
TVG is the operator of the horse racing television network that is shown in something like 35 million American homes. They are dedicated to all forms of horse racing and race betting, broadcasting live races and race analysis and tips and features. Betfair launches in New Jersey an exciting new online casino that was initiated in November 2013. Betfair was granted approval to launch its online gaming platform for New Jersey. This follows the opening up of the New Jersey online gaming market. The business is still very new, but Betfair is confident that the market has huge potential.
Approval for Gaming Platform In New Jersey Granted
Betfair launches in New Jersey and offers customers there fifty one online table games like poker and blackjack, and slots games, as well as roulette, and solitaire. All fifty one games will be available for play on desktop PCs, Mac computers as well as on Android mobile smart phones. This is part of the official agreement when Betfair launches in New Jersey. Betfair also pioneered the first successful Betting exchange in 1999, which enables customers to bet with each other. This exchange remains in operation, together with its established casino business across many European countries.
In 2015, Betfair online casino revenues were as substantial as New Jersey’s land based casinos. Certainly the start was fairly slow in 2013, but the market has grown steadily, and more and more players find they are finding Betfair’s online sites rewarding and secure. Betfair is considered the only non land based gaming site that is clearly a success, so the 2013 idea of Betfair launches in New Jersey has quite obviously had a favourable outcome.
First Legal Betting Exchange in the United States
Betfair is the first legal sports betting US sites exchange to be approved in the United States. Betfair launches in New Jersey with the goal of competing with sports books by offering players more control over their wagers. The difference between a traditional sports book and a betting exchange, is that a betting exchange allows players to come up with odds, set their own lines and bet on other players’ lines. Players can continue to place wagers until an event is over.
Betfair launches in New Jersey a new concept in sports betting, and Betfair is in a great position to capitalise on all the advantages.