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Betfair

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imposing a burden on interstate trade that was protectionist in nature and therefore contravened section 92 of the constitution. The Court decision suggests, but leaves open, that a more narrowly drafted ban may have been allowed (e.g., banning people in Western Australia from laying "lose bets" on events held in Western Australia).
657:. Although funds were removed from customer accounts before the bets had won, the company claimed that due to "technical issues in transmitting bets into the Tote pools in the last 10 minutes before the pool closed", they would not pay any winnings. Reportedly some small gamblers were deprived of wins of up to £16,000 apiece. 590:, the charge significantly changed the relationship between Betfair and its customers, as Betfair can no longer claim to be a neutral betting exchange "where winners are welcome" (its mantra for many years). In June 2011 Betfair raised its Premium Charge to 60% for some customers, a move which was met by outrage. 573:
In February 2011, the ASA banned another Betfair advert, that stated "On Betfair, you cut out the middle man, which means you could win bigger". The regulator said that the description "cutting out the middleman" was ambiguous and misleading, because the site takes a commission fee on winnings, which
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after an automated customer reportedly laid the winning horse Voler La Vedette at odds of 28–1, even as the mare crossed the finish line. The controversy was described as "devastating" by Betfair CEO Stephen Morana, and it affected at least 200 customers who were refused more than £23M in winnings.
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In September 2008, Betfair introduced a "Premium Charge" for wagerers whose winnings are particularly high compared to the amount of commission they pay. Specifically, members whose commission charges amount to less than 20% of their gross profits, and have placed bets in at least 250 markets, are
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In September 2011, Betfair admitted that it had concealed the theft of confidential customer data from the company's 2010 share prospectus. The theft included the payment card details of most of its customers, "3.15m account usernames with encrypted security questions", "2.9m usernames with one or
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In its 2014 annual report, the betting firm admitted that its final dividend in 2011 and the interim and final dividends for 2012 and 2013 were paid erroneously because, by law, the "company did not have sufficient distributable reserves to make those distributions and so they should not have been
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data transmitted directly from agents located at the event, giving them an edge over recreational punters who do not receive the latest scores as quickly. The practice drew widespread scrutiny after one such agent, working for a company established by former Betfair employees, was arrested at the
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In a press release, the company's then poker head, Ben Fried, stated: "Having our own poker software puts us in command of our own destiny. It means we can react quickly to customer feedback and continue to develop an innovative, community focused product. We are confident that we are laying the
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In December 2021, Betfair announced the launch of their online casino overseas. Although already established within the online sports betting industry, the company launched its online casino available online to consumers residing in the UK, New Jersey, Argentina, Mexico, New Zealand, Australia,
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on 27 March 2008, the two provisions of the legislation, purporting to ban Western Australians from using a betting exchange and prohibiting an unauthorised business from using Western Australian race lists, were declared invalid as they applied to Betfair. The provisions were characterised as
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At the disciplinary hearing into Findlay's betting against Gullible Gordon, it was revealed that Findlay had been in financial difficulty and that Betfair had allowed him to use the account of a friend, racehorse owner Eammon Wilmott. In a further twist, the bets were actually made by Findlay
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However, if a bettor on the website is efficiently profitable Betfair will require them to pay at least 20% and up to 60% of gross profits in total charges after they have participated in 250 markets. These charges are non-refundable if the bettor's account subsequently goes or reverts to an
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around the world, with whom they cooperate on matters if the latter suspects corruption to have taken place. Betfair has agreements with some thirty sports bodies, such as the Lawn Tennis Association and the British Horseracing Association, and has been instrumental in several high-profile
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on all winning bets, the market base rate is set at between 5 and 7 percent of the net winnings for most markets, depending on the country you reside, although according to how much a client wagers on the site, it is possible to reduce the base rate by as much as 60%.
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In March 2007, Betfair launched its own Betfair Radio service, available via its website, on the telephone and elsewhere. This has now become Timeform Radio, broadcasting horse racing commentary and results. On 27 January 2009, Betfair announced the purchase of the
434:, Betfair's appeal, against a newly enacted fee to access New South Welsh vital race field information, was rejected. The Court held that the relevant law would have no discriminatory or protectionist effect on interstate trade, thereby complying with 352:, which is dedicated to horse racing, broadcasting live races as well as race analysis, interviews, handicapping tips and features. It was acquired in 2009 for $ 50m. Betfair also has a subsidiary called BetfairCasino.com which is a 1791: 2310: 617:
Betfair themselves condemned the punishing of Findlay, saying the punishment was not "proportionate or consistent with similar offences in the past." Findlay had previously called himself "a walking advert for Betfair."
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paid by the company to its shareholders". Betfair also admitted that the purchase of 6.5 million shares in April 2012 was executed when the "company did not have sufficient distributable reserves".
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Though Betfair stated that the charge would only affect less than 0.5% of its members, it attracted criticism on its member forum and from the broader exchange betting community. According to
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In March 2018, Betfair successfully trialled an auto-cash out feature with its live betting customers in the UK and Ireland. The features allow players to lock in their chosen profit.
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In August 2014, Net Entertainment NE AB entered into a partnership with Betfair to expand its reach into the market in the United Kingdom. It was announced in September 2015 that
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As of 2013, Betfair had over 4 million customers (1.1 million active customers) and a turnover in excess of £50 million a week. The company employed 1,800 people worldwide.
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with subsequent licences following in Austria and Germany, and Tasmania now receives substantial tax revenues. However it infuriated the established monopolistic
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and Betfair had agreed terms for a merger. The transaction was structured as an acquisition of Betfair by Paddy Power and the enlarged entity, named
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On 7 April 2014, Betfair launched its betfair exchange in Italy. In May 2016, it launched a betting exchange in New Jersey, United States.
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Cash 4 Clubs is a sports funding scheme set up and funded by Betfair. The scheme provides sports grants to local community sports clubs.
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In October 2005, chief executive Stephen Hill announced his resignation when the board decided not to proceed with plans for a
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more addresses" and "89,744 account usernames with bank account details". The company further stated that it had informed the
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In August 2007, Betfair took the unprecedented step of voiding all bets following a tennis match between Martin Arguello and
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that allows Betfair's customers to start wagering immediately on Aqueduct's thoroughbreeding races. Betfair floated on the
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of the incident which happened on 14 March 2010 but was not discovered by Betfair data security until 20 May that year.
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Betfair claims on average 20 per cent better odds than those offered by a traditional bookmaker. Betfair charges a
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Betfair offer in play betting on a variety of horseracing events. There has been some controversy over alleged
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In February 2014, Betfair were granted two online gambling licenses by the State Gambling Commission of
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flotation, the investors holding out for a higher valuation. In January 2006, Chief Technology Officer
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Some of these customers are believed to be pursuing their case with the independent adjudication body
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In August 2014, Betfair completed the sale of their 50% stake in Betfair Australia to venture partner
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In June 2010, high-profile racehorse owner and professional gambler Harry Findlay was banned by the
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1.5 billion. In December 2006, Betfair completed the purchase of the horseracing publishing company
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Betfair was the first betting company to sponsor an English football team, featuring on the kit of
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Among the bettors on Betfair's exchange are companies that place high-speed automated bets using
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was appointed Chief executive of Betfair. In December 2011, after overseeing the company's 2010
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In late autumn of 2005, Betfair finalised a deal that began in early summer, to purchase the
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and bookmakers (due to loss of revenue) and governments (due to loss of taxes) in the other
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Betfair has noted that they have signed numerous information sharing agreements with
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In September 2011 Betfair refused to honour winning bets made by their customers on
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to reduce the amount they paid in tax. In May 2012, Betfair launched a Sportsbook (
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Betfair has sponsored many sporting events, teams and organisations, including
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of BET on 22 October 2010 at £13, valuing the company at £1.4bn ($ 2.2bn).
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Betting exchange, sports betting, online casino, online poker, online bingo
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in the state. It was the second licence awarded to Betfair outside the
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purchased 23% of Betfair in early April 2006, valuing the company at
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Betfair owns subsidiaries in the United States. The main company is
736:"A short history of betting shirt sponsorship in football (part 1)" 650: 492: 464: 360: 326: 294:, is based in Dublin. The merger was completed on 2 February 2016. 223: 215: 151: 633:
In December 2011, Betfair voided all in running bets on a race at
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for using Betfair to bet against his own horse, Gullible Gordon.
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required to pay the additional charge to make up the difference.
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permitted the industry to advertise on television and radio.
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LaMarra, Tom; Conley, Ryan; Popham, Mark (3 February 2009).
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In March 2011, the company moved some of its operations to
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founded in 2000. It operates the world's largest online
1841:"Inside the Shadowy World of High-Speed Tennis Betting" 174:. Business operations are led from its headquarters in 1950:"Betfair faces criticism for massive rise in charges" 1676:"Betfair accelerates LATAM drive by backing CONMEBOL" 1402:"Lock in a fast starter with Betfair's Auto Cash Out" 260:
In November 2009, Betfair announced a deal with the
1702:"Betfair é a nova patrocinadora máster do Cruzeiro" 1589:"Chief of Betfair steps down as float is cancelled" 821: 2154:"Harry's game is playing big on and off the track" 943: 283:) service to compete with traditional bookmakers. 2242:"Betfair needs to win back confidence of punters" 1558:"Betfair sells 50pc stake in Australian business" 1498: 1324:"Betfair awarded Bulgarian online gaming licence" 226:(which traded under the name Portway Press Ltd). 2473: 2007:"Betfair: where winners have just become losers" 1472: 1243:"Betfair PR: Independence Day for Betfair Poker" 976:"Net Entertainment signs agreement with Betfair" 2482:Online gambling companies of the United Kingdom 1806: 2063:"Playing their cards right, Director magazine" 945:"Betfair to launch fixed-odds betting website" 373:Iceland, Ireland and select states in the US. 2364: 2086: 2084: 1617: 1126:"What are the benefits of a Betfair account?" 1114:"FY13 Trading & Strategy Update", slide 5 356:licensed provider of online gaming products. 337:foundations of a market leading poker room". 1506:Betfair Pty Limited v Racing New South Wales 1272:"A grand in the hand as Betfair up the odds" 1165:"Betfair Charges, section "Premium Charges"" 432:Betfair Pty Limited v Racing New South Wales 2502:Hotel and leisure companies based in London 2273:"Punters fear the worse in Betfair dispute" 1524: 533: 454: 436:section 92 of the Constitution of Australia 2371: 2357: 2341: 2186:"Betfair suspends betting on tennis clash" 2090: 2081: 1708:(in Brazilian Portuguese). 28 January 2023 908: 137: 27: 2507:2000 establishments in the United Kingdom 1532:Castlemaine Tooheys Ltd v South Australia 877:"Betfair flotation values firm at £1.4bn" 441:Castlemaine Tooheys Ltd v South Australia 210:The company was founded in June 2000, by 1980:"Betfair bosses deny being too "greedy"" 851:"Betfair, NYRA reach wagering agreement" 630:because of suspicious betting patterns. 603:investigations into suspicious betting. 574:could be perceived as a middleman role. 194:. In February 2016, Betfair merged with 2517:Internet properties established in 2000 2270: 1982:. racingpost.co.uk. 12 September 2008. 1754:"Betfair 'paid £60m illegal dividends'" 1480:Betfair Pty Limited v Western Australia 1034:. Press Association. 8 September 2015. 1028:"Paddy Power and Betfair merger agreed" 1004:. FTSE. 27 January 2016. Archived from 941: 911:"Betfair moves operations to Gibraltar" 904: 902: 824:"Industry Awaits Betfair Plans for TVG" 733: 702: 383:Betfair Pty Limited v Western Australia 2512:Gambling companies established in 2000 2474: 2052:. 29 June 2011. Retrieved 1 July 2011. 1838: 1599:from the original on 20 September 2014 1586: 956:from the original on 25 September 2015 773:from the original on 22 September 2018 760: 742:from the original on 22 September 2018 705:"Betfair set to buy Timeform for £15m" 621: 2352: 2196:from the original on 26 November 2009 1929:from the original on 28 February 2009 1871:"Misleading Betfair ads banned in UK" 1734:(in Brazilian Portuguese). 8 May 2024 1454:"Betfair Issues High Court Challenge" 1304:from the original on 29 November 2014 1287:. 8 July 2009. Retrieved 1 July 2011. 887:from the original on 30 December 2010 848: 761:Reuben, Anthony (22 September 2018). 684:from the original on 16 December 2017 158:. Its product offering also includes 2497:Online gambling companies of Ireland 2313:from the original on 10 January 2015 2252:from the original on 12 January 2012 2222:from the original on 26 January 2012 2166:from the original on 21 October 2014 2134:from the original on 11 October 2014 2103:from the original on 21 October 2014 2004: 1947: 1903:from the original on 14 October 2014 1851:from the original on 9 February 2015 1820:from the original on 23 October 2013 1816:. Thefreelibrary.com. 6 March 2006. 1794:from the original on 10 January 2015 1630:from the original on 31 January 2016 982:from the original on 3 February 2016 899: 853:. Thoroughbred Times. 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Archived from 942:Osborne, Alistair (20 May 2012). 703:McGrath, J A (25 November 2006). 577: 233:in the 2002–03 season before the 178:, alongside satellite offices in 2216:"Betfair blame technical glitch" 1986:from the original on 24 May 2009 1948:Cobb, John (10 September 2008). 1326:. Calvinayre. 26 February 2014. 849:Angst, Frank (2 November 2009). 826:. bloodhorse.com. Archived from 799:. 1 October 2008. Archived from 734:Longley, Scott (14 March 2018). 674:"The gambler who bet on himself" 506: 479:, was appointed in August 2012. 2295: 2271:McGrath, J A (1 January 2012). 2264: 2234: 2208: 2178: 2146: 2115: 2055: 2029: 2005:Wood, Greg (9 September 2008). 1998: 1972: 1941: 1915: 1889: 1863: 1832: 1776: 1764:from the original on 4 May 2015 1746: 1720: 1694: 1668: 1642: 1611: 1580: 1550: 1446: 1420: 1394: 1364: 1342: 1330:from the original on 1 May 2015 1316: 1290: 1265: 1235: 1209: 1193:. Poker News. 2 November 2005. 1183: 1157: 1138: 1119: 1107: 1082: 1050: 1020: 994: 968: 935: 568:Advertising Standards Authority 475:, who was formerly employed by 430:In the 2012 High Court case of 16:British online gambling company 1116:Betfair. Retrieved 9 May 2013. 869: 842: 815: 785: 754: 727: 696: 666: 561: 558:; charges were later dropped. 549:. Some of these companies use 528:Serious Organised Crime Agency 482: 1: 2527:2016 mergers and acquisitions 2522:2010 initial public offerings 909:O'Hare, Sean (9 March 2011). 660: 608:British Horseracing Authority 520: 297: 1839:Bialik, Carl (29 May 2014). 1650:"Betfair sponsors Barcelona" 391:announced a deal to license 376: 7: 2091:Chris Cook (11 June 2010). 1543:436 (7 February 1990), 262:New York Racing Association 10: 2543: 1352:. Italian Betting Exchange 1191:"Betfair buys PokerChamps" 471:Yu resigned his position. 380: 249:US$ 50 million as part of 245:in the United States from 205: 2435: 2386: 1517:217 (30 March 2012), 1491:418 (27 March 2008), 793:"Timeform Radio launches" 413:Constitution of Australia 124: 114: 106: 81: 71: 59: 51: 43: 35: 26: 1456:. virtualformguide.com. 614:"associate" Glenn Gill. 534:In play betting concerns 455:Chief executive officers 1131:18 January 2010 at the 566:In September 2009, the 542:of up to five seconds. 469:Initial public offering 424:High Court of Australia 2492:Online poker companies 2399:Crown London Aspinalls 1845:FiveThirtyEight Sports 497:Cruzeiro Esporte Clube 2456:City of Dreams Manila 2309:. 28 September 2011. 2246:The Irish Independent 2042:12 March 2016 at the 1790:. 30 September 2011. 1511:[2012] HCA 12 1485:[2008] HCA 11 1284:The Belfast Telegraph 399:, the first being in 387:In November 2005 the 314:unprofitable status. 266:London Stock Exchange 200:Flutter Entertainment 119:Flutter Entertainment 2451:City of Dreams Macau 2069:on 21 September 2010 1877:on 21 September 2009 1537:[1990] HCA 1 1350:"Betting Exchange 1" 1277:24 June 2012 at the 803:on 10 September 2012 655:Newmarket Racecourse 556:2014 Australian Open 389:Tasmanian government 2307:The Daily Telegraph 2277:The Daily Telegraph 2162:. 6 December 2006. 1899:. 9 February 2011. 1788:The Daily Telegraph 1758:The Daily Telegraph 1150:7 July 2011 at the 923:on 17 December 2011 916:The Daily Telegraph 883:. 22 October 2010. 830:on 12 February 2009 622:Winning bets voided 292:Paddy Power Betfair 23: 2248:. 1 January 2012. 1564:. 13 August 2014. 1008:on 30 January 2016 857:on 5 November 2009 281:fixed-odds betting 21: 2487:Betting exchanges 2469: 2468: 2461:Studio City Macau 2394:Betfair Australia 2218:. skysports.com. 1923:"Betfair Charges" 1760:. 2 August 2014. 1434:. 9 December 2021 797:Racing and Sports 628:Nikolay Davydenko 547:predictive models 512:Illegal dividends 409:Australian states 393:Betfair Australia 344:Overseas business 253:'s dissolving of 235:Gambling Act 2005 214:and Edward Wray. 145: 144: 2534: 2373: 2366: 2359: 2350: 2349: 2345: 2340: 2339: 2337:Official website 2323: 2322: 2320: 2318: 2299: 2293: 2292: 2290: 2288: 2268: 2262: 2261: 2259: 2257: 2238: 2232: 2231: 2229: 2227: 2212: 2206: 2205: 2203: 2201: 2182: 2176: 2175: 2173: 2171: 2150: 2144: 2143: 2141: 2139: 2119: 2113: 2112: 2110: 2108: 2088: 2079: 2078: 2076: 2074: 2065:. 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