Betfair Sportsbook & Betfair Exchange Sports Betting Guides

Betfair started in June of 2000 following a £1million injection of cash from friends of Edward Wray and Andrew Black, the founders of the betting exchange platform.

Despite competition in the market, Betfair filled a gap that other sports bookies had not yet found. Where competing exchange sites permitted customers to an individual bet, Betfair provided bettors with the opportunity to place multiple bets and bigger wagers across various prices.

In the next few years, Betfair would go on to secure 90% of the betting exchange market share.

Betfair made footballing history in 2002 when it sponsored Fulham’s shirt throughout the Premier League season. Since this revelation in UK football sponsorship deals, hundreds of clubs around the nation began agreeing to sponsorship contracts with gambling companies.

Who Created Betfair?

Friends Edward Wray and Andrew Black founded Betfair in the summer of 2000. Having met by chance while playing Bridge, the pair became business partners after Black demonstrated his intentions to create an online exchange with Wray after realizing they had similar interests.

While Andrew Black was a university dropout, Wray secured a degree in Engineering, Ergonomics and Management at the University of Oxford. Black had earned enough money through gambling to support himself for a while, whereas Wray’s education in management provided Betfair with necessary solidity.

Wray agreed to help fund Black’s project, later known as Betfair, and the rest is history.

When Was Betfair Exchange Created?

The Betfair Exchange first opened its virtual doors in 2000 after Morry Peter, an established name in the bookmaking business, agreed to partially fund Wray and Black’s Betfair project.

Having now launched their online services, Wray and Black set out on their mission to try and attract customers signed up on betting sites available at the time. Needless to say, they succeeded.

By 2001, Betfair purchased one of their primary rivals in Flutter. The next year they had sponsorship deals agreed with Premier League outfit Fulham. Then, just six years into the exchanges’ life, Softbank – who valued the exchange at more than £1billion – bought a 23% slice of Betfair.

Much has happened since that summer of 2000, with today’s picture of Betfair the perfect realization of Wray’s and Black’s ideas. Although neither are present at the betting exchange anymore, their legacy remains an important imprint on the future of Betfair.

Today, Betfair is a publicly-traded asset, majority-owned by Flutter Entertainment shareholders after merging with Paddy Power in 2016.

Location

Betfair boasts two headquarters based in the UK and Ireland. The bookmaker’s UK HQ is situated in Hammersmith, London, while its Ireland hub resides in Clonskeagh, a Dublin suburb.

Betfair owns a range of entities based in the United States and runs many operations across various nations. Although these ventures have not seen Betfair root further HQ’s in countries other than Ireland and the UK, the betting exchange has enjoyed attracting the attention of a global audience.

Who Owns Betfair?

Betfair is under 52% ownership from former Paddy Power shareholders, while those that held shares of Betfair when it was listed on the London Stock Exchange before the Paddy Power merger own 48% of the company.

The entity formed as a result of that merger is known as Flutter Entertainment. Today, Betfair is a subsidiary of Flutter Entertainment – with revenue shooting into the billions of pounds.

Flutter Entertainment’s CEO is named Peter Jackson and he has held the position since January 2018 following the departure of Breon Corcoran from the company.

You can find Betfair on the London Stock Exchange under the FLTR (Flutter Entertainment) ticker following the 2016 merger.

Who Does Betfair Own?

As Betfair is a subsidiary of Flutter Entertainment, each business purchased by Betfair is technically under the ownership of Flutter.

Betfair purchased US racing and broadcasting company TVG in 2009. The acquisition came to a total cost of $50million and following the buy, Betfair who owns it went on to acquire TVG’s direct rivals, HRTV – now known as TVG2.

Following the purchase and subsequent merge of FanDuel by Flutter Entertainment, TVG became a subsidiary of Flutter Entertainment.

While TVG will always be Betfair’s most important acquisition, other sites and companies bought or owned by the Exchange during its youthful years can be found below:

  • PokerChamps.com – Acquired in 2005.
  • BetfairCasino.com – Licensed New Jersey casino game website.
  • Cash4Clubs – Sports fund that provides cash funding for community sports clubs. Granted almost £4million to local clubs in 2021.

Betfair Sports Betting Guides

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