Betfair is upping the odds with new starting price offer
Friday November 16 2007
Betting exchange Betfair is to steal a march on its rivals with the introduction of a new service which will boost liquidity and offer punters the chance to make bets at starting prices.
Up to now, betting exchanges, such as Betfair, operated by matching bets on either side. But it will now offer a guarantee that punters can get on as much as they need, as long as they are willing to plump for starting price (SP) odds.
However, the SPs offered will not be those quoted in betting shops, but prices fixed by the exchange.
A spokesman said the new service was expected to give the business a big boost.
"Currently, 40pc of all bets are settled at SPs and this type of business tended to pass us by up to now," he said.
Betfair is already the largest exchange operation, ahead of the Dermot Desmond-owned Betdaq business.
Estimates put the market share of exchanges at around 5pc and this development could significantly boost that figure, the spokesman said.
Gambling
Meanwhile, mobile gambling is poised for rapid growth, with total annual wagers on mobile phones expected to increase to nearly $12bn (€8.2bn) by 2010, according to a study by Juniper Research.
The study reveals global gross win from mobile gambling services will rise from just $106m (€72.5m) in 2007 to $3.2bn (€2.2bn) in 2012.
Mobile lotteries are expected to be the most popular service within five years, attracting more than 380 million users worldwide.
The authors of the report stated that developments in mobile payment technologies and the liberalisation of electronic gambling legislation in key markets will help boost growth in the industry.
"Mobile lotteries have already experienced significant levels of adoption in the Far East, while we envisage that European state lotteries will increasingly embrace the mobile environment in the medium term," author Dr Windsor Holden said.
- Pat Boyle
