Editing Betfair (section)

==History==
The company was founded in June 2000, by [[Andrew Black (gambling entrepreneur)|Andrew Black]] and Edward Wray.<ref>{{cite news|url=https://www.telegraph.co.uk/finance/2916471/The-gambler-who-bet-on-himself.html|title=The gambler who bet on himself|date=29 May 2005|newspaper=The Telegraph|access-date=5 April 2019|archive-url=https://web.archive.org/web/20171216091701/http://www.telegraph.co.uk/finance/2916471/The-gambler-who-bet-on-himself.html|archive-date=16 December 2017|url-status=live}}</ref> [[Softbank]] purchased 23% of Betfair in early April 2006, valuing the company at [[GBP|£]]1.5 billion. In December 2006, Betfair completed the purchase of the horseracing publishing company [[Timeform]] (which traded under the name Portway Press Ltd).<ref>{{cite news|url=https://www.telegraph.co.uk/sport/horseracing/2351038/Exclusive-Betfair-set-to-buy-Timeform-for-15m.html|title=Betfair set to buy Timeform for £15m|date=25 November 2006|newspaper=The Telegraph|access-date=8 April 2012|first=J A|last=McGrath|archive-url=https://web.archive.org/web/20101020075851/http://www.telegraph.co.uk/sport/horseracing/2351038/Exclusive-Betfair-set-to-buy-Timeform-for-15m.html|archive-date=20 October 2010|url-status=live}}</ref>

Betfair was the first betting company to sponsor an English football team, featuring on the kit of [[Fulham F.C.|Fulham]] in the 2002–03 season before the [[Gambling Act 2005]] prohibited the industry from advertising on television and radio.<ref>{{cite news |last1=Longley |first1=Scott |title=A short history of betting shirt sponsorship in football (part 1) |url=https://sbcnews.co.uk/features/comment/2018/03/14/scott-longley-short-history-betting-shirt-sponsorship-football-part-1/ |access-date=22 September 2018 |publisher=SBC News |date=14 March 2018 |archive-url=https://web.archive.org/web/20180922211612/https://sbcnews.co.uk/features/comment/2018/03/14/scott-longley-short-history-betting-shirt-sponsorship-football-part-1/ |archive-date=22 September 2018 |url-status=live }}</ref><ref>{{cite news |last1=Reuben |first1=Anthony |title=Premier League shirts row: The fickle fashions of sponsorship |url=https://www.bbc.co.uk/news/business-45440347 |access-date=22 September 2018 |work=BBC News |date=22 September 2018 |archive-url=https://web.archive.org/web/20180922002206/https://www.bbc.co.uk/news/business-45440347 |archive-date=22 September 2018 |url-status=live }}</ref>

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.<ref>{{cite web|url=http://www.racingandsports.com.au/international/rsNewsArt.asp?NID=136396&story=Timeform_Radio_Launches |website=Racing and Sports |title=Timeform Radio launches|date=1 October 2008|access-date=8 April 2012|archive-url=https://archive.today/20120910051324/http://www.racingandsports.com.au/international/rsNewsArt.asp?NID=136396&story=Timeform_Radio_Launches|archive-date=10 September 2012|url-status=dead }}</ref> On 27 January 2009, Betfair announced the purchase of the [[TVG Network]] in the United States from [[Macrovision]] US$50 million as part of [[Macrovision]]'s dissolving of [[TV Guide (magazine)|TV Guide]]'s assets.<ref>{{cite web|url=http://news.bloodhorse.com/article/49055.htm|title=Industry Awaits Betfair Plans for TVG|publisher=bloodhorse.com |date=February 3, 2009 |first1=Tom |last1=LaMarra |first2=Ryan |last2=Conley |first3=Mark |last3=Popham |access-date=8 April 2009|url-status=dead|archive-url=https://web.archive.org/web/20090212133035/http://news.bloodhorse.com/article/49055.htm|archive-date=12 February 2009}}</ref>

In November 2009, Betfair announced a deal with the [[New York Racing Association]] that allows Betfair's customers to start wagering immediately on Aqueduct's thoroughbreeding races.<ref>{{cite web|url=http://www.thoroughbredtimes.com/national-news/2009/November/02/Betfair-NYRA-reach-wagering-agreement.aspx|title=Betfair, NYRA reach wagering agreement|publisher=Thoroughbred Times |first1=Frank |last1=Angst |date=November 2, 2009 |access-date=3 November 2009|archive-url=https://web.archive.org/web/20091105041822/http://www.thoroughbredtimes.com/national-news/2009/November/02/Betfair-NYRA-reach-wagering-agreement.aspx|archive-date=5 November 2009|url-status=dead }}</ref> Betfair floated on the [[London Stock Exchange]] with a [[stock symbol]] of BET on 22 October 2010 at £13, valuing the company at £1.4bn ($2.2bn).<ref>{{cite news|url=https://www.bbc.co.uk/news/business-11604620|title=Betfair flotation values firm at £1.4bn|work=BBC News |access-date=7 May 2011|date=22 October 2010|archive-url=https://web.archive.org/web/20101230115114/http://www.bbc.co.uk/news/business-11604620|archive-date=30 December 2010|url-status=live}}</ref>

In March 2011, the company moved some of its operations to [[Gibraltar]] to reduce the amount they paid in tax.<ref name=OHare /> In May 2012, Betfair launched a Sportsbook ([[fixed-odds betting]]) service to compete with traditional bookmakers.<ref>{{cite news|newspaper=The Telegraph|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9278087/Betfair-to-launch-fixed-odds-betting-website.html |url-access=registration |first1=Alistair |last1=Osborne |title=Betfair to launch fixed-odds betting website|date=20 May 2012|access-date=23 March 2015|archive-url=https://web.archive.org/web/20150925025730/http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9278087/Betfair-to-launch-fixed-odds-betting-website.html|archive-date=25 September 2015|url-status=live}}</ref>

In August 2014, Net Entertainment NE AB entered into a partnership with Betfair to expand its reach into the market in the United Kingdom.<ref>{{cite web|url=https://www.netentcasinos.com/blog/net-entertainment-signs-agreement-betfair/|title=Net Entertainment signs agreement with Betfair|access-date=24 January 2016|archive-url=https://web.archive.org/web/20160203163506/https://www.netentcasinos.com/blog/net-entertainment-signs-agreement-betfair/|archive-date=3 February 2016|url-status=live}}</ref> It was announced in September 2015 that [[Paddy Power]] and Betfair had agreed terms for a merger. The transaction was structured as an acquisition of Betfair by Paddy Power<ref>{{cite web|url=http://www.ftse.com/products/index-notices/home/getnotice/?id=1360561|title=Paddy Power (Ireland): Acquisition of Betfair Group (UK)|publisher=FTSE|date=27 January 2016|access-date=29 January 2016|archive-url=https://web.archive.org/web/20160130100738/http://www.ftse.com/products/index-notices/home/getnotice/?id=1360561|archive-date=30 January 2016|url-status=dead}}</ref> and the enlarged entity, named [[Flutter Entertainment|Paddy Power Betfair]], is based in Dublin.<ref>{{cite web|title=Paddy Power and Betfair merger agreed|url=https://www.theguardian.com/business/2015/sep/08/paddy-power-and-betfair-merger-agreed|website=The Guardian|access-date=10 September 2015|agency=Press Association|date=8 September 2015 |archive-url=https://web.archive.org/web/20160817171521/https://www.theguardian.com/business/2015/sep/08/paddy-power-and-betfair-merger-agreed|archive-date=17 August 2016|url-status=live}}</ref> The merger was completed on 2 February 2016.<ref>{{cite web|url=http://www.racingpost.com/news/horse-racing/paddy-power-betfair-begins-trading-after-merger/2026818/#newsArchiveTabs=last7DaysNews|title=Paddy Power Betfair begin trading|date=2 February 2016|work=[[Racing Post]]|access-date=3 February 2016|archive-url=https://web.archive.org/web/20160419140217/http://www.racingpost.com/news/horse-racing/paddy-power-betfair-begins-trading-after-merger/2026818/#newsArchiveTabs=last7DaysNews|archive-date=19 April 2016|url-status=dead}}</ref>