Editing Betfair

{{Short description|British online gambling company}}
{{Use British English|date=October 2012}}
{{Use dmy dates|date=June 2020}}
{{Infobox company
| logo = Betfair logo.svg
| type = Subsidiary
| traded_as = 
| products = Betting exchange, sports betting, online casino, online poker, online bingo
| foundation = June 2000
| founders = [[Andrew Black (gambling entrepreneur)|Andrew Black]]<br>Edward Wray
| fate = 
| location_city = London, England
| location_country = 
| location = 
| locations = 
| area_served = 
| key_people = {{ubl|
  |[[John A. Bryant]] (Chairman)
  |[[Peter Jackson (British businessman)|Peter Jackson]] (CEO)
  }}
| industry = Gambling
| services = 
| revenue = 
| operating_income = 
| net_income = 
| assets = 
| equity = 
| owner = [[Flutter Entertainment]]
| num_employees = 
| parent = 
| divisions = 
| subsid = 
| caption = 
| homepage = {{url|https://betfair.com}}
}}

'''Betfair''' is a British [[Gambling|gambling company]] founded in 2000. Its product offering includes [[betting exchange]], [[sports betting]], [[online casino]], [[online poker]], and [[online bingo]]. Business operations are led from its headquarters in [[London]], alongside satellite offices in [[Ceuta]], [[Dublin]], [[Leeds]], and [[Malta]]. In February 2016, Betfair merged with [[Paddy Power]] to create [[Flutter Entertainment]].

==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>

==Operations==
As of 2013, Betfair had over 4 million customers (1.1 million active customers) and a turnover in excess of £50 million a week.<ref name="OHare">{{cite web |url-status=dead |last1=O'Hare |first1=Sean |url=https://www.telegraph.co.uk/finance/personalfinance/offshorefinance/8370744/Betfair-moves-operations-to-Gibraltar.html |title=Betfair moves operations to Gibraltar |archive-url=https://web.archive.org/web/20111217124947/http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/8370744/Betfair-moves-operations-to-Gibraltar.html |archive-date=17 December 2011 |website=[[The Daily Telegraph]] |date=9 March 2011 |access-date=1 July 2011}}</ref><ref>{{Cite web|title=Spain: Courts rule against Betfair and Bet365 for suspending accounts of customers on a streak|url=https://www.yogonet.com/international/noticias/2021/07/30/58610-spain-courts-rule-against-betfair-and-bet365-for-suspending-accounts-of-customers-on-a-streak|access-date=2021-07-31|website=www.yogonet.com|language=en-US}}</ref> The company employed 1,800 people worldwide.<ref>[http://corporate.betfair.com/~/media/Files/B/Betfair-V2/pdf/Betfair-7-May-13-presentation.pdf "FY13 Trading & Strategy Update", slide 5] Betfair. Retrieved 9 May 2013.</ref>

Betfair claims on average 20 per cent better odds than those offered by a traditional bookmaker.<ref>[http://help.betfair.com/contents/itemId/i65767198/index.en.html "What are the benefits of a Betfair account?"] {{webarchive |url=https://web.archive.org/web/20100118152539/http://help.betfair.com/contents/itemId/i65767198/index.en.html |date=18 January 2010 }}. Betfair. Retrieved 1 July 2011.</ref> Betfair charges a [[Commission (remuneration)|commission]] 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%.<ref>[http://help.betfair.com/contents/itemId/i65767827/index.en.html "How is my commission calculated?"] {{webarchive |url=https://web.archive.org/web/20110707230426/http://help.betfair.com/contents/itemId/i65767827/index.en.html |date=7 July 2011}}. Betfair. Retrieved 1 July 2011.</ref>

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 unprofitable status.<ref>{{cite web|url=http://www.betfair.com/aboutUs/Betfair.Charges/#charges6|title=Betfair Charges, section "Premium Charges"|access-date=29 April 2015|archive-url=https://web.archive.org/web/20150311193328/http://www.betfair.com/aboutUs/Betfair.Charges/#charges6|archive-date=11 March 2015|url-status=live}}</ref>

In late autumn of 2005, Betfair finalised a deal that began in early summer, to purchase the [[online poker]] site ''PokerChamps.com'', which the company will integrate into its network, replacing a poker arm that previously used gaming technology [[software]] from [[CryptoLogic Inc]].<ref>{{cite web|url=https://www.pokernews.com/news/2005/11/betfair-buys-pokerchamps.htm|title=Betfair buys PokerChamps|date=2 November 2005|publisher=Poker News|access-date=6 August 2017|archive-url=https://web.archive.org/web/20170806180740/https://www.pokernews.com/news/2005/11/betfair-buys-pokerchamps.htm|archive-date=6 August 2017|url-status=live}}</ref><ref>{{Cite web |date=2021-07-30 |title=Betfair Exchange & Blockchain Algorithms Announce High Profile Deal |url=https://www.einnews.com/pr_news/547666796/betfair-exchange-blockchain-algorithms-announce-high-profile-deal |access-date=2021-07-31 |website=EIN News |language=en-US}}</ref>

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 foundations of a market leading poker room".<ref>{{cite web|url=http://prweb.com/releases/2006/10/prweb450531.htm|title=Betfair PR: Independence Day for Betfair Poker|publisher=[[PRWeb]]|access-date=8 April 2009|archive-url=https://web.archive.org/web/20090327070729/http://www.prweb.com/releases/2006/10/prweb450531.htm|archive-date=27 March 2009|url-status=dead}}</ref>

Cash 4 Clubs is a sports funding scheme set up and funded by Betfair. The scheme provides sports grants to local community sports clubs.<ref>[http://www.belfasttelegraph.co.uk/sport/other-sports/a-grand-in-the-hand-as-betfair-up-the-odds-14390013.html "A grand in the hand as Betfair up the odds"] {{Webarchive|url=https://web.archive.org/web/20120624191136/http://www.belfasttelegraph.co.uk/sport/other-sports/a-grand-in-the-hand-as-betfair-up-the-odds-14390013.html |date=24 June 2012}}. ''[[The Belfast Telegraph]]''. 8 July 2009. Retrieved 1 July 2011.</ref>

===Overseas business===
Betfair owns subsidiaries in the United States. The main company is [[FanDuel TV]], 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 [[New Jersey]] licensed provider of online gaming products.<ref>{{cite web|url=http://corporate.betfair.com/media/press-releases/2013/26-11-2013.aspx|title=Betfair launches its Betfaircasino.com online gaming platform in New Jersey|publisher=Betfair|access-date=23 March 2015|archive-url=https://web.archive.org/web/20141129084727/http://corporate.betfair.com/media/press-releases/2013/26-11-2013.aspx|archive-date=29 November 2014|url-status=live}}</ref>

In February 2014, Betfair were granted two online gambling licenses by the State Gambling Commission of [[Bulgaria]].<ref>{{cite web|url=http://calvinayre.com/2014/02/26/business/betfair-awarded-bulgarian-online-gambling-license/|title=Betfair awarded Bulgarian online gaming licence|date=26 February 2014|publisher=Calvinayre|access-date=23 March 2015|archive-url=https://web.archive.org/web/20150501233738/http://calvinayre.com/2014/02/26/business/betfair-awarded-bulgarian-online-gambling-license/|archive-date=1 May 2015|url-status=live}}</ref>

On 7 April 2014, Betfair launched its betfair exchange in Italy.<ref>{{cite web|url=https://bettingexchange.net/partenza-ufficiale-betting-exchange-italia-7-aprile-2014/|title= Betting Exchange 1|publisher=Italian Betting Exchange|access-date=23 March 2015}}</ref> In May 2016, it launched a betting exchange in New Jersey, United States.<ref>{{Cite news|url=http://www.irishtimes.com/business/retail-and-services/paddy-power-betfair-to-launch-in-us-with-betting-exchange-1.2564517|title=Paddy Power Betfair to launch in US with betting exchange|newspaper=The Irish Times|access-date=14 June 2017|archive-url=https://web.archive.org/web/20160421021148/http://www.irishtimes.com/business/retail-and-services/paddy-power-betfair-to-launch-in-us-with-betting-exchange-1.2564517|archive-date=21 April 2016|url-status=live}}</ref>

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.<ref>{{cite news |title=Lock in a fast starter with Betfair's Auto Cash Out |url=https://totallygaming.com/news/betting/lock-fast-starter-betfairs-auto-cash-out |publisher=totallygaming.com |date=2 March 2018 |access-date=13 March 2018 |archive-url=https://web.archive.org/web/20180314042543/https://totallygaming.com/news/betting/lock-fast-starter-betfairs-auto-cash-out |archive-date=14 March 2018 |url-status=live }}</ref>

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, Iceland, Ireland and select states in the US.<ref>{{cite journal|date=9 December 2021|url=https://www.varsity.co.uk/sponsored/betfair-popular-bookmaker-now-tries-with-online-casinos|title=Betfair–Popular Bookmaker Now Tries with Online Casinos|journal=Varsity|access-date=24 March 2022}}</ref>

====Australia====
{{see also|Betfair Pty Limited v Western Australia}}
In November 2005 the [[Government of Tasmania|Tasmanian government]] announced a deal to license [[Betfair Australia]] in the state. It was the second licence awarded to Betfair outside the [[United Kingdom]], the first being in [[Malta]] with subsequent licences following in Austria and Germany, and Tasmania now receives substantial tax revenues. However it infuriated the established monopolistic [[totalisator]]s and bookmakers (due to loss of revenue) and governments (due to loss of taxes) in the other [[Australian state]]s. A ban on the use of betting exchanges took effect in Western Australia on 29 January 2007, with Betfair successfully claiming this new law violated the [[Constitution of Australia]].<ref>{{cite web|url=http://www.virtualformguide.com/cgi-bin/tvf/displaynewsitem.pl?20070129zbetfair.txt|title=Betfair Issues High Court Challenge|publisher=virtualformguide.com|access-date=8 April 2009|archive-url=https://web.archive.org/web/20090618162127/http://www.virtualformguide.com/cgi-bin/tvf/displaynewsitem.pl?20070129zbetfair.txt|archive-date=18 June 2009|url-status=live}}</ref>

In a unanimous [[Betfair Pty Limited v Western Australia|verdict]] by the [[High Court of Australia]] 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 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).<ref name="Betfair v WA HCA">{{cite AustLII|HCA|11|2008|litigants=[[Betfair Pty Limited v Western Australia]] |parallelcite=(2008) 234 [[Commonwealth Law Reports|CLR]] 418 |date=27 March 2008 |courtname=[[High Court of Australia|High Court]]}}.</ref>

In the 2012 High Court case of ''Betfair Pty Limited v Racing New South Wales'', Betfair's appeal, against a newly enacted fee to access New South Welsh vital race field information, was rejected.<ref name="Betfair v NSW HCA">{{cite AustLII|HCA|12|2012|litigants=[[Betfair Pty Limited v Racing New South Wales]] |parallelcite=(2012) 249 [[Commonwealth Law Reports|CLR]] 217 |date=30 March 2012|courtname=[[High Court of Australia|High Court]]}}.</ref> The Court held that the relevant law would have no discriminatory or protectionist effect on interstate trade, thereby complying with [[section 92 of the Constitution of Australia]], and that Betfair had not proven that the fee would cause significant economic damage (not to the extent of the appellants in ''[[Castlemaine Tooheys Ltd v South Australia]]''<ref name="Tooheys HCA">{{cite AustLII|HCA|1|1990|litigants=[[Castlemaine Tooheys Ltd v South Australia]] |parallelcite=(1990) 169 [[Commonwealth Law Reports|CLR]] 436 |date=7 February 1990 |courtname=[[High Court of Australia|High Court]]}}.</ref>).

In August 2014, Betfair completed the sale of their 50% stake in Betfair Australia to venture partner [[Crown Resorts]], one of Australia's largest gaming and entertainment groups.<ref>{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/leisure/11030455/Betfair-sells-50pc-stake-in-Australian-business.html|title=Betfair sells 50pc stake in Australian business|date=13 August 2014|access-date=23 March 2014|archive-url=https://web.archive.org/web/20140814020634/http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/leisure/11030455/Betfair-sells-50pc-stake-in-Australian-business.html|archive-date=14 August 2014|url-status=live|work=Telegraph}}</ref>

==Chief executive officers==
In October 2005, chief executive Stephen Hill announced his resignation when the board decided not to proceed with plans for a [[stock market]] flotation, the investors holding out for a higher valuation.<ref>{{cite news|url=https://www.theguardian.com/business/2005/oct/15/gambling.uknews|title=Chief of Betfair steps down as float is cancelled|work=The Guardian|access-date=8 April 2009|location=London|first=Simon|last=Bowers|date=15 October 2005|archive-url=https://web.archive.org/web/20140920012733/http://www.theguardian.com/business/2005/oct/15/gambling.uknews|archive-date=20 September 2014|url-status=live}}</ref> In January 2006, Chief Technology Officer [[David Yu]] was appointed Chief executive of Betfair. In December 2011, after overseeing the company's 2010 [[Initial public offering]] Yu resigned his position. [[Breon Corcoran]], who was formerly employed by [[Paddy Power]], was appointed in August 2012.<ref>{{cite web|url=https://www.theguardian.com/business/2011/nov/10/betfair-breon-corcoran-paddy-power|title=Betfair finally finds new chief executive – at Irish rival Paddy Power|author=Simon Goodley|work=The Guardian|date=10 November 2011 |access-date=23 March 2015|archive-url=https://web.archive.org/web/20160131075744/http://www.theguardian.com/business/2011/nov/10/betfair-breon-corcoran-paddy-power|archive-date=31 January 2016|url-status=live}}</ref>

==Sponsorship==
Betfair has sponsored many sporting events, teams and organisations, including [[Barcelona F.C.]]<ref>{{cite journal|date=18 July 2016|url=https://www.sportspromedia.com/news/betfair_sponsors_barcelona/ |title=Betfair sponsors Barcelona |journal=Sports Pro Media |access-date=8 March 2022}}</ref> and [[Conmebol]] – South American football's governing body.<ref>{{cite journal|date=23 August 2019|url=https://sbcnews.co.uk/europe/2019/08/23/betfair-accelerates-latam-drive-backing-conmebol/ |title=Betfair accelerates LATAM drive by backing CONMEBOL |journal=SBC News |access-date=8 March 2022}}</ref> It is currently the main shirt sponsor of [[Cruzeiro Esporte Clube]]<ref>{{Cite web |date=2023-01-28 |title=Betfair é a nova patrocinadora máster do Cruzeiro |url=https://www.mktesportivo.com/2023/01/betfair-e-a-nova-patrocinadora-master-do-cruzeiro/ |access-date=2023-01-28 |website=MKT Esportivo |language=pt-BR}}</ref> and [[CR Vasco da Gama]].<ref>{{Cite web |date=2024-05-08 |title=Veja a casa de apostas que será a patrocinadora máster do Vasco |url= https://ge.globo.com/futebol/times/vasco/noticia/2024/05/08/veja-a-casa-de-apostas-que-sera-a-patrocinadora-master-do-vasco.ghtml/ |access-date=2024-05-08 |website=GloboEsporte.com |language=pt-BR}}</ref>

==Controversies==

===Illegal dividends===
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 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".<ref>{{cite web|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11007928/Betfair-paid-60m-illegal-dividends.html|title=Betfair 'paid £60m illegal dividends'|date=2 August 2014|work=The Daily Telegraph|access-date=23 March 2015|archive-url=https://web.archive.org/web/20150504113135/http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11007928/Betfair-paid-60m-illegal-dividends.html|archive-date=4 May 2015|url-status=live}}</ref>

===Data theft===
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 more addresses" and "89,744 account usernames with bank account details". The company further stated that it had informed the [[Serious Organised Crime Agency]] of the incident which happened on 14 March 2010 but was not discovered by Betfair data security until 20 May that year.<ref>{{cite web|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8797834/Criminals-stole-customer-card-data-from-Betfair-just-months-before-float.html|title=Criminals stole customer card data from Betfair just months before float|date=30 September 2011|work=The Daily Telegraph|access-date=23 March 2015|archive-url=https://web.archive.org/web/20150110195438/http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8797834/Criminals-stole-customer-card-data-from-Betfair-just-months-before-float.html|archive-date=10 January 2015|url-status=live}}</ref>

===In play betting concerns===
Betfair offer in play betting on a variety of horseracing events. There has been some controversy over alleged [[broadcast delay]]s of up to five seconds.<ref name="thefreelibrary1">{{cite web |url=http://www.thefreelibrary.com/Racing%3A+ATR+dismisses+the+time+delay+with+SIS+as+a+%27non-issue%27.-a0142880766 |title=Racing: ATR dismisses the time delay with SIS as a 'non-issue'. – Free Online Library |publisher=Thefreelibrary.com |date=6 March 2006 |access-date=28 December 2011 |archive-url=https://web.archive.org/web/20131023061213/http://www.thefreelibrary.com/Racing%3A+ATR+dismisses+the+time+delay+with+SIS+as+a+%27non-issue%27.-a0142880766 |archive-date=23 October 2013 |url-status=live }}</ref>

Among the bettors on Betfair's exchange are companies that place high-speed automated bets using [[predictive modelling|predictive models]]. Some of these companies use [[courtsiding]] 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 [[2014 Australian Open]]; charges were later dropped.<ref>{{cite news|title=Inside the Shadowy World of High-Speed Tennis Betting|newspaper=FiveThirtyEight Sports|publisher=ESPN|first=Carl|last=Bialik|url=https://fivethirtyeight.com/features/inside-the-shadowy-world-of-high-speed-tennis-betting/|date=29 May 2014|access-date=6 February 2015|archive-url=https://web.archive.org/web/20150209113826/http://fivethirtyeight.com/features/inside-the-shadowy-world-of-high-speed-tennis-betting/|archive-date=9 February 2015|url-status=live}}</ref>

===Advertising===
In September 2009, the [[Advertising Standards Authority (United Kingdom)|Advertising Standards Authority]] (ASA) banned Betfair from running two billboard adverts which claimed that their Starting Price (SP) offered 40% better returns, on average than the industry SP. The ASA found that only 10% of the bets used by Betfair in their calculations yielded at least 40% better returns than the industry SP.<ref>{{cite web|url=http://www.egrmagazine.com/news/industry/255792/misleading-betfair-ads-banned-in-uk.thtml|title=Misleading Betfair ads banned in UK|publisher=egrmagazine.com|access-date=28 September 2009|url-status=dead|archive-url=https://web.archive.org/web/20090921220932/http://www.egrmagazine.com/news/industry/255792/misleading-betfair-ads-banned-in-uk.thtml|archive-date=21 September 2009}}</ref>

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 could be perceived as a middleman role.<ref>{{cite web|url=http://www.asa.org.uk/Rulings/Adjudications/2011/2/Betfair-Ltd/TF_ADJ_49711.aspx#.VDjLF_ldWSo|title=ASA Adjudication on Betfair Ltd|date=9 February 2011|access-date=23 March 2015|archive-url=https://web.archive.org/web/20141014213024/http://www.asa.org.uk/Rulings/Adjudications/2011/2/Betfair-Ltd/TF_ADJ_49711.aspx#.VDjLF_ldWSo|archive-date=14 October 2014|url-status=live}}</ref>

===Premium charge===
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 required to pay the additional charge to make up the difference.<ref>{{cite web|url=http://content.betfair.com/aboutus/?product=exchange&sWhichKey=Betfair%20Charges|title=Betfair Charges|publisher=betfair.com|access-date=8 April 2009|archive-url=https://web.archive.org/web/20090228144048/http://content.betfair.com/aboutus/?product=exchange&sWhichKey=Betfair%20Charges|archive-date=28 February 2009|url-status=live}}</ref>

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.<ref>{{cite news|url=https://www.independent.co.uk/sport/racing/betfair-faces-criticism-for-massive-rise-in-charges-924359.html|title=Betfair faces criticism for massive rise in charges|work=The Independent|access-date=8 April 2009|location=London|first=John|last=Cobb|date=10 September 2008|archive-url=https://web.archive.org/web/20090619185001/http://www.independent.co.uk/sport/racing/betfair-faces-criticism-for-massive-rise-in-charges-924359.html|archive-date=19 June 2009|url-status=live}}</ref><ref>{{cite web|url=http://green-all-over.blogspot.com/2008/09/betfair-premium-charge-racing-post.html|title=Betfair bosses deny being too "greedy"|date=12 September 2008 |publisher=racingpost.co.uk|access-date=8 April 2009|archive-url=https://web.archive.org/web/20090524083957/http://green-all-over.blogspot.com/2008/09/betfair-premium-charge-racing-post.html|archive-date=24 May 2009|url-status=live}}</ref> According to ''The Guardian'', 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).<ref>{{cite news|url=https://www.theguardian.com/sport/2008/sep/09/horseracing1|title=Betfair: where winners have just become losers|work=The Guardian|access-date=8 April 2009|location=London|first=Greg|last=Wood|date=9 September 2008|archive-url=https://web.archive.org/web/20150109053445/http://www.theguardian.com/sport/2008/sep/09/horseracing1|archive-date=9 January 2015|url-status=live}}</ref>
In June 2011 Betfair raised its Premium Charge to 60% for some customers, a move which was met by outrage.<ref>Hayler, Will. [https://www.theguardian.com/sport/2011/jun/29/betfair-premium-charge-increase "Betfair's premium charge increase welcomes winners with open palms"] {{Webarchive|url=https://web.archive.org/web/20160312134600/http://www.theguardian.com/sport/2011/jun/29/betfair-premium-charge-increase |date=12 March 2016 }}. ''[[The Guardian]]''. 29 June 2011. Retrieved 1 July 2011.</ref>

===Sports integrity===
Betfair has noted that they have signed numerous information sharing agreements with [[sport governing bodies|governing bodies]] 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 investigations into suspicious betting.<ref>{{cite web|url=http://director.co.uk/MAGAZINE/2008/6%20June/betfair_61_11.html |title=Playing their cards right, Director magazine |access-date=1 June 2008 |url-status=dead |archive-url=https://web.archive.org/web/20100921032054/http://director.co.uk/MAGAZINE/2008/6%20June/betfair_61_11.html |archive-date=21 September 2010 }}</ref>

In June 2010, high-profile racehorse owner and professional gambler Harry Findlay was banned by the [[British Horseracing Authority]] for using Betfair to bet against his own horse, Gullible Gordon.<ref name="Chris Cook">{{cite web|url=https://www.theguardian.com/sport/2010/jun/11/harry-findlay-six-month-ban|title=I'll never own horses in Britain again, says Harry Findlay after ban|author=Chris Cook|work=The Guardian|date=11 June 2010 |access-date=23 March 2015|archive-url=https://web.archive.org/web/20141021135448/http://www.theguardian.com/sport/2010/jun/11/harry-findlay-six-month-ban|archive-date=21 October 2014|url-status=live}}</ref>

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 "associate" Glenn Gill.<ref>{{cite web|url=http://www.britishhorseracing.com/resource-centre/disciplinary-results/disciplinaryappeal-hearings/disciplinary/?result=535a306bb33ebfaa5320ec98|title=Disciplinary|author=The British Horseracing Authority|work=The British Horseracing Authority|access-date=23 March 2015|archive-url=https://archive.today/20141011070136/http://www.britishhorseracing.com/resource-centre/disciplinary-results/disciplinaryappeal-hearings/disciplinary/?result=535a306bb33ebfaa5320ec98|archive-date=11 October 2014|url-status=live}}</ref>

Betfair themselves condemned the punishing of Findlay, saying the punishment was not "proportionate or consistent with similar offences in the past."<ref name="Chris Cook"/> Findlay had previously called himself "a walking advert for Betfair."<ref>{{cite web|url=https://www.theguardian.com/sport/2006/dec/06/horseracing.gdnsport31|date=6 December 2006|title=Harry's game is playing big on and off the track|website=[[TheGuardian.com]] |access-date=23 March 2015|archive-url=https://web.archive.org/web/20141021135456/http://www.theguardian.com/sport/2006/dec/06/horseracing.gdnsport31|archive-date=21 October 2014|url-status=live}}</ref>

===Winning bets voided===
In August 2007, Betfair took the unprecedented step of voiding all bets following a tennis match between Martin Arguello and [[Nikolay Davydenko]] because of suspicious betting patterns.<ref>{{cite web|url=http://www.metro.co.uk/sport/other/article.html?in_article_id=59875|title=Betfair suspends betting on tennis clash|work=Metro|location=UK|access-date=8 April 2009|archive-url=https://web.archive.org/web/20091126082816/http://www.metro.co.uk/sport/other/article.html?in_article_id=59875|archive-date=26 November 2009|url-status=live}}</ref>

In December 2011, Betfair voided all in running bets on a race at [[Leopardstown]] 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. Some of these customers are believed to be pursuing their case with the independent adjudication body [[Independent Betting Adjudication Service|IBAS]], as Betfair no longer falls under the jurisdiction of the Gambling Commission since its move to [[Gibraltar]] in 2011.<ref>{{cite news|url=http://www1.skysports.com/horse-racing/news/12426/7402454/Betfair-blame-technical-glitch|title=Betfair blame technical glitch|publisher=skysports.com|access-date=3 January 2012|archive-url=https://web.archive.org/web/20120126050338/http://www1.skysports.com/horse-racing/news/12426/7402454/Betfair-blame-technical-glitch|archive-date=26 January 2012|url-status=live}}</ref><ref>{{cite news|url=http://www.independent.ie/sport/horse-racing/betfair-needs-to-win-back-confidence-of-punters-2977056.html|title=Betfair needs to win back confidence of punters|work=The Irish Independent|access-date=3 January 2012|date=1 January 2012|archive-url=https://web.archive.org/web/20120112232600/http://www.independent.ie/sport/horse-racing/betfair-needs-to-win-back-confidence-of-punters-2977056.html|archive-date=12 January 2012|url-status=live}}</ref><ref>{{cite news|url=https://www.telegraph.co.uk/sport/horseracing/8987388/Punters-fear-the-worst-in-Betfair-dispute.html|title=Punters fear the worse in Betfair dispute|work=The Daily Telegraph|access-date=3 January 2012|location=London|first=J A|last=McGrath|date=1 January 2012|archive-url=https://web.archive.org/web/20120103050029/http://www.telegraph.co.uk/sport/horseracing/8987388/Punters-fear-the-worst-in-Betfair-dispute.html|archive-date=3 January 2012|url-status=live}}</ref>

In September 2011 Betfair refused to honour winning bets made by their customers on [[The Tote]] Jackpot bet at [[Newmarket Racecourse]]. 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.<ref>{{cite web|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8792831/Betfair-will-only-refund-bets-for-punters-who-lost-out-on-16000-jackpot.html|title=Betfair will only refund bets for punters who lost out on £16,000 jackpot|date=28 September 2011|work=The Daily Telegraph|access-date=23 March 2015|archive-url=https://web.archive.org/web/20150110210208/http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8792831/Betfair-will-only-refund-bets-for-punters-who-lost-out-on-16000-jackpot.html|archive-date=10 January 2015|url-status=live}}</ref>

==References==
{{Reflist|30em}}

==External links==
{{commons category}}
* {{Official website}}

{{Crown Limited}}

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