Betfair to Introduce New Brand: Enters Fixed-Odds Market
The world’s largest betting exchange, Betfair, has announced its intention to enter the lucrative fixed-odds market.
“There are certain bets at certain times that the exchange, by its nature, cannot offer,” stated interim Chief Executive Officer Stephen Morana in an interview with The Financial Mail. “Some of our customers are going to traditional bookies for a portion of their betting and we hope to address this with the introduction of an integrated risk product that will complement the exchange, not compete with it.”
He added: "Our sports exchange always has been and always will be Betfair's core product. It has revolutionized the industry and we have a loyal customer base, but we also recognize that there are certain bets at certain times that the exchange, by its nature, cannot offer."
Morana stated that his company is looking to establish partnerships with bookmakers William Hill and Ladbrokes in order to offer odds on certain events.
Betfair expects it will be able to increase its revenues with up to 50 percent, preventing the firm from seeing further declines.
The new brand has yet to be named.
- Aaron Goldstein, Gambling911.com
