Posts Tagged ‘Andrew Black’

By Ray Paulick
Is Betfair developing a conscience? The world’s leading betting exchange, which recently dipped its toes into U.S. gambling waters with its purchase of the horse racing network and account wagering company TVG, has reportedly made a voluntary contribution to the Levy Board, the statutory group that disburses betting revenue from bookmakers, exchanges and the tote in the form of prize money for British racing.

The Guardian reported on Friday that Betfair recently made a voluntary payment of almost $2 million to the Levy Board in recognition of profits made by the exchange from clients outside of the UnIted Kingdom betting on British horse racing. The amount represents 10% of Betfair’s profits on such wagers.

“We have sent a check,” Betfair spokesman Mark Davies told the Guardian, “as there is no statutory mechanism by which we can pay the levy in respect of our international business. We are doing this because we support British racing.”

That begs the question of when Betfair will begin to share its wealth with U.S. racetrack and horsemen (or , more simply,“Where’s ours?” as Australian-based pedigree consultant Byron Rogers asked when alerting me to Betfair’s voluntary payment to the Levy Board.) Though the betting exchange says it does not accept any wagers from the United States, it does offer betting on American horse racing to its international clientele. Currently, to my knowledge, Betfair does not share any profits from those bets with American racetracks or horsemen’s organizations. Negotiations have taken place between Betfair and Breeders’ Cup officials, as well as with the Thoroughbred Owners of California, but no revenue sharing deals have yet been struck.

Those who want to learn more about the relatively brief and exceedingly successful history of Betfair, a company founded in 2000 by Andrew Black and Ed Wray, might be interested in Colin Cameron’s new book: “You Bet— The Betfair Story: How Two Men Changed the World of Gambling.” Click here for details.