UK betting exchange Betfair has been given the
'all clear' to continue taking bets from
Australian punters after a proposed change in
the law Down Under failed to see the light of
day.
The news formed part of a double celebration for
the firm. Betfair also announced it had won
'Best Use of Technology' in the Regional heat of
the National Business Awards for its unique
betting service, which has turned the UK market
on its head in recent years.
The Australian government yesterday announced it
would shelve plans to change the Interactive
Gambling Act 2001. According to Betfair the
decision marks a milestone following concerns
that rival companies already operating more
traditional business models in the country may
pressure the government into restricting its
business.
A statement from Betfair said: "The Australian
government had been pressured throughout the
process of consultation by commercial interests
which were opposed to Betfair's entry into the
Australian market."
Betfair has previously come up against criticism
in the UK over its revolutionary business model
and faced claims that it is unfair on punters,
but Betfair CTO David Yu believes the latest
award is a positive affirmation of its practices
and the service it offers.
"The judges recognise that we are a company
which has used technology to create a
competitive advantage," Yu told silicon.com.
"And we have created unprecedented value and
opportunities for our users. We have changed the
industry completely," he added.
According to Yu, Betfair processes more than one
million trades per day - which he claims is more
than the London Stock Exchange. He says his
company also claims one of the largest active
databases in the world.
In the past year Betfair has scooped the Queen's
Award for Enterprise 2003 and its founders
Andrew Black and Edward Wray won Ernst & Young
Emerging Entrepreneur of the Year 2002. Stephen
Hill, Betfair CEO, also made it into the top 50
on silicon.com's Agenda Setters 2003 list.
