Betfair Betting Industry News

Betfair have caused controversy by proposing that bookmakers adopt a new starting price system based on Betting Exchange prices. At the same conference Lord Donoughue urged UK horse racing to adopt the governments plans to modernise the regulation of the sport.

Ed Wray one of the founders of Betfair startled the Global Betting & Gaming Consultants annual conference yesterday by announcing that Betfair would like to become a part of the starting price mechanism for British Horseracing.

In a forceful speech Wray said, "The industry needed a starting price system that is representative of the whole market. Exchanges are a big part of that market so we (Betfair) need to be a part of it, as modern punters will not accept a new solution that does not represent the whole betting market."

Betfair have also been strongly linked to buying the Tote from the British governement, following the European Comission announcing it would not allow a subsidised sale of the Tote.

The Tote has an estimated value of £500 million.