Australian bets taken at Betfair.
Austrailan bets taken: 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.
