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The recent restructuring of its commission scale by betting exchange leader Betfair may have created a competitive opportunity for new rival WBX, and the company has leapt to take advantage of the situation.
This week WBX offered all Betfair customers their pre-restructured Betfair commission rates in a cheeky move to poach punters. The offer allows all Betfair users who can show evidence of their current level of commission to bet at the same commission rate on WBX.
Malcolm Gray, chief executive of WBX, said, in an aggressive mood, “Betfair’s commission redistribution illustrates once again that a virtual monopoly in the exchange industry is in no one’s interests apart from Betfair’s. If exchange players want to see a genuine alternative to the current market leader they can have one tomorrow – they need only to vote with their fingers.”
The UK betting exchange WBX, competing fiercely with its more established rival Betfair, has reached betting turnover of ₤58 million in only six months, according to a company announcement last week.
A spokesman then said, “In the week to May 21, the company saw a turnover of ₤7.46 million, a new record. We credit a series of zero percent commission promotions for this rising level of turnover. The standard commission at WBX is 3 percent on football matches, aimed at undercutting our rival’s higher rate.”
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