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British media has been buzzing over the latest scandal involving UK champion jockey –Kieren Fallon amongst others, facing charges of conspiracy to defraud.
The cases key elements are the alleged irregular betting patterns discovered on Betfair.
The company used sophisticated tracking devices and software in order to meet the agreements with sports regulatory bodies – to spot suspicious betting activity. This body also maintains the right to provide account information to official regulators. Betfair created revenues exceeding GBP 5 billion last year.
Andrew Black founded the company six years ago. He developed internet betting exchange on his own laptop during spare hours.
He now employs almost one thousand staff and has over 800 thousand registered customers globally. He takes in around twelve thousand bets per minute.
What makes Betfair different from other groups is that is allows players to bet against odds set by players. This allows players to set their own odds and then check if this has attracted bets from other players.
According to Jack Houghton, who reported on the unusual betting activity, Integrity and transparency are crucial in any sport. Thanks to technology the company was able to provide regulatory bodies with the information to achieve this core values.
this year has seen online gambling grow by over twenty two percent. This has rocketed it to a twelve billion dollar a year industry. According to statistics, Betfair reportedly earned close to one billion pounds for the world cup alone.
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