As Yuvraj Singh smashed his maiden Test century in the first innings of the second India-Pak Test at Lahore yesterday, betting for the match on the Betfair website soared past the $1 million (almost Rs 4.4 crore) mark.
This is the first time such a landmark figure was reached within just four hours of a game beginning. The sheer volume of betting for this match strongly indicates that the punters in this case were largely Indian.
The incredible figures show that the website, established in 1999, may have achieved the unthinkable — that Indian bookies are now punters on Betfair.
While, bookies in India have always controlled the betting industry in Asia, unofficial estimates show that this year Betfair has cornered almost 80 per cent of the betting business from India.
Betfair’s transparent dealings have made it the most trusted betting site today, giving bookies the world over a run for their money by eliminating the traditional bookmaker from the betting scene.
But the concept is not entirely a new one. The pari mutuel system (known as Tote in India) in which horseracing punters bet against one another, has been around for more than a century now.
However, it was Andrew Black and Edward Wray, founders of Sporting Exchange Limited, UK, which owns the trade name Betfair, who gave it a new dimension.
In August 1999, they put up the facility on the Internet, with the help of a speedy, secure software that had taken them around a year to perfect.
Today, Betfair averages a turnover of $25 million every day, and enables users from 130 countries around the globe to place bets on more than 500 sporting events.
The website even has the nod of the International Cricket Council (ICC). To weed out match-fixing and corruption from the gentleman’s game, the ICC, in January this year, joined hands with Betfair by signing an agreement with the betting exchange.
Under this agreement, the ICC’s anti-corruption and security unit can solicit information from Betfair to identify individuals suspected of corruption or match-fixing.
According to Betfair spokesman, Mark Davies, “The agreement is the best way to ensure that the sport is kept free of crime. Betfair has no vested interest in the outcome of any event and our interests are absolutely in line with those who run the events. This is good news for the integrity of sport.”
Bookies v/s Betfair
Traditional bookie Betfair A punter places a bet. The bookie accepts a bet. At Betfair, the punter can either place a bet or, like a bookie, accept a bet from another punter.
The punter’s money is matched against the bookie’s money. The punter’s money is matched against another punter’s money who takes the opposite view about the result.
Bookie dictates the odds — the punter can either “take it or leave it”. The punter can decide against what odds he wants to bet or accept a bet. Legal bookies charge tax between 15-20 per cent of the bet size. Betfair charges only 2-5 per cent commission — and only on winning bets.
http://ww1.mid-day.com
This is the first time such a landmark figure was reached within just four hours of a game beginning. The sheer volume of betting for this match strongly indicates that the punters in this case were largely Indian.
The incredible figures show that the website, established in 1999, may have achieved the unthinkable — that Indian bookies are now punters on Betfair.
While, bookies in India have always controlled the betting industry in Asia, unofficial estimates show that this year Betfair has cornered almost 80 per cent of the betting business from India.
Betfair’s transparent dealings have made it the most trusted betting site today, giving bookies the world over a run for their money by eliminating the traditional bookmaker from the betting scene.
But the concept is not entirely a new one. The pari mutuel system (known as Tote in India) in which horseracing punters bet against one another, has been around for more than a century now.
However, it was Andrew Black and Edward Wray, founders of Sporting Exchange Limited, UK, which owns the trade name Betfair, who gave it a new dimension.
In August 1999, they put up the facility on the Internet, with the help of a speedy, secure software that had taken them around a year to perfect.
Today, Betfair averages a turnover of $25 million every day, and enables users from 130 countries around the globe to place bets on more than 500 sporting events.
The website even has the nod of the International Cricket Council (ICC). To weed out match-fixing and corruption from the gentleman’s game, the ICC, in January this year, joined hands with Betfair by signing an agreement with the betting exchange.
Under this agreement, the ICC’s anti-corruption and security unit can solicit information from Betfair to identify individuals suspected of corruption or match-fixing.
According to Betfair spokesman, Mark Davies, “The agreement is the best way to ensure that the sport is kept free of crime. Betfair has no vested interest in the outcome of any event and our interests are absolutely in line with those who run the events. This is good news for the integrity of sport.”
Bookies v/s Betfair
Traditional bookie Betfair A punter places a bet. The bookie accepts a bet. At Betfair, the punter can either place a bet or, like a bookie, accept a bet from another punter.
The punter’s money is matched against the bookie’s money. The punter’s money is matched against another punter’s money who takes the opposite view about the result.
Bookie dictates the odds — the punter can either “take it or leave it”. The punter can decide against what odds he wants to bet or accept a bet. Legal bookies charge tax between 15-20 per cent of the bet size. Betfair charges only 2-5 per cent commission — and only on winning bets.
http://ww1.mid-day.com
