UK-Based Person-to-Person Exchange Bypasses Expensive Middlemen
ROMFORD, United Kingdom, Nov. 10 /PRNewswire/ -- iBetX, Ltd., the leading
online person-to-person betting exchange, announced its expansion to the US
market. The UK-based exchange will offer bets on horse races, golf matches,
football and hockey games, and other sporting events to customers worldwide at
its Web site, http://www.iBetX.com .
"Betting exchanges are the future of online betting, and iBetX will be a
major player in that future," said iBetX founder and CEO, Rocky Mirza.
Since it was founded in March of this year, iBetX has processed over
180 million matched bets and liquidity is growing by 10% per week for the UK
alone.
Forecasts are strong for online gambling revenue. Sebastian Sinclair,
president of Christiansen Capital Advisors, a New York consulting firm that
tracks the gaming industry, predicts that gambling Web sites will take in
$5.69 billion this year and more than $18.39 billion by 2010. Last year,
eMarketer quoted predictions from the Informa Media Group that global revenues
from online gambling would reach $14.52 billion in 2006, up from $3.81 billion
in 2002, and that North American online gambling revenues are expected to
reach $3.85 billion in 2006.
iBetX is an online person-to-person betting exchange. All bets are placed
by registered users who can either bet a selection to win or not win against
other registered users. Online betting exchanges make it easy for players to
bet from the comfort of their homes without traveling to a grungy racetrack,
out-of-the-way casino, or grimy off-track betting parlor. They now handle over
10 million pounds per day in bets in the UK, with membership growing 10 to 15%
per week. Online betting exchanges are becoming popular because bettors pay
low commissions and get excellent odds, so they maximize their winnings.
A betting exchange does for betting what eBay does for auctions. It brings
together two parties over the Internet to make a transaction, without the
traditional middleman. Exchanges handle wagers on a wide variety of sports:
horse racing, golf, football, motor racing, cricket, golf, tennis, snooker,
darts, Major League Baseball, NHL hockey, NBA basketball, boxing, and
greyhound racing.
Users who register with iBetX can rest assured that their money is fully
secure. iBetX.com is the UK's first and only bonded betting exchange, with a
1 million pounds sterling bond lodged with the Bank of Scotland to safeguard
clients' money. All clients' funds are held in a separate ring-fenced account
that cannot be used to fund company operations. As long as each member has
sufficient funds in their account to fund their losing position, the site
enables the bet to take place. When the outcome is known, the exchange moves
the funds from the loser's account to the winner's account.
Unlike most exchanges, iBetX allows a minimum bet of just one pound, or
approximately $1.50 in US currency. Accepting bets in pounds sterling, US
dollars, Euros, Hong Kong dollars, Australian dollars, and Japanese yen,
iBetX.com offers a consistently low commission rate. For its services, iBetX
takes a commission ranging from 1% to 3%, depending on the customer's overall
level of betting. Players only pay commissions on net winnings on each market.
This is very beneficial if they have several bets on the same market. Some
bets may win, some may lose, but bettors will only pay a commission based on
their net profit. If they have a net loss on any particular market, they do
not pay any commission. The more a bettor bets over time, the lower a
commission rate he or she pays.
Players can ask for whatever odds they want. All they need is for one
person to accept the bet. They can also bet that a given outcome won't happen.
iBetX brings together people with opposing views, someone who wants to bet
that something will happen, and someone who wants to bet something won't.
iBetX is unique in offering many online features unmatched by industry
rivals, including batched betting, which allows users to upload text files to
the site to place multiple bets simultaneously. The iBetX site has five
betting odds boxes, and customers can make multiple selections in their
betting window without having to type in the odds and stakes.
All transactions are anonymous. The exchange's computer systems handle
tens of thousands of transactions a minute and calculate the wins and losses,
making the additions or deductions to the customers' accounts after each wager
is decided. iBetX is optimized for use with Internet Explorer 5.0 and up and a
screen resolution of 1024x768. The browser must have JavaScript and cookies
enabled in order for the iBetX site to work properly.
For more information about iBetX and its online betting exchange, visit
its website at http://www.iBetX.com .
About iBetX:
Founded in March 2003, iBetX, is a superior online betting exchange
specializing in horse racing. The company is licensed as a bookmaker in
England and Wales and holds a valid Bookmaker's Permit issued by the Petty
Sessional Division of East Central. iBetX does not operate as a bookmaker. The
company does not accept bets itself, but acts as a broker, matching customers'
bets with one another. In return for this service, iBetX charges a
consistently low commission from net winnings on an individual betting market.
For further information, please visit http://www.iBetX.com .
www.prnewswire.com
ROMFORD, United Kingdom, Nov. 10 /PRNewswire/ -- iBetX, Ltd., the leading
online person-to-person betting exchange, announced its expansion to the US
market. The UK-based exchange will offer bets on horse races, golf matches,
football and hockey games, and other sporting events to customers worldwide at
its Web site, http://www.iBetX.com .
"Betting exchanges are the future of online betting, and iBetX will be a
major player in that future," said iBetX founder and CEO, Rocky Mirza.
Since it was founded in March of this year, iBetX has processed over
180 million matched bets and liquidity is growing by 10% per week for the UK
alone.
Forecasts are strong for online gambling revenue. Sebastian Sinclair,
president of Christiansen Capital Advisors, a New York consulting firm that
tracks the gaming industry, predicts that gambling Web sites will take in
$5.69 billion this year and more than $18.39 billion by 2010. Last year,
eMarketer quoted predictions from the Informa Media Group that global revenues
from online gambling would reach $14.52 billion in 2006, up from $3.81 billion
in 2002, and that North American online gambling revenues are expected to
reach $3.85 billion in 2006.
iBetX is an online person-to-person betting exchange. All bets are placed
by registered users who can either bet a selection to win or not win against
other registered users. Online betting exchanges make it easy for players to
bet from the comfort of their homes without traveling to a grungy racetrack,
out-of-the-way casino, or grimy off-track betting parlor. They now handle over
10 million pounds per day in bets in the UK, with membership growing 10 to 15%
per week. Online betting exchanges are becoming popular because bettors pay
low commissions and get excellent odds, so they maximize their winnings.
A betting exchange does for betting what eBay does for auctions. It brings
together two parties over the Internet to make a transaction, without the
traditional middleman. Exchanges handle wagers on a wide variety of sports:
horse racing, golf, football, motor racing, cricket, golf, tennis, snooker,
darts, Major League Baseball, NHL hockey, NBA basketball, boxing, and
greyhound racing.
Users who register with iBetX can rest assured that their money is fully
secure. iBetX.com is the UK's first and only bonded betting exchange, with a
1 million pounds sterling bond lodged with the Bank of Scotland to safeguard
clients' money. All clients' funds are held in a separate ring-fenced account
that cannot be used to fund company operations. As long as each member has
sufficient funds in their account to fund their losing position, the site
enables the bet to take place. When the outcome is known, the exchange moves
the funds from the loser's account to the winner's account.
Unlike most exchanges, iBetX allows a minimum bet of just one pound, or
approximately $1.50 in US currency. Accepting bets in pounds sterling, US
dollars, Euros, Hong Kong dollars, Australian dollars, and Japanese yen,
iBetX.com offers a consistently low commission rate. For its services, iBetX
takes a commission ranging from 1% to 3%, depending on the customer's overall
level of betting. Players only pay commissions on net winnings on each market.
This is very beneficial if they have several bets on the same market. Some
bets may win, some may lose, but bettors will only pay a commission based on
their net profit. If they have a net loss on any particular market, they do
not pay any commission. The more a bettor bets over time, the lower a
commission rate he or she pays.
Players can ask for whatever odds they want. All they need is for one
person to accept the bet. They can also bet that a given outcome won't happen.
iBetX brings together people with opposing views, someone who wants to bet
that something will happen, and someone who wants to bet something won't.
iBetX is unique in offering many online features unmatched by industry
rivals, including batched betting, which allows users to upload text files to
the site to place multiple bets simultaneously. The iBetX site has five
betting odds boxes, and customers can make multiple selections in their
betting window without having to type in the odds and stakes.
All transactions are anonymous. The exchange's computer systems handle
tens of thousands of transactions a minute and calculate the wins and losses,
making the additions or deductions to the customers' accounts after each wager
is decided. iBetX is optimized for use with Internet Explorer 5.0 and up and a
screen resolution of 1024x768. The browser must have JavaScript and cookies
enabled in order for the iBetX site to work properly.
For more information about iBetX and its online betting exchange, visit
its website at http://www.iBetX.com .
About iBetX:
Founded in March 2003, iBetX, is a superior online betting exchange
specializing in horse racing. The company is licensed as a bookmaker in
England and Wales and holds a valid Bookmaker's Permit issued by the Petty
Sessional Division of East Central. iBetX does not operate as a bookmaker. The
company does not accept bets itself, but acts as a broker, matching customers'
bets with one another. In return for this service, iBetX charges a
consistently low commission from net winnings on an individual betting market.
For further information, please visit http://www.iBetX.com .
www.prnewswire.com
