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The company was founded in June 2000, by Andrew Black and Edward Wray.[1] Softbank purchased 23% of Betfair in early 🏵 April 2006, valuing the company at £1.5 billion. In December 2006, Betfair completed the purchase of the horseracing publishing company 🏵 Timeform (which traded under the name Portway Press Ltd).[2]
In March 2007, Betfair launched its own Betfair Radio service, available via 🏵 its website, on the telephone and elsewhere. This has now become Timeform Radio, broadcasting horse racing commentary and results.[5] On 🏵 27 January 2009, Betfair announced the purchase of the TVG Network in the United States from Macrovision US$50 million as 🏵 part of Macrovision's dissolving of TV Guide's assets.[6]
Betfair claims on average 20 per cent better odds than those offered by 🏵 a traditional bookmaker.[17] Betfair charges a commission on all winning bets, the market base rate is set at between 5 🏵 and 7 percent of the net winnings for most markets, depending on the country you reside, although according to how 🏵 much a client wagers on the site, it is possible to reduce the base rate by as much as 60%.[18]
Chief 🏵 executive officers [ edit ]
Controversies [ edit ]