The Online Betting firm Betfair has announced that the betting exchange has announced that it will launch itself as a bookmaker. Currently the company offers a service wherein punters offer bets to each other. The new service will include a fixed odds sportsbook, allowing Betfair to accept bets of its own.
Commenting on the pending launch, Betfair’s Interim Chief Executive Stephen Morana said “Our sports exchange always has been – and always will be – Betfair’s core product. It has revolutionised the industry and we have a loyal customer base, but we also recognise that there are certain bets at certain times that the exchange, by its nature, cannot offer.” “Some of our customers are going to traditional bookies for a portion of their betting and we hope to address this with the introduction of an integrated risk product that will complement the exchange, not compete with it.”
The move by Betfair is aimed at preventing current customer from taking their business to competitors such as Ladbrokes and William Hill. The financial publication called “This Is Money” reported that some industry analysts believe that the new business could raise Betfair’s profits by more than 50%.