This article possibly contains inappropriate or misinterpreted citations that do not verify the text. (November 2009) (Learn how and when to remove this template message)
Sporting Options was an English betting exchange, based in Sussex. The company was founded in 2000 by former City of London options traders Robert Byrne and Kevin Griffiths. Sporting Options went into administration on 15 November 2004 amid allegations of criminal wrongdoing. Industry leader Betfair stepped in with a rescue package.
Sporting Options appeared to be matching bets worth up to 15% of those matched at Betfair. But it was alleged the turnover was being financed by the owners of Sporting Options using their own funds to create the liquidity.
By late 2004, it was alleged Sporting Options was in fact fraudulently financing its apparent liquidity by using funds from its own clients' account. On 15 November 2004 administrators were called in. By 8 December the administrators had determined that the company owed £3.6 million to its clients, but held only minimal funds in the clients' account.
Soon after Sporting Options went into administration, Betfair announced a rescue package to compensate the 5,342 Sporting Options clients who had lost money. The clients affected were required to register as customers of Betfair to be eligible. Each qualifying client owed less than £1,000 was compensated for the full amount owing (in the form of a credit to his or her Betfair account). Those owed more than £1,000 received either £1,000 or 20 per cent of their Sporting Options account balance, whichever was greater. Any amount owing over and above this payout could be earned back though a commission rebate program, valid through to 30 November 2006.
Some speculated [ who? ] that Betfair's apparent act of generosity was a bid to protect the reputation of the betting exchange industry, while simultaneously securing exclusive access to Sporting Options' clients. Betfair and most other exchanges have stressed their clients' funds are ring-fenced to ensure the exchanges' financial integrity.
A bookmaker, bookie, or turf accountant is an organization or a person that accepts and pays off bets on sporting and other events at agreed-upon odds.
Betfair is an online gambling company which operates the world's largest online betting exchange. It also offers a Sportsbook, online casino, online poker and online bingo. The company's headquarters are located in Hammersmith in West London, United Kingdom and Clonskeagh, Dublin.
A betting exchange is a marketplace for customers to bet on the outcome of discrete events. Betting exchanges offer the same opportunities to bet as a bookmaker with a few differences. Gamblers can buy and sell the outcome, and they can trade in real-time throughout the event, either to cut their losses or lock in profit. Bookmaker operators generate revenue by offering less efficient odds. Betting exchanges normally generate revenue by charging a small commission on winning bets.
Paddy Power is an Irish bookmaker founded in 1988 in Dublin, Ireland. The company conducts business through a chain of licensed betting shops in Ireland and the United Kingdom, and by operating Ireland's largest telephone betting service. On the internet, it offers sports betting, online poker, online bingo, online casino and online games. It merged with Betfair to create Paddy Power Betfair now Flutter Entertainment on 2 February 2016.
In finance, a contract for difference (CFD) is a contract between two parties, typically described as "buyer" and "seller", stipulating that the buyer will pay to the seller the difference between the current value of an asset and its value at contract time.
Ladbrokes Coral is a British betting and gambling company. It is based in London. It previously owned the Hilton hotel brand outside the United States, and was known as Hilton Group plc from 1999 to 2006. In November 2016, Ladbrokes acquired Gala Coral Group, and changed its name to Ladbrokes Coral.
William Hill plc is a bookmaker based in London, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
IG Group is a UK-based company providing trading in financial derivatives such as contracts for difference and financial spread betting and, as of 2014, stockbroking to retail traders. While the majority of the company's activities are based in the UK, the company has expanded internationally. IG is regulated by the FCA, the UK's financial authority body. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Andrew Black is a British entrepreneur who, together with Edward Wray, and Morry Peter (Lord) founded Betfair, the world's first and largest bet exchange. He is now a noted angel investor in technology businesses in the UK and further afield, and is a keen race horse owner and professional bridge player.
Bet365 Group Ltd is a British online gambling company based in the United Kingdom. The Group employs over 4,000 people as of 2020.
Cereus Poker Network was an online poker network comprising Absolute Poker and Ultimate Bet. The site is now insolvent and not processing player withdrawals. Cereus is owned by a private company, Blanca Games. Blanca Games bought all Network assets in August 2010 from Tokwiro Enterprises. The Cereus network was one of the world's ten largest online poker cardrooms prior to losing the majority of its player base in the wake of the April 15, 2011 online poker indictments.
Crown Resorts Limited is one of Australia's largest gaming and entertainment groups which had, in April 2018, a market capitalisation of just over A$8.7 billion.
World Bet Exchange (WBX) was a person-to-person betting exchange based in Notting Hill Gate, London in the United Kingdom, and licensed and regulated by the UK Gambling Commission. WBX.com was founded in 2002 by Malcolm Gray but did not officially launch until November, 25th, 2006. In an interview prior to launch, Gray was quoted as saying: "In an industry where the current market leader has a virtual monopoly, we believe the arrival of WBX will put every exchange player back in control. We will continually seek to offer a vibrant, exciting and innovative alternative to Betfair, and we hope this will promote healthy rivalry." On 16 March 2015 the company announced that it was shutting, effective 5pm the same day.
MF Global, formerly known as Man Financial, was a major global financial derivatives broker, or commodities brokerage firm that went bankrupt in 2011. MF Global provided exchange-traded derivatives, such as futures and options as well as over-the-counter products such as contracts for difference (CFDs), foreign exchange and spread betting. MF Global Inc., its broker-dealer subsidiary, was a primary dealer in United States Treasury securities. A series of perceived liquidity problems and large fines and penalties dogged MF Global starting in 2008, and led to its bankruptcy in 2011.
Zeljko Ranogajec is a businessman and professional gambler from Australia. He is known for horse betting, blackjack and other forms of advantage gambling.
Sportsbet.com.au, also known as Sportsbet, is an Australian online bookmaker, and as of October 2012, was Australia's biggest corporate bookmaker. Sportsbet was established in May 1993, and was Australia's first licensed bookmaker. The company was acquired by Paddy Power in December 2010, and since 2 February 2016, it has been owned by Flutter Entertainment plc.
Gambling in China is illegal under Chinese law and has been officially outlawed since the Communist Party took power in 1949. Any form of gambling by Chinese citizens, including online-gambling, gambling overseas, opening casinos overseas to attract citizens of China as primary customers, is considered illegal. In practice however, Chinese citizens participate in state-run lotteries, regularly travel to legal gambling centers overseas or in the special administrative regions of Hong Kong and Macau and access gaming through offshore based proxy betting and online gambling companies.
Betfair Australia is the Australian operation of the web betting exchange, Betfair. Established in 2005, Betfair Australia operates Australia's only betting exchange under a Tasmanian Gaming Licence. Since August 2014 Betfair Australia has been fully owned by Crown Resorts.
Flutter Entertainment plc is a bookmaking holding company created by the merger of Paddy Power and Betfair, and the later acquisition of The Stars Group. It is listed on the London Stock Exchange, and is a constituent of the FTSE 100 Index. It operates under various brands including PokerStars, Betfair, Paddy Power, Sky Bet, Sportsbet, FOX Bet, TVG and FanDuel.
This article includes a list of references, but its sources remain unclear because it has insufficient inline citations . (November 2009) (Learn how and when to remove this template message)