Betfair Australia
| Company type | Subsidiary |
|---|---|
| Industry | Gambling |
| Founded | 2004 |
| Headquarters | Melbourne , Australia |
| Products | Sports betting, online casino, online poker, online bingo |
| Owner | Crown Resorts |
Betfair Australia is a gambling enterprise established in 2004, operating the premier online betting exchange across Oceania. Its portfolio encompasses sports betting, online casino, online poker, and online bingo. Based in Melbourne, Betfair Australia was acquired by Crown Resorts in August 2014 for AU$20 million.
History
The original Betfair UK was launched in 2000 by Andrew Black and Edward Wray. In 2004, Betfair collaborated with Australia's Publishing and Broadcasting Limited to introduce the Australian betting exchange. In February 2006, Betfair secured a non-exclusive licence from the Tasmanian Gaming Commission, enabling it to operate Australia's inaugural betting exchange. That same year, Betfair Australia initiated its first market and commenced telephone betting services.
Operations
Betfair obtained its Tasmanian licence in November 2005 from the Government of Tasmania, marking its second regulatory approval beyond the UK after Malta, with additional licences in Austria and Germany. The state of Tasmania benefits significantly from the tax revenues generated by Betfair's operations.
The Australian exchange saw its initial matched bet in August 2006. Since then, it has processed over 350 million bets and managed more than two million telephone calls, settling around 400,000 distinct markets.
In March 2008, the High Court of Australia invalidated a 2007 prohibition on betting exchanges in Western Australia, declaring the law protectionist and unconstitutional under section 92 of the Commonwealth Constitution.
Conversely, during the 2012 case Betfair Pty Limited v Racing New South Wales, the High Court upheld a fee imposed for access to New South Wales race field data, determining it complied with constitutional trade regulations and did not inflict substantial economic damage on Betfair.
In August 2014, Betfair divested its 50% ownership in Betfair Australia to its joint venture partner Crown Resorts, one of Australia's foremost gaming corporations, valuing the share at £5.5 million.
By 2008, Betfair was processing more daily transactions than all European stock exchanges combined—approximately five million—with 99.9% completed within a single second.
In March 2015, Betfair Australia established a world record for the highest amount traded in a single market when $184 million was matched during the 2015 ICC Cricket World Cup semi-final between South Africa and New Zealand. The event featured frequent swings in market favoritism alongside numerous substantial high-value trades throughout the match.