Dublin-based Betdaq, the online betting exchange founded by Dermot Desmond, one of Ireland's richest men, is to launch a UK horse racing service that will be based at London City Airport.
Mr Desmond has little choice over opening an operation on English soil if he wants to capture a slice of the lucrative UK market, since in a blatant piece of protectionism which is surely against EU and WTO rules, on-line betting operations are banned from advertising in the UK unless they have a fixed place of business there.
Betdaq's Betting Exchange provides a bet brokerage service to its members the world over. Based in Dublin's International Financial Services Centre, the company provides members with access to an international community of individuals who share an interest in sports betting. Betdaq presents its members with the opportunity to engage in exchange betting on all of the world's premier sporting events.
Betdaq members hold individual accounts with the Betting Exchange and can bet unlimited amounts directly with each other by placing their 'orders' on the Exchange. Betdaq then actively matches members' orders on a whole or partial basis, depending on the level of demand in the marketplace.
Other features of the Betting Exchange include a minimum bet of $100, client anonymity, best execution betting, unprecedented market liquidity, deal transparency, open pricing, hedging ability, real-time market graphics and comprehensive statistical content.
The key bet-matching software employed by the Betting Exchange has been developed by Pentagon Solutions, also based in Dublin, which specialises in the development of real-time, n-tier risk management systems for the financial marketplace and has developed and implemented the transaction-matching engine that forms the heart of the service.
The Betting Exchange members bet against other players, not against a bookmaker, and Betdaq merely acts as the facilitator. As such, the only cost to the member in making a bet is a small administration charge paid to the exchange. There is no bookmaker's margin, betting tax or additional costs. Members of the exchange can both accept existing bets and post new bets, specifying their own odds in addition to the unlimited amounts they wish to place.
Pentagon Solutions' matching engine matches these bets off against one another, using algorithms to provide optimum matching capabilities, so promoting liquidity, while ensuring the member pays only the minimum deposit necessary, and may even receive pre-settlement credit for closed out bets. Bets may be wholly or partially matched, with the remaining unmatched portion available for further matching if the client so wishes.
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