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Media & Entertainment Law

: Sports Biz

Book Review:You Bet: The Betfair Story

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I almost never review or recommend books on this site that I haven't read but I'm going to make an exception this time.  I came across a review in The Economist that intrigued me as the reviewer described the book as recounting the beginning of online betting.  Now, I don't know about you, but personally, I think online sports betting has been one of the great benefits bestowed on fandom by the Internet.  Why deal with a bookie and all the uncertainty of getting paid or the possibility of having body parts broken if you happen to fall short on your payments when with the swipe of your credit card you're playing this week's NFL card?

So, how did it all begin?  Was it dreamed up in the office suites of a casino in London or Las Vegas, perhaps Monaco?  Nope, as recounted in You Bet: The Betfair StoryYou Bet: the Betfair Story, it was the idea of an eccentric British computer genius and gambler who, over bridge, got together with a banker from JP Morgan and founded Betfair, which went on to become the world's largest online betting exchange.  It is Betfair's structure as an exchange that is unique, as most of its competition operate as traditional sports books, where the bettor is playing against the house and not exchanging bets against another gambler.   How and why that model was chosen and came to prevail and how Betfair came to control 90% of the sports betting exchange market should, and, according to The Economist, does make for fascinating reading.

Full post as published by Sports Biz on July 31, 2009 (boomark / email).

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