Betdaq to go British

Dublin-based betting exchange company Betdaq are to spread their wings and launch a British arm dedicated to horse racing it is revealed today.

The firm www.Betdaqracing.com will begin operation on Friday in good time for the Cheltenham Festival and will allow clients commission-free betting for the whole of March which takes in National Hunt`s showpiece meeting.

Exchange Betting is a relatively new phenomena allowing bettors to engage with each other and in effect set their own odds for sporting events.

Since their inception in September of last year Betdaq have concentrated on the lucrative football and Far East markets from their Dublin headquarters and have recruited almost 1,700 members who have generated trade in excess of 33million US dollars.

However, because of their Irish-base they have been restricted from advertising and promoting their product in Britain after having being deemed to be off-shore bookmakers for revenue purposes.

By opening this subsidiary company they hope to overcome this problem. Indeed, Betdaq racing are hoping to secure 25% of what is expected to be a market in excessive of 500million within its first year of operation.

Managing director of the new company will be Rob Hartnett who has in the past been the on-course 'face' of both the Tote and bookmakers Coral.

'Exchange betting has reached a level of acceptance and interest among the betting public which clearly indicates that it will play an important part in future levels of betting turnover,' said Hartnett at today`s launch of the new company.

'The time is now ripe to encourage those who have been curious but uncertain, those who have lacked the time to develop an understanding, and those who have been disillusioned by poor services and diminishing returns from bookmakers, to investigate just what the difference an Exchange can make.

'Our aim is to fully establish the principle of exchange betting on racing in the minds of all those who bet regularly onthe sport. This echoes the aim of Betdaq in an overall context to establish the same principle for international sport.'

In an effort to popularise the service the minimum stake will be #10 with all transactions in sterling, there will be no limit to the amount a client can win and no closure or restriction of winning accounts.