Hidden this morning deep into The Sunday Times:
Betfair, the online sports-betting firm, has invested ?10m to launch Tradefair, a new subsidiary company specialising in bets on the financial markets. It believes that the market for financial betting could exceed ?400m. [*] Tradefair will operate independently of its parent. [**]
?10 million = $20.3 million = €13.9 million —- [Thanks to David Pennock’s Yahoo! Currency Converter. ]
[*] BetFair and TradeFair traders share the same BetFair account, as I understand it.
[**] I suppose (based on BetFair’-s share of the UK betting market) that TradeFair wants 5% of that (for a start) —-so that would be ?20 million. —- But we don’-t know what that ?400 million figure came from, in the first place. David Jack’-s wet dreams? For the UK market only (in an increasingly global environment for exchanges)? For what year exactly? 2008? 2026? Mystery. Of course, no source is cited.
Previously: Binaries and Spreads: BetFair spins off TradeFair. + Meet David Jack, the managing director of TradeFair. + TradeFair Binaries User Guide – What is Trading? + BetFair’s Global Warming Prediction Markets — CFM’s Views + Why does Tradefair care about Prediction Markets – by TradeFair’-s David “-$20 million”- Jack – 2007-12-06