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Friday, October 14, 2005

Betfair casino

Betfair was set up in 2000 by former professional gambler Andrew Black and ex-city trader Edward Wray.

Betfair's model applies the collaborative power of the Internet to the traditional bookmaking model by allowing punters to bet at odds set by other gamblers rather than a bookmaker.

The model was slow to take off at first, with the fledgling site matching less than £50,000 of bets a week in its first month. A year later that figure had grown to over £1m a week and it now stands at some £50m.

Betfair's vulnerability to down-time has not gone unnoticed by the criminal fraternity. Earlier this year, Betfair, along with several other online betting companies, was targeted by cybercriminals threatening distributed-denial-of-service attacks unless a ransom was paid.