11 May 2005

The Web

Betfair obtains licence to operate in Malta

Betfair, a leading betting exchange, has been awarded a licence to operate its exchange in Malta. The licence will allow Betfair to operate any person-to-person betting or gaming product from Malta.
“Malta’s excellent technological infrastructure, its progressive and responsible gambling legislation and its EU membership were the three key reasons for us applying for a licence there,” said Stephen Hill, Betfair’s chief executive. “We hope to launch an innovative exchange-based product from Malta in the near future.”
Mario Galea, CEO of the Maltese Gaming Authority, said: “Betfair’s application for a licence comes just a year after Malta introduced its new Remote Gaming Regulations. The fact that a tier one operator has opted to get a Maltese licence goes to show that our regulations are highly regarded and that Malta is seen by operators as a serious jurisdiction for remote gaming.”
The Maltese licence enables Betfair to offer new and interesting P2P games to its customers. Until the new UK gambling legislation comes into force, bookmakers are not permitted to offer P2P games in the UK.
Betfair matches prices between punters, in the same way as the stock exchange does for shares - punters bet on prices set by punters themselves rather than by a bookmaker.
At peak times the exchange matches up to 12,000 bets a minute and regularly matches over 2,000,000 bets a day.
Betfair holds licences in the UK, Austria and Malta and is actively seeking licences in other jurisdictions, including Australia.

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