Dublin-based betting exchange company Betdaq are to spread their wings and launch a British arm dedicated to horse racing.
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 33m 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 £500m (€819m) within its first year of operation.