Cheeky competitive move

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CHEEKY MOVE

Newcomer betting exchange WBX takes a run at Betfair's clients

Betting exchange leader Betfair's recent restructuring of its commission scale may have created a competitive opportunity for new rival WBX...and the company has not been slow to take advantage of the situation. This week WBX offered all Betfair customers their pre-restructured Betfair commission rates in a cheeky move to poach punters.

The offer allows all Betfair users who can show evidence of their current level of commission to bet at the same commission rate on WBX.

Clearly in combative mood, Malcolm Gray, chief executive of WBX said: “Betfair’s commission redistribution illustrates once again that a virtual monopoly in the exchange industry is in no one’s interests apart from Betfair’s. If exchange players want to see a genuine alternative to the current market leader they can have one tomorrow – they need only vote with their fingers.”

Competing aggressively with its more established rival Betfair, the UK betting exchange WBX has reached betting turnover of GBP58 million in only six months, according to a company announcement last week (see previous InfoPowa report).

A spokesman then said that in the week to May 21, the company saw a turnover of GBP 7.46 million, in a new record for the company, and credited its series of zero percent commission promotions for the rising level of turnover. The standard commission at WBX is 3 percent on football matches, intended to undercut its rival's higher rate.