Betfair and London Capital in spreadbetting white label deal

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BETFAIR IN WHITE LABEL DEAL WITH LCG

Spreadbetting deal extends Betfair expertise to London financial company

Frank Chapman, CEO of London Capital Group Holdings plc a financial services and online spread betting company, has announced that it has reached an agreement with online gambling group Betfair to provide it with a white label spread betting product.

Betfair is the world's pioneering online betting exchange. Driven by cutting-edge technology, Betfair enables its customers to choose their own odds and bet against each other, even after an event has started. Betfair processes five million transactions a day and more than 300 bets a second.

According to a Buy note issued by house broker Cenkos, the latest partnership represents a “significant milestone” for LCG as it “...could accelerate the growth in spread betting clients beyond current forecasts.” The Cenkos note informs that Betfair used a third party provider to establish its poker product, later converting it to its own platform, and that there is “....every reason to believe the company has the same intention with spread betting."

London Capital Group Holdings plc is a rapidly growing financial services company offering online trading services. Its core activity is the provision of spread betting products on the financial markets to retail clients under the trading name Capital Spreads. Other divisions provide online foreign exchange trading services to institutional and intermediate clients under the Capital Forex brand and institutional derivatives broking under the name Capital Derivatives.

Subsidiary London Capital Group Limited is regulated and authorised by the Financial Services Authority and is a member of the London Stock Exchange, Liffe, Eurex and Euronext, giving it direct access to all European markets. The company floated on AIM in London in December 2005.