Starting Price -- After an independent review was ordered into how the starting price (SP) is established for the betting industry, betting exchange Betfair has offered a solution for modernizing the system. The infamous company has suggested using its own odds-forming method, determined by P2P transactions on the exchange, as the basis for the rest of the industry, rather that bookmakers creating industry-wide SPs. Bookmakers could take Betfair's SPs and add on their own margins to cover costs and produce a profit. The big bookmakers, which used to oppose exchanges, are now using them for hedging purposes. Stephen Burn, head of media at Betfair said, "Betting exchanges are the purest model available which give an accurate representation of a horse's chance according to the market. They can be used not only for racing, but any other sports product."
Alliance -- Intralot management said that it plans to join forces with Ladbrokes in the bid for a license to operate the UK National Lottery, which is expected to begin within the first half of 2006. The company will also seek licenses to operate lotteries in Turkey and South Africa. Intralot has also alluded to plans to pursue the fixed-odds market of large countries, namely that of Germany and Italy.
TheBettingSite -- UK racing and sports betting newspaper, the Racing Post, and UK horseracing channel Racing UK together are launching a broadband betting site called thebettingsite.co.uk, creating a one-stop-shop betting service that allows British horse racing fans to watch live racing via the Internet or 3G mobile phones. Punters can place a minimum £5 bet on the site with one of the five partner bookmakers: Bet 365, Blue Square, Ladbrokes, The Tote and VCBet, and watch live racing on a bet-to-view basis (similar to pay-per-view), or watch live racing by subscribing to the site's online streaming service for a nominal monthly fee.
News' Lottery -- Beginning Dec. 8, the Derbyshire Evening Telegraph's Website, thisisderbyshire.co.uk, brings the National Lottery to its readers by posting daily lottery results and enabling readers to play the game online. Readers can pick their numbers and play as many lines as they want through the Telegraph's site. "We thought it was an obvious way to add another dimension to our service to readers and an extra reason for people to visit the site," said Paul Linford, Web development manager for the Telegraph. "People can view the results of previous lottery draws or play future games, and pay by credit card online.
The results will be updated as soon as the numbers are drawn."
ITV Bingo -- UK television network ITV has teamed up with online bingo site JackpotJoy.com to launch four online bingo games themed around some of its most popular programs, including I'm a Celebrity, Coronation Street, Emmerdale and ITV. Also included is a cross-promotional deal in which the games are being advertised across ITV.com and each of the shows' Websites.
US Tote Bought -- U.S.-based pari-mutuel account wagering provider Youbet.com announced Dec. 1 that it will acquire U.S.-based totalizator United Tote Company for $49 million and expects to close the deal within 60 days. The purchase is being funded by a combination of cash on hand, proceeds from an equity financing, and refinancing of $14.4 million of secured United Tote debt for equipment leased to its customers. United Tote supplies pari-mutuel tote services to 94 North American racing facilities.
Money Auction -- Online sportsbook and casino BetbyInternet.com is auctioning on eBay a pre-paid $100,000 membership account. The auction ends Dec. 13 at 3:08 (PST). "Most online sportsbooks and casinos offer bonus for signing up and depositing," said Lee Samuels, director of promotions for Bet by Internet. "We are offering the chance to bid on a $100,000 account for thousand less than the face value."