A new online betting exchange launched Friday. The site, Betdaq, is targeted to the upper end of international sports betting and is backed by Irish financier Dermot Desmond.
To promote the new service, Betdaq opened with the Betdaq Challenge, which will give potential players the opportunity to play for free while competing to win a US $25,000 prize. The site will accept live bets and real trading in time for the Ryder Cup and the Betdaq Festival of Racing at Ascot later this month.
Betdaq will operate as an "exclusive bet brokerage service" to members, who can either accept an existing bet offer for a minimum of $100 or propose a new bet for a minimum of $500.
"We have taken the undoubted merits of the betting exchange model and translated them for those who are serious about their betting," said Aidan Donnelly, Betdaq's chief executive.
A multimillion-dollar bond has been placed with an unnamed financial institution guaranteeing members' bets up to $10 million.
"This is the first such financial instrument to be deployed in the fast-growing online person-to-person betting sector and is indicative of the financial strength of the company, its commitment to the security of its clients' deposits, and the scale of wagering that it attracts," according to
the Betdaq Web site.
Punters can bet on a selection of sports on the futures market, including football, horse
racing, golf, tennis and rugby. In addition, the exchange offers live market betting on football.
Betdaq members will be able to participate in the exchange via the Internet, their mobile telephones and PDAs.
"This whole area of exchange betting is growing rapidly and we aim to seriously accelerate it by bringing together an international clientele, allowing fast and efficient mobile access, and producing unrivalled liquidity," Donnelly said. "These elements will give people the confidence
to use the exchange as their preferred means of betting."
Donnelly said there are a number of unique features on the Betdaq site, such as "no upper limit on the size of any individual order, no closure of winning accounts, a fiercely competitive commission rate and strict membership controls."
The site is located online at www.Betdaq.com.