hobbes
02-07-2002, 22:52
22 May 2002
Betfair sign major strategic partnership with Dr Ho.com in SE Asia
Betfair.com, the world’s largest betting exchange, have announced a major strategic partnership with Dr. Stanley Ho. The site will be called www.drhobets.com (http://www.drhobets.com) and will be accessible in Traditional Chinese from the www.betfair.com (http://www.betfair.com) and the www.drho.com (http://www.drho.com) platforms.
The partnership with Dr Ho, the largest traditional and online gaming operator in Asia with more than 250,000 online users, will cover much of SE Asia and will produce the largest and most liquid betting environment in the world. Exchange betting, where punters can bet against each other, has taken the UK market by storm, with Betfair leading from the front. It is expected that this new form of betting will take a large share of the multi-billion dollar Asian market.
Background
Betfair.com, which is licensed and taxed in the UK, launched two years ago, in June 2000, and will turnover more than US$1.5bn in the coming year. The groundbreaking, strategic partnership with Dr. Ho takes the company into a geographical region globally renowned for the innovation and dedication of its punting community.
The on-line gambling market in South-East Asia is estimated at $8billion a year, but the concept of exchange betting has yet to take hold. Betfair will come to the region in partnership with a brand whose reputation for sporting wagers is unparalleled, bringing with them their superior technology - built at a cost of over US$10m - which by some estimates has allowed them to maintain a 90% share of the UK market.
Dr. Stanley Ho has held the monopoly for Macau’s gambling for forty years, and will remain one of three licensees when he eventually loses his 100% control following a recent government commission. A flamboyant 80-year-old and larger-than-life character on whom Ian Fleming’s Dr. No was based, Ho has a personal fortune in the billions, and a stake in just about everything of real value in Macao.
Edward Wray, CEO of Betfair.com, said, “We feel we have the right product, strong levels of liquidity, and the perfect partner to be extremely successful in this market. Betfair’s position as the market leader, and its reputation for pioneering innovation in the betting world, will be further enhanced by this partnership. We are extremely excited at the huge potential for this opportunity”
Peter Kjaer, CEO of DrHo.com said, “Exchange betting is an innovation in gaming which the South East Asian market has been crying out for since the concept was launched, and we are delighted to have secured a partnership with the company which developed the idea and has driven it to the current levels. We believe that this alliance will see it moving to new levels in the coming months”
For further information, contact Mark Davies, Communications Director. mark.davies@betfair.com or on 07050 246230 About Betfair.com:
Betfair (www.betfair.com) is arguably the most successful business in the UK in the last two years, having achieved a growth rate of 25% month-on-month since its launch in June 2000. It currently matches over £25million of bets a week, putting it on course to achieve an annual turnover in 2002 of more than £1.5billion.
Strategic investors in Betfair.com include:
** Benchmark Capital - Benchmark is one of the leading investors in Silicon Valley. Benchmark's previous successes include eBay, Ariba, Webvan, Juniper Networks and many more. Managing more than $2.3 billion in committed venture capital, Benchmark focuses on early-stage investing in markets where the partners have direct, relevant experience. In Europe, Benchmark Capital manages a $750m fund.
** UBS Capital - UBS Capital was named as Asia s Best Private Equity House in 2001. UBS Capital is the private equity business of UBS AG and is an active investor in early stage telecoms, e-commerce and software companies.
** JP Morgan Chase – One of the world's largest private equity firms, the name of JP Morgan Chase is arguably without parallel in the banking world. A leading global financial services firm with assets of $694 billion and operations in more than 50 countries, its private equity arm has since its inception in 1984, closed more than 1,800 direct equity and mezzanine transactions.
Betfair sign major strategic partnership with Dr Ho.com in SE Asia
Betfair.com, the world’s largest betting exchange, have announced a major strategic partnership with Dr. Stanley Ho. The site will be called www.drhobets.com (http://www.drhobets.com) and will be accessible in Traditional Chinese from the www.betfair.com (http://www.betfair.com) and the www.drho.com (http://www.drho.com) platforms.
The partnership with Dr Ho, the largest traditional and online gaming operator in Asia with more than 250,000 online users, will cover much of SE Asia and will produce the largest and most liquid betting environment in the world. Exchange betting, where punters can bet against each other, has taken the UK market by storm, with Betfair leading from the front. It is expected that this new form of betting will take a large share of the multi-billion dollar Asian market.
Background
Betfair.com, which is licensed and taxed in the UK, launched two years ago, in June 2000, and will turnover more than US$1.5bn in the coming year. The groundbreaking, strategic partnership with Dr. Ho takes the company into a geographical region globally renowned for the innovation and dedication of its punting community.
The on-line gambling market in South-East Asia is estimated at $8billion a year, but the concept of exchange betting has yet to take hold. Betfair will come to the region in partnership with a brand whose reputation for sporting wagers is unparalleled, bringing with them their superior technology - built at a cost of over US$10m - which by some estimates has allowed them to maintain a 90% share of the UK market.
Dr. Stanley Ho has held the monopoly for Macau’s gambling for forty years, and will remain one of three licensees when he eventually loses his 100% control following a recent government commission. A flamboyant 80-year-old and larger-than-life character on whom Ian Fleming’s Dr. No was based, Ho has a personal fortune in the billions, and a stake in just about everything of real value in Macao.
Edward Wray, CEO of Betfair.com, said, “We feel we have the right product, strong levels of liquidity, and the perfect partner to be extremely successful in this market. Betfair’s position as the market leader, and its reputation for pioneering innovation in the betting world, will be further enhanced by this partnership. We are extremely excited at the huge potential for this opportunity”
Peter Kjaer, CEO of DrHo.com said, “Exchange betting is an innovation in gaming which the South East Asian market has been crying out for since the concept was launched, and we are delighted to have secured a partnership with the company which developed the idea and has driven it to the current levels. We believe that this alliance will see it moving to new levels in the coming months”
For further information, contact Mark Davies, Communications Director. mark.davies@betfair.com or on 07050 246230 About Betfair.com:
Betfair (www.betfair.com) is arguably the most successful business in the UK in the last two years, having achieved a growth rate of 25% month-on-month since its launch in June 2000. It currently matches over £25million of bets a week, putting it on course to achieve an annual turnover in 2002 of more than £1.5billion.
Strategic investors in Betfair.com include:
** Benchmark Capital - Benchmark is one of the leading investors in Silicon Valley. Benchmark's previous successes include eBay, Ariba, Webvan, Juniper Networks and many more. Managing more than $2.3 billion in committed venture capital, Benchmark focuses on early-stage investing in markets where the partners have direct, relevant experience. In Europe, Benchmark Capital manages a $750m fund.
** UBS Capital - UBS Capital was named as Asia s Best Private Equity House in 2001. UBS Capital is the private equity business of UBS AG and is an active investor in early stage telecoms, e-commerce and software companies.
** JP Morgan Chase – One of the world's largest private equity firms, the name of JP Morgan Chase is arguably without parallel in the banking world. A leading global financial services firm with assets of $694 billion and operations in more than 50 countries, its private equity arm has since its inception in 1984, closed more than 1,800 direct equity and mezzanine transactions.