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Yahoo!® UK & Ireland offers
the opportunity to make a full range of bets on sports, politics
and similar wagers through a new venture with UK-based
peer-to-peer betting firm, Betfair. The venture went live on
March 31, 2005 under the name Yahoo! Betting.
Betfair, a well-regarded, privately-owned company, popularized
the concept of "exchange betting", which is a form of wagering
using internet technology to enable bettors to set the odds on a
bet rather than accepting the odds or lines posted by
traditional bookmakers. Exchange betting is somewhat akin to
reserving airline flights or hotel rooms through one of the
"name your own price" service on the Internet.
As a doorway to Betfair, Yahoo! Betting is continues the Betfair
policy of excluding US residents. Betfair has already become a
dominant force in sports betting and the venture with Yahoo is
likely to accelerate the rate of Betfair's growth. Click the
links to place your own Betfair bets.
Commissions are charged on the amount won only. The basic
commission rate is 5% of the win, but there is a "frequent
bettor" program that can result in a commission as low as 2%.
The rates are substantially lower than the normal 10% commission
charged on losing bets by most bookmakers.
More information will be added as it becomes available, as well
as any on a possible (denied by Yahoo) real money Yahoo Poker
online cardroom.
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