Betfair to Start Fixed-Odds Sports Book, Financial Mail Says

Betfair Group Plc (BET), an online betting exchange, will start taking bets of its own by introducing a fixed-odds sports book, the Financial Mail said, citing interim Chief Executive Officer Stephen Morana.

“There are certain bets at certain times that the exchange, by its nature, cannot offer,” the London newspaper reported Morana as saying. “Some of our customers are going to traditional bookies for a portion of their betting and we hope to address this with the introduction of an integrated risk product that will complement the exchange, not compete with it.”

To contact the reporter on this story: Isaac Arnsdorf in London at iarnsdorf@bloomberg.net

To contact the editor responsible for this story: Mike Harrison at mharrison5@bloomberg.net

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