Betdaq was originally formed in 2000, and the firm is now the second biggest betting exchange in the UK, and the biggest provider of betting exchange technology on the planet. It became one of the innovators of the betting exchange, when founder, Dermot Desmond, realised his ambition to set up a website where people could bet against and with each other.
The company was bought by Ladbrokes in 2013 for a whopping 썎m, and it now holds around seven per cent of the market share. Its main function is to allow punters to bet against each other rather than betting against a traditional bookmaker. Betdaq claims it handles more than £75m in bets each week.
Betdaq makes money by charging commission on net winnings. If you don't win, you don't pay. The normal commission rate starts at five per cent, but it is possible to lower this rate to as little as two per cent, depending on how many bets you have matched.
You earn a Betdaq commission point for every £25 you win or lose across the exchange markets, and you can qualify for a commission discount rate once you accumulate enough points. This is assessed each week. This possibility is probably most appealing to the more avid betters, however, as it could be expensive for a casual or novice partner to bet enough to lower the commission right down.