The founders were recognised for their entrepreneurial innovation with a Queen's Award for Enterprise in the Innovation category back in 2003. The firm received the Queen's Award for Enterprise in the International Trade category in 2008 due to almost half of its customers coming from abroad. It is now estimated that 44% of the customers that use Betfair are based abroad.
The company was listed on the London Stock Exchange until 2nd February, 2016 when it was officially confirmed that the firm would be merging with Irish bookmaker Paddy Power to form Paddy Power Betfair in one of the largest sports betting merger deals of all time.
In 2007, the betting exchange was at the centre of controversy when it took the unprecedented step of voiding all bets placed on the tennis match between Nikolay Davydenko and Martin Arguello due to suspicious betting patterns.
Betfair launched a fixed-odds betting service in 2012 to enable it to compete with mainstream bookmakers to allow the company to become more financially viable across the sports betting industry.
For its customers in the UK, Betfair is licensed and regulated by the UK Gambling Commission. For Australian customers, Betfair is license and regulated by the Tasmanian Liquor and Gaming Commission. For its international customers, Betfair is licensed and regulated by the Malta Gaming Authority.