Betfair has helped to revolutionise sports betting by giving punters the chance to set their own odds and bet against each other online. The company, launched six years ago by Andrew Black and Edward Wray, says 3m bets are placed each day through its online exchange. Betfair makes its money by charging a commission on net winnings. Sales have been helped by a rise in the number of overseas players and the launch of an online poker game last year. As a result sales have grown 231% a year from £6.1m in 2002 to £66.7m in 2004, when the company made a good profit.
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