Sixteen years ago last month, the organisers of a party at the Sports Cafe on Haymarket heralded a sports betting revolution. What they launched — known that evening as ‘open market’ but soon renamed ‘exchange’ betting by the media — predicted that technological innovation facilitated by the internet would herald the death of the bookmaker and offer punters the opportunity to take control. But in January this year the business they created merged with a traditional bookie that was very much alive and kicking. The revolution, it seems, was aborted.
Or perhaps the revolution still continues. The betting industry has certainly changed beyond all recognition since June 2000. In fact it has changed to a remarkable degree since June 2012, and in both cases, technology has been the driver. Back then it threatened the existing industry. Today it looks just as likely to be its saviour.
During early changes, what had been an exclusively cash environment switched to electronic exchange, and the chance this gave to monitor transactions was welcomed by marketers, regulators — and the taxman.
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