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With the Dragons Den millionaires last night all fighting each other to join some guys pub poker scheme how would Betfair founder Andrew Black have fared if he had to beg for funds?
‘My name is Andrew Black and I have had an idea that could change the way many people will have bets in the future ”its an on line bet match service and we think that by offering a method where one punter can get a bet matched on line with a punter that opposes that view we can make some money by claiming commision.” Im looking for an investment of 200k to get the idea going'<br>Duncan Balantyne Well what have you done in your life so far?<br>Andrew Black Well Ive had many jobs but I have been a proffesional gambler in my recent past.<br>Duncan BalantyneWell I done deal with gamblers so Im out.<br>Richard Farleigh Well I come from Australia and we have lots of bookmakers there and they do well so I think Im going to have no say I’m out.<br>Peter JonesWell Andrew what about the likes of Ladbrokes and Corals most punters like the banter and craic in the betting shops but it could work but as you are not covering virtual racing and you cant compete with FOTB machines Im out as well.<br>Theo Paphitis As you may know I have been the chairman of Millwall football club and Im not liking the idea that my players could go on line and back Millwall to lose. I know my club is not doing well and we are losing a lot of matches but I think the idea is unsound so Im out.<br>Deborah Meaden Well Andrew I like the idea but what happens if the owners and trainers lay the horses they know about to lose? Would not this cause uproar within the racing authorities and for this reason I’m out.
How do you think he would have fared?
I don’t know anything about the Dragon’s Den but I remember someone from Betfair or Flutter or similar coming on C4 Racing years ago when the betting exchange idea was being floated and thinking to myself that it was a load of tripe and would never catch on apart possibly from the bloke wanting to back his daughter to get 10 A-levels/ pass her driving test/ remain a virgin scenario. Which shows how much I know.
Was looking through an old racecard, probably about 5 years ago now and betfair claim that ‘over 13 million pounds matched per week’. They’ll do that over the 2 days at York this week nowadays!
Quote: from guskennedy on 12:21 pm on Sep. 8, 2006[br]…..would never catch on apart possibly from the bloke wanting to back his daughter to get 10 A-levels/ pass her driving test/ remain a virgin scenario.
<br>I think you’ll find that’s a related contingency :biggrin:
:biggrin: @ Rory
I think Duncan Balantyne may have invested with his gambling interests, but wonder how much he would have paid….£65k for a 40% stake like the "Nuts" poker bloke last night? Now that would have been a cool investment
(Edited by Perpetual at 3:04 pm on Sep. 8, 2006)
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