City & Corporate: Bell Pottinger to advise Betfair

Betfair, the online betting exchange, has called in agency backing for its first foray into the financial markets.

Bell Pottinger Corporate & Financial will advise Tradefair, which is owned by Betfair but operates independently.

Tradefair will initially offer traditional financial spread betting and 'binary' betting, such as whether a certain market will end up or down at close of trading.

Betfair CEO David Yu said he wanted the company to 'have the same revolutionary impact on the financial market as we have had on the sports betting market'.

In 2005, Betfair, the largest UK betting site, brought in Powerscourt for advice on European taxation policies (PRWeek, 27 October 2005).

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