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Andrew Black – the mastermind behind Betfair

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This is not just another success story for online gambling – it is the story of the man who created a different bookmaker, different from other companies on the market! Andrew Black has laid the foundations for the best sports betting market around the world – Betfair, a company that has learned to be a leader since its founding.

Andrew Black’s early years

Born in 1963, Andrew Black graduated from King’s College School in London and decided to continue his studies at Exeter University, and his major was computer science. However, his university training was not finished as Andrew was passionate about betting and spent most of his time at local betting points rather than listening to his lecturers.

One interesting fact is that Mr Black’s father was an outspoken opponent of gambling and participated in many campaigns against this activity and the laws that allowed it. If Andrew had followed his father’s views, he might not have been able to deliver one of the best business ideas.

Before the idea was born

Andrew was forced to work for years as a regular employee for various companies.
In one of them, the US company Track Data, he was employed in customer service and development.

However, this job did not bring him the desired revenue and after a while he turned to betting again. The sport he was betting on was horse racing, and after his colleagues saw that Andrew was a pretty good expert, they even began to follow his predictions. It is known that in 1992 Andrew Black won £ 25,000 with a stake of just £ 20 after correctly guessing the winners of 2 of the big horse races in the UK.

These profits allowed him to fulfill one of his dreams – to buy a racing horse! After Andrew’s prognosis continued to be quite successful, he chose to leave his permanent job, earning less than £ 30,000 a year.

Black continued to develop his skills as a bettor but at one point the losses began to spin out of control and he had to find permanent employment again. He started out as a trader at Boxall but stayed there for only a year. It was also one of the turning points in Andrew’s life, because after that moment, he began his own career.

The idea behind Betfair

Andrew Black’s life was full of ups and downs. After many career changes, after the successes and failures of being a professional bettor, Andrew Black took action and set up his own software company, which won partnerships with many other organizations.

By experimenting with different betting software, Andrew began to refine the idea of ​​a bookmaking business. At some point he decided to take the risk and put all his savings into his idea, the so-called Sports Exchange. However, his £ 50,000 could not be enough, so Black sought out other investors.

And he found one in Edward Ray – brother of Andrew’s best friend, Jeremy. Edward was an investment banker and could definitely help develop the idea. After creating their business idea project, they sought new funds from venture capital funds. Also the two of them had some wealthy relatives and friends, from whom they raised quite a large sum, which with their funds totaled 1 million pounds! This amount was enough to allow the Betfair project to see the light of day in 2000!

What exactly is the sports exchange?

At that time, people had the opportunity to bet on the various sports events and markets that certain bookmakers offered them.

The idea of Andrew Black and Edward Ray was to create a different betting model. The Sports Exchange is an online platform that allows different people to offer markets and odds. That way, other people can bet their money on these odds and markets.

To a large extent, the model was borrowed from the financial exchanges, but implemented in sports betting. This model offered people a new way of betting that, in many cases, allowed them to bet better and get higher odds than the various bookmaking companies offered them.
Betfair’s profit came from the commissions it collected on every settled bet. This business model works the same way today, with Betfair continuing to be the leader and offering the best Sports Betting Exchange.

A very important strategic step

At the same time that Betfair was created, another company, Flutter, appeared on the market, which uses a similar method of taking bets. A very successful move for Andrew Black and his colleague, Ed Ray, was to acquire Flutter in 2001, which gave them great power over the Sports Exchanges with 90% market share!

Andrew Black’s life after the creation of Betfair

Only 2 years after the company was created, the two founders Andrew Black and Edward Ray received the Young Entrepreneur of the Year title.

Over time, the company began to offer casino-type bets as well as bets on multiple sports and, in the traditional way, with fixed odds.

In 2010, the company was listed on the London Stock Exchange, with a share price of £ 13. This means that its total value is £ 1.4 billion! Andrew himself owned 15% of the stock, providing him nearly £ 200 million.

And when Betfair was excluded from the stock market, after its acquisition by Paddy Power in 2016, one share of the company was worth £ 44! Andrew Black created but also helped tremendously in the development of Betfair over the years. Out of this sphere, he maintained his interest in horse racing.

Black is investing in various technology areas in the UK and is also emerging as a professional bridge player. Created by him, Betfair is currently one of the world’s leading bookmaking companies and the sole leader in Sports Exchange betting. The company continues to grow and, after being acquired by its new owners, continues to innovate in the field of sports betting. It is one of the founding bookmakers of the Cash Out option and also implements features like ACCA EDGE and Price Rush!

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PayDo Launches Unified Payment Infrastructure Suite for Digital Businesses

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PayDo, a leading global payment ecosystem founded by Serhii Zakharov – who at just 25 became one of the youngest CEOs approved by the FCA to run an Electronic Money Institution in the UK, announced a series of strategic infrastructure launches designed to dismantle the costly complexity of modern payment stacks.

The releases—Direct SEPA & SEPA Instant access, USD SWIFT Accounts, Dedicated C2B Open Banking Collections Accounts and Direct VISA and MasterCard Acquiring—are not standalone products, but integrated components of PayDo’s unified platform.

For the first time, online businesses can access this comprehensive suite under a single contract, one technical integration and with a dedicated account manager, eliminating the operational burden of managing multiple providers.

The launches directly address the primary pain points of payment fragmentation: high costs from intermediaries, slow settlement times, compliance overhead and loss of control. By securing direct memberships and building proprietary technology, PayDo now offers businesses enterprise-grade infrastructure with the agility of a FinTech.

The new services include:

• Direct SEPA & SEPA Instant: As a direct SEPA member, PayDo provides native European processing with no intermediary routing. This ensures faster, lower-cost euro transactions with immediate settlement capabilities via SEPA Instant.

• USD SWIFT Accounts: Online businesses can now receive dedicated USD account details via the SWIFT network, significantly reducing delays and fees associated with cross-border USD transactions, a critical need for a variety of cross-border operating online businesses.

• Dedicated C2B Open Banking Collections Accounts: A pioneering innovation, this service revolutionises how businesses receive payments. It enables instant, direct bank-to-business transfers from customers, offering an alternative to card networks with correct funds tracking and allocation, lower costs and real-time settlement. Functionality supports processing of +100,000 daily transactions.

• Launch of Direct Acquiring: PayDo is now a principal member acquirer for both Visa and Mastercard. This direct relationship removes a layer of intermediaries, reducing processing costs, improving authorisation rates and giving merchants greater control and transparency over their card payment flows.

These services are delivered within PayDo’s unified ecosystem, which also includes its signatory innovation – non-redirect E-Wallet checkout. This earlier innovation provided merchants with full friendly-fraud protection without any rolling reserve requirements. The new ecosystem approach allows companies in sectors like e-commerce, IT services, marketplaces, gaming and other Fintechs to streamline their entire financial operations, turning payment management from a resource drain into a competitive advantage.

Serhii Zakharov, CEO and Founder of PayDo, said: “For years, businesses have been forced to stitch together a patchwork of payment providers, each adding cost, complexity, and delay. We believe the future is not in more fragmentation, but in intelligent unification. These launches are not just new features; they are the foundational pillars of a coherent ecosystem. We are giving our clients direct control over the core rails of finance—from SEPA and SWIFT to card acquiring and Open Banking—all through one partnership. This is how we eliminate the hidden tax of fragmentation and empower businesses to scale globally with clarity and efficiency.”

PayDo’s ecosystem now processes over €5B annually for over 1000 businesses, leveraging its full regulatory compliance in the UK, Canada and the EU. The company’s direct infrastructure model is proving that the next wave of Fintech growth will be driven by consolidation and seamless integration, not further division.

The post PayDo Launches Unified Payment Infrastructure Suite for Digital Businesses appeared first on European Gaming Industry News.

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Meridianbet Reports Renewed Engagement in Custom Prediction Markets in H2 2025

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While prediction markets have recently attracted increased public attention across politics, finance and culture, Meridianbet, part of the Golden Matrix Group has supported user-generated real-world prediction markets for more than a decade through its proprietary product branded as Free Bet.

For the second half of 2025, customer participation on the Free Bet platform has recorded an 11.5% increase in ticket volumes, reflecting renewed engagement across prediction markets tied to major elections, entertainment outcomes, weather forecasting and novelty-event propositions. Free Bet continues to represent a relatively small and non-material portion of Meridianbet’s overall wagering activity.

Free Bet allows customers to propose wagers on measurable real-world outcomes across sports, politics, entertainment awards, weather forecasting, financial milestones and social statistics. Once a proposed market passes regulatory, settlement and risk review, Meridianbet acts as the professional market maker, prices the odds and takes the lay side of each wager within the Company’s licensed sportsbook framework. This single-market-maker structure enables the delivery of prediction-market-style wagering to mass-market users while ensuring regulatory compliance, operational stability and standardised settlement.

In practical terms, customers initiate Free Bet markets by submitting their own proposed prediction events through Meridianbet’s platforms or retail network. Each submission is reviewed to ensure that the proposed event is lawful, ethically appropriate, clearly measurable and capable of unambiguous settlement under applicable regulatory standards. Only after passing these checks is the event accepted and priced by Meridianbet’s trading operators, who establish odds and offer the market to the customer for wagering.

Top Prediction Markets on Meridianbet

Over the past five years, Meridianbet customers have created and wagered on thousands of custom prediction markets reflecting major real-world outcomes across political cycles, cultural awards, financial milestones, weather forecasting and social trends.

Based on internal ticket volume and platform engagement data, the following five prediction markets have ranked among the most actively played on Meridianbet during this period:

U.S. Presidential Election

Binary outcome markets and related propositions tied to the U.S. presidential election results.

Global Entertainment Awards

Custom markets associated with major award outcomes including Oscars Best Picture and BBC Sports Personality of the Year.

Weather Prediction Markets

Seasonal and location-specific forecasts, including snowfall occurrence and temperature benchmark outcomes during late winter and early spring periods.

Social Outcome Markets

Demographic and statistical propositions connected to public milestones, including birth-gender distributions during peak holiday periods and other large-scale social outcome measurements.

Regulatory & Availability Notice

The Free Bet product and related prediction market offerings are provided strictly in accordance with applicable national and local regulatory requirements and are available only in jurisdictions where such wagering formats are duly authorised by law.

Availability, market scope and wagering features may vary by location and regulatory regime. Certain jurisdictions may restrict or prohibit participation in custom prediction-based wagering products.

The post Meridianbet Reports Renewed Engagement in Custom Prediction Markets in H2 2025 appeared first on European Gaming Industry News.

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HilltopAds Introduces Dedicated iGaming Feature Suite and Managed Performance Service

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HilltopAds announced the rollout of a specialised feature set built exclusively for iGaming advertisers, reinforcing the company’s focus on performance-driven media buying across global markets.

At the center of the release are newly launched, ready-to-use white- and blacklists, curated from premium traffic sources that have consistently shown strong results for iGaming campaigns. These lists are derived from performance data across thousands of active advertisers and are designed to reduce testing time while increasing the predictability of campaign outcomes.

HilltopAds is also introducing a full-managed service, giving advertisers access to dedicated iGaming specialists who will set up, launch and continuously optimise campaigns based on individual KPI requirements. This service aims to support teams looking for deeper expertise, streamlined workflows or hands-off performance management.

To mark the launch, HilltopAds is providing a $2000 bonus for all direct iGaming advertisers making their first deposit of $5000 or more using the promo code IGAVCIP.

These updates complement HilltopAds’ existing capabilities for the iGaming sector, including:

• Massive Global Reach: Over 273B monthly impressions available across 250+ countries.

• Premium Direct Traffic: Access to 39,000+ vetted websites suitable for iGaming user acquisition.

• AI-Driven Optimisation: Automated tools focused on maximising bets, deposits and high-value player actions.

• Flexible Bidding Models: CPM, CPC and CPA Goal options tailored for scale and performance control.

• Specialised Network Infrastructure: Built to support consistent delivery, stable volumes and transparent reporting for regulated verticals.

With these additions, HilltopAds aims to provide iGaming advertisers with a more data-grounded, efficient and scalable environment for user acquisition.

The post HilltopAds Introduces Dedicated iGaming Feature Suite and Managed Performance Service appeared first on European Gaming Industry News.

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