Betfair founder was GCHQ employee
The founder of one of the world's most successful betting websites is a former GCHQ employee, a new book has revealed.
Andrew "Bertie" Black developed the formula for the Betfair betting exchange while working as a computer programmer at the Cheltenham intelligence centre.
-
Betfair founder Andrew Black (left)
Andrew, 46, worked at the site in the late 1990s, where he used his spare time to develop the successful person-to-person model.
He said: "At the time it was just a little project in my spare time. At GCHQ they kicked me out at 5pm because none of us was allowed to stay on the premises after that.
"I would go home to my little farmhouse in the total back of beyond with absolutely no friends at all.
"The boredom was horrendous, but mentally I became really quite productive."
Betfair works by matching up punters across the world – rather than betting against the bookmaker, gamblers match up against each other, offering better odds.
Andrew said: "Person-to-person betting to me was a very obvious application of the internet.
"In fact, there are other people who had tried it before Betfair. I think the aspect of our model that was truly original was the realisation that you could have odds on the screen exactly like the stock market.
"The mechanics of the stock exchange can really work with odds. Everything else followed from there."
Now a new book – You Bet: The Betfair Story – published by HarperCollins, has revealed how Andrew changed the face of online gambling from his Cheltenham base.
The book details how Andrew, who was an accomplished bridge player, met with a trader at JPMorgan who liked his idea enough to ditch the investment bank and help start Betfair.
His model allows people to trade their opinions on almost anything – from the winner of a horse race to America's presidential election.
You Bet: The Betfair Story is available in bookshops.
4 Comments
by Paul, Quedgeley
Monday, July 20 2009, 9:10PM
“J Marsh
I used betfair and found it a brilliant way to make a few hundred,, betfair is not just about gambling away your money (mug bets).
You can use it for matched betting.
I thinks its great but due to time constraints i have with work and family life I gave it up.
I am not connected to Betfair apart from being a user”
by j marsh, chelt
Monday, July 20 2009, 7:15PM
“Betfair!! no betting is fair,until people see the damage it causes they wont understand,gambling is an illness,the same as drugs,alchohol etc unfortunately there is no help out there (only G.A which is a meeting a week and a prayer at the end of the session).I know there are millions of responsible gamblers out there and i take my hat of to you but for those that are not responsible i feel for you.”
by RichP, Longlevens
Monday, July 20 2009, 10:24AM
“John, Andrew Black isn't from round here, just stayed nr Cheltenham for a couple of months. No longer directly involved in Betfair.”
by John, Glos
Monday, July 20 2009, 9:36AM
“This is news update I was not previously aware. Have seen ¿Betfair¿ around in advertisements fairly recently but was not conscious a local man by the name of Andrew Black set the whole thing in motion through applying skills he previously used at G.C.H.Q. Think it proves my point made a couple weeks back that skills learned and applied can ultimately benefit many in the community. Good for you Andrew and no doubt many people now employed through the work at Befair”