Betfair Founders Win Ernst & Young Entrepreneurs Award

Following another highly successful year for their company, Edward Wray and Andrew Black, co-founders of online betting exchange Betfair, have been name Ernst & Young's Media, Entertainment & Communications Entrepreneurs of the Year 2009.

Sponsored by the CBI and hosted by British actress Joanna Lumley, the Ernst & Young Entrepreneur of the Year Awards took place at The Park Lane Hilton Hotel in London earlier this week.

The 2009 awards were judged by an independent panel of leading business figures including the Rt. Hon. Lord Young of Graffham, Founder and Chairman of Young Associates, Rosaleen Blair, CEO of Alexander Mann Solutions, Nick Discombe, Chairman of Complinet Ltd, and Sir Francis Mackay, Founder of Graysons Restaurants amongst others.

"From a simple idea Andrew and Edward have created a brand new business model, which has enabled them to break through in their market. Using their combined expertise they have grown the highly scaleable business," said the judges in their appraisal.

It is the second time that the Betfair co-founders have won an Ernst & Young award, one of the most prestigious business awards in the UK and around the world, having been named as Emerging Entrepreneurs of the Year in 2002.

Earlier this year Betfair reported a 27% increase in revenues to £303.0 million for the year ended April 30th, helping the company achieve an adjusted EBITDA of £72.0 million, up 29% on the same period last year (more).

Other winners on the night included Michael Spencer, Chief Executive of interdealer broker ICAP plc, who was named Ernst & Young UK Overall Entrepreneur Of The Year.