Business News

Betting and gaming operator Betfair says that it expects as much as £2.5bn in bets to be traded on its betting exchange during the FIFA World Cup, which kicks off this week.

The Paddy Power Betfair brand has already seen average trading volume per customer increase by 25 per cent compared to the 2014 World Cup, with average bets per customer climbing 21 per cent versus the previous tournament.

More than £4.7m has already been matched between customers on the outright winner market, with a further £16m available for customers to back.

"We look all set for a huge month for the Betfair Exchange as the World Cup takes centre stage," Betfair Exchange business director Richard Hayward said. "As well as a range of product improvements; we've recently placed a huge focus on moving the Exchange to the front and centre of our marketing […]."

The operator is looking to further increase interest around the exchange with its new product Betflow. Betflow recommends bets by collecting complex statistical analysis, then presenting the information in an easily-available format to help punters spot value on the exchange.

This builds on the recently-launched Bet Against product, which is designed to familiarise customers with laying bets on the exchange.

"We're really excited by the number of recreational customers already getting involved in this year's tournament, and we'll be running a range of activities to make sure Betfair is the best place to bet whether it’s a smart or a gut bet," Hayward added.

Shares in Paddy Power Betfair plc. (LSE:PPB) were trading up 0.64 per cent at 8,640.00 pence per share in London Monday morning, approximately 6 per cent off their 52-week high of 9,184.90 pence per share set in May 31st.