Betdaq to launch new UK Turf site

Betdaq, the betting-exchange venture owned by Celtic FC shareholder and Dublin financier Dermot Desmond, is to enter the horseracing market, it was announced today. The new UK-based Turf site, betdaqracing, launches this Friday.

The Dublin-based international gambling service - marketed as the site of choice for international high-rollers perhaps such as Desmond's close friends, Manchester United shareholders John Magnier and J P McManus - is already established in sports-betting circles.

Betdaqracing aims to command between 25 and 30 per cent of racing's exchange market - estimated to be worth £500 million - within its first year. It will offer markets on racing in Britain and Ireland, plus select events from around the world.

Zero commission will be charged as an introductory offer throughout March, including for the Cheltenham Festival. This throws down a gauntlet to other exchanges - such as market-leader betfair, whose charges of up to five per cent of winnings have drawn criticism.

Cut-price commission of one per cent of net winnings per race will operate on betdaqracing during April, rising to two per cent rate from May. Sister site, betdaq, charges one per cent of total returns. Transactions will be in sterling, rather than betdaq's established currency of US dollars, with a minimum stake of £10.