World Bet Exchange (WBX) was a person-to-person betting exchange based in Notting Hill Gate, London in the United Kingdom, and licensed and regulated by the UK Gambling Commission. WBX.com was founded in 2002 by Malcolm Gray but did not officially launch until 25 November 2006. Before the launch, Gray said the company intended to compete with the market leader Betfair, which he characterised as holding a near-monopoly on exchange betting.New Exchange WBX is finally ready to launch, racingpost.com, 25 October 2006, accessed 24 April 2009. On 16 March 2015 the company announced that it was shutting, effective 5pm the same day.
Company Structure World Bet Exchange Limited and WBX Members Funds Limited were wholly owned subsidiaries of WBX Holdings Plc. All three companies were registered in England and Wales. WBX Members Funds Limited, which didn't otherwise trade, was a company that was established in order to safeguard members' funds in a separate bank account. The funds were held subject to a trust deed and quarterly, external audits, which were published on the WBX website. The company's structure was intended to prevent improper use of members' funds. Client-money protection had become a concern for exchanges after Sporting Options, an earlier British betting exchange, went into administration in 2004 owing money to its account holders.
Racing Sponsorship Prior to the launch of WBX.com, the company was already the fourth largest sponsor of horse races in Britain,WBX enter sponsorship debate, sportinglife.com, 26 March 2007, accessed 24 April 2009. having spent more than £250,000 on over 200 race sponsorships.WBX To Put Up £1m Hurdling Bonus Again , racingpost.com, 7 September 2007, accessed 20 September 2009. Coinciding with the November 2006 launch, WBX founded the Triple Crown of Hurdling to complement their sponsorship of the Newcastle Fighting Fifth Hurdle at Kempton Park Racecourse. The series linked three races, the Fighting Fifth Hurdle, the Christmas Hurdle and the Champion Hurdle, into a single championship for National Hunt hurdlers.Fighting Fifth to launch the £1m rollover, icnewcastle.icnetwork.co.uk, 28 October 2006, accessed 24 April 2009. If a horse won all three races in a single season, a £1 million bonus would be awarded and divided amongst the horse's connections.Go Native closes in on £1m payout, mirror.co.uk, 16 February 2010, accessed 24 February 2010.
Industry Status Like other rivals to Betfair, WBX attempted to secure new customers by charging less commission on winning bets.Record turnover for WBX on six-month anniversary, egrmagazine.com, 29 May 2007, accessed 24 April 2009. According to the findings of their own unpublished study, the company claimed that its members would have paid 35% more commission had they done their betting at Betfair.WBX.com Launches WBX Mobile, journalism.co.uk, 20 February 2009, accessed 24 April 2009. WBX also moved to capitalise on Betfair's September 2008 decision to impose a Premium Charge on winning bettors.WBX Moves to capitalize on Betfair Premium Charge, betting-business.com, 2 October 2008, accessed 24 April 2009.Betfair bosses deny being too "greedy", racingpost.co.uk, 11 September 2008, accessed 24 April 2009. WBX claimed that its members wagered over £500 million against one another in 2008, and in excess of £1 billion since its inception in 2006.
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