World Bet Exchange (WBX) was a person-to-person

betting exchange A betting exchange is a marketplace for customers to bet on the outcome of discrete events. Betting exchanges offer the same opportunities to bet as a bookmaker with a few differences. Gamblers can buy (also known as "back") and sell (also kn ...

based in

Notting Hill Gate Notting Hill Gate is one of the main thoroughfares in the Royal Borough of Kensington and Chelsea in Inner London. Historically the street was a location for Tollbooth, toll gates, from which it derives its modern name. Location At Ossingto ...

, 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 November, 25th, 2006. In an interview prior to launch, Gray was quoted as saying: ''"In an industry where the current market leader has a virtual monopoly, we believe the arrival of WBX will put every exchange player back in control. We will continually seek to offer a vibrant, exciting and innovative alternative to Betfair, and we hope this will promote healthy rivalry."'' 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 rendered improper use of members' funds illegal, which apparently was not the case in the Sporting Options incident.

Racing Sponsorship

Prior to the launch of WBX.com, the company was already the fourth largest sponsor of horse races in Britain, having spent more than £250,000 on over 200 race sponsorships. Coinciding with the November 2006 launch, WBX founded the

Triple Crown of Hurdling The Triple Crown of Hurdling is awarded to a horse that wins all three of the open, two-mile Grade 1 Hurdling races in any given English National Hunt season: #The Fighting Fifth Hurdle, held at the Newcastle Racecourse #The Christmas Hurdle, he ...

to complement their sponsorship of the Newcastle Fighting Fifth Hurdle at

Kempton Park Racecourse Kempton Park Racecourse is a horse racing track together with a alcohol licensing laws of the United Kingdom, licensed entertainment and conference venue in Sunbury-on-Thames, Surrey, England, on the border with Greater London; it is 13 miles ...

. When asked about the Triple Crown, Malcolm Gray was quoted as saying: ''"The WBX Hurdling Triple Crown will bind together ... three races (Fighting Fifth Hurdle,

Christmas Hurdle The Christmas Hurdle is a Grade 1 National Hunt hurdle race in Great Britain which is open to horses aged four years or older. It is run at Kempton Park over a distance of about 2 miles (3,219 m ...

and

Champion Hurdle The Champion Hurdle is a Grade 1 National Hunt racing, National Hunt Hurdling (horse race), hurdle race in Great Britain which is open to Horse racing, horses aged four years ...

) to form a championship series which will finally offer horse racing fans a true measure of the greatest hurdlers in National Hunt racing."'' If any horse wins all three legs in a given season, a £1 million bonus will be awarded and divided amongst connections of the horse, making the Triple Crown the richest ever prize over small obstacles.

Industry Status

Like other rivals to Betfair, WBX attempted to secure new customers by charging less commission on winning bets. 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.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.

References

External links

* {{DEFAULTSORT:Wbx Gambling companies established in 2002 Gambling companies disestablished in 2015 Defunct gambling companies 2002 establishments in England 2015 disestablishments in England