New firm WBX proved this week that its competitive nature should be taken seriously. The new betting exchange has attempted to woo Betfair's customers following the larger firm's restructuring of its commission scale. WBX has offered Betfair's punters a slice of the action at pre-restructured Betfair commission rates. This means that any customer that can prove his Betfair commission rate can bet for the same rate at WBX.
According to a company announcement, this newfound competitiveness is paying off. WBX made its target turnover of 58 million pounds in just six months, chalking up a new record when it made 7.46 million in one week on May 21. The firm took a commission rate of zero percent as a result of the high turnover. Usually WBX's commission rate on football matches is just three percent, which clearly undercuts Betfair's rate.
Following the announcement, Malcom Gray, WBX's chief executive, told media that the Betfair monopoly of betting disadvantaged the industry. “Betfair’s commission redistribution illustrates once again that a virtual monopoly in the exchange industry is in no one’s interests apart from Betfair’s. If exchange players want to see a genuine alternative to the current market leader they can have one tomorrow – they need only vote with their fingers,” Gray said.

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