The Flutter Entertainment has announced the introduction of its Betfair Predictions Betting product in beta form.
The new Betfair Predictions will operate as a modified version of Betfair’s Exchange platform, with modifications made for the prediction market.
The service will be governed by the same Betfair UK Gaming licence. The service permits users to wager on real-world outcomes in a variety of categories, including sports, politics, and entertainment.
Unlike traditional betting scenarios that require the user to submit a bet on the outcome of an event, users will submit their prediction by selecting yes or no and entering their wager.
As for Betfair Predicts, working with the same system as the existing Betfair Exchange will benefit the operator. According to Betfair, their exchange expects betting volume to reach £84 billion in 2025, up 10% from the previous year.
Users will only have access to Betfair Predictions while in beta; they will be limited to selected users who have been invited by Betfair to test the product. Betfair has stated that it’s “too early to say” what direction the product will go with regards to its development after the beta phase is completed, and that the beta phase will help provide information about how consumers will use betting products that are based on prediction based mechanisms in the UK.
