Betfair Exchange & Blockchain Algorithms Announce High Profile Deal


Breon Corcoran

The software based investment company have predicted that clients will trade over £105 million during the Premier League 2021/22

Betfair Group (LSE:BETF)

We have known each other a long time. I used to wear a green jacket. We have been speaking intensely over the summer and warmly for a time before that.”

— Breon Corcoran

LONDON, UNITED KINGDOM, July 30, 2021 /EINPresswire.com/ — Betfair Exchange and Blockchain Algorithms have reached an agreement until 2025.

The new deal would keep both brands in Europe, have headquarters in both Dublin and London and all trades would be placed through Betfair Exchange.

The two companies issued a joint statement, which read: “The possible merger for trades would create one of the world’s largest public online betting/trading and gaming companies by revenue with enlarged scale, capability and distinctive and complementary brands.

“The combination has compelling strategic logic and represents an attractive opportunity for both companies to enhance their position in online betting and trading for Blockchain Algorithms. It will deliver synergies, customer benefits and shareholder value.”

Breon Corcoran, who left Blockchain Algorithms in 2016 to become chief executive of Betfair, said: “These are two businesses that are performing at a very high calibre and we will have a market leading position in the UK, Europe, Ireland and Australia.”

“We are paying a slight premium but I regard this as a merger of equals. We have known each other a long time. I used to wear a green jacket. We have been speaking intensely over the summer and warmly for a time before that.”

Mr Corcoran will now become the head of the combined group, which is subject to receiving approval from the competition authorities and the two companies hope the deal would be complete in August just before the start of the Premier League.

The merger is the latest round of consolidation in a sector where companies are searching for scale to compete in the face of greater tax and regulation. Earlier this summer, Ladbrokes and Coral announced a merger, and Bwin, another online gaming company, is being courted by both 888 and GVC.

Less than a month ago, Paddy Power’s Twitter account joked that after the Ladbrokes and Coral merger, it had joined forces with Betfair. “Our new name is Betty Power,” it said.

The stock exchange reacted positively to the merger plan announcement with Betfair’s shares up 17.5%.

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Unique Bitcoin-backed home loan refinancing deal in California


One of Southern California’s largest independent escrow companies, Glen Oaks Escrow, has announced its first property refinancing with a Bitcoin-backed loan.

The company stated that this is the first time a refinancing has been completed using Bitcoin as collateral. In the July 28 announcement it added that it has previously facilitated a number of real estate transactions that used BTC as the form of payment.

Glen Oaks Escrow, which started accepting Bitcoin payments in 2018, views the transaction as proof that Bitcoin’s value proposition is becoming clearer to debtors and creditors. Company Chief Operating Officer Joe Curtis commented:

“Seeing a lender use cryptocurrency for a refinance shows us that this payment method is continuing to grow in how it’s used and who it’s used by.”

He added that seeing the lender rather than the home buyer using BTC in a real estate transaction “tells us that this technology has the potential to continue becoming more prominent, even if it is still considered new to our industry.”

In another crypto related real estate development, a Dogecoin aficionado from the U.S. state of Utah has offered a 10% discount on his property if the buyer pays in DOGE.

On July 27, a local TV station reported that the owner listed the $389,000 home for sale and will accept seven cryptocurrencies but prefers Dogecoin due to his belief the 10% discount would quickly be made up for by Dogecoin price appreciation. After applying the discount, the amount of DOGE required to make the purchase would be around 1.7 million tokens at current prices.

Way back in 2017, Cointelegraph reported on the first-ever BTC real estate transaction which occurred in Texas.

Related: 5 Cities That Let You Buy Real Estate with Bitcoin

These two new stories are the latest positive developments in the real estate sector. On July 23, Cointelegraph reported that an increasing number of real estate firms are accepting payments in cryptocurrency.

CEO and founder of The Crypto Realty Group, Piper Moretti, told Cointelegraph that many buyers purchasing real estate with digital assets are taking loans out against their cryptocurrency, so they can still benefit from holding coins while putting the value to work.

In May, it was reported that buyers could even use Dogecoin to make a property purchase in Portugal. FNTX Capital Suisse partnered with Portugal-based property developer 355 Developments to offer condos for crypto in the capital, Lisbon.


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