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Desmond Buys Betdaq Back Entain PLC, the owner of powerhouse UK betting brands, including Ladbrokes and Coral, has now dropped its betting exchange Betdaq, which it offered back to Dermot Desmond recently. A short history of Betdaq In 2000, Irish entrepreneur Dermot Desmond established the Global Betting Exchange (GBE) with a vision to produce a platform where punters could wager versus each other. From GBE, the sports betting exchange Betdaq was launched in 2001. A few sponsorship deals, consisting of one with Celtic FC and another with Kempton Park Racecourse, saw Betdaq strongly establish itself as the second-largest online wagering exchange behind Betfair by 2013, albeit with only a 7% market share. Still, this was enough to attract betting giant Ladbrokes to purchase the Global Betting Exchange and its properties for EUR30m from Desmond in the exact same year. Despite being backed by Ladbrokes, Betdaq has actually never ever got on par with Flutter Entertainment's Betfair. It's tinkered with numerous promos, such as using 0% commission, but many have only led to a momentary bump up in users, with nothing continual. Added to that, Betfair and Paddy Power formed a bulk merger, which added large marketing power to help keep Betfair at the head of the pack. What is a wagering exchange? Betting exchanges were meant to revolutionise the gaming industry, and while they have to a degree, we can't say they have actually fallen the huge bookies, like some believed they might. In a nutshell, a betting exchange is a peer-to-peer wagering platform. Punters wager versus each other instead of wagering against a bookie. This style of wagering has pros and cons.