He is now a noted angel investor in technology businesses in the UK and further afield, and is a keen race horse owner and professional bridge player.
After initial success, full-time gambling looked unlikely to provide sufficient financial support for Black, who was newly married, so he set up a software business.
The business won an on-site contract at GCHQ which involved being 'locked out of the office' every day at 5.00 pm, giving him long evenings during which to refine his ideas for a bet exchange.
Betfair operated on a model more similar to a financial exchange, allowing among other things, multiple small bets to fill a position offered by a gambler wishing to place a large stake on a wager.
[6] Black and Owen were the joint owners of the racehorse Brown Panther, who won the Goodwood Cup in 2013 and the Irish St. Leger in 2014, winning the latter by six lengths.