In an interview prior to launch, Gray was quoted as saying: "In an industry where the current market leader has a virtual monopoly, we believe the arrival of WBX will put every exchange player back in control.

We will continually seek to offer a vibrant, exciting and innovative alternative to Betfair, and we hope this will promote healthy rivalry.

The funds were held subject to a trust deed and quarterly, external audits, which were published on the WBX website.

[3] The company's structure rendered improper use of members' funds illegal, which apparently was not the case in the Sporting Options incident.

[9] WBX also moved to capitalise on Betfair's September 2008 decision to impose a Premium Charge on winning bettors.