Andrew Black

Andrew Black Profile Summary

Andrew Black's Net Worth in 2024: $20 million 

Andrew Black is a British entrepreneur and Co-Founder of BetFair. Andrew, alongside his business partner and gambling entrepreneur, Edward Wray, founded the world’s first and largest betting exchange. Black’s exceptional career has made him one of the richest people in the world, with an estimated net worth of $20 million in 2023.

I wanted to achieve something in business. I was unshakable in my belief that something would work out, but I didn’t know what it would be.

What does Andrew Black do?

Andrew Black is best known as one of the co-founders of Betfair, one of the most popular online sports betting platforms in the United Kingdom. Though Black left his CEO position in 2010, the company continues to thrive, following a merger with Paddy Power in 2015 – its annual revenue for 2022 was over £7,6 million (more than $9.5 million).

Today, Andrew is a family man, a gambling entrepreneur, a businessman and an avid horserace lover. His success started with an idea to create a website that offered betting opportunities to players whilst acting as a financial exchange. Later on, he turned his attention to racehorse ownership and other savvy financial investments. He remains most famous among the gambling industry as the creator of Betfair.

How Did Andrew Black Make His Millions?

Andrew Black became a multi-millionaire thanks to Betfair. His story dates back to 1999, when he was on the brink of revolutionizing the betting world with the creation of the first-ever betting exchange. He was coming out of his stint in professional gambling, seeking a stable future for himself and his wife.

Black has openly spoken about his love for the card game bridge. One evening, he met Edward Wray at a bridge table. The two hit it off and eventually Andrew decided to show Edward a prototype of his betting exchange concept. Edward was so impressed with the idea, he decided to invest. 

Andrew and Edward amassed £1,000,000 in startup money from friends and family, having failed to secure any venture capital, and were eventually able to launch Betfair in June 2000. By 2013, Betfair was reporting a reach of over 4 million customers and an estimated turnover in excess of £50 million per week. 

What is Betfair?

Betfair is the largest betting exchange globally. At a betting exchange, you can buy and sell the outcome, and you can trade in real-time throughout an event. This allows players to either cut their losses or lock in a profit, transforming the experience into a dynamic, strategic venture. 

The secret to Betfair’s early dominance and popularity was its model. While many betting exchanges were launched around the same time as Betfair, nonecould offer the same framework that Betfair had established. Betfair operated similar to a financial exchange, while competitors were closer to a traditional bookmaker.

What’s Andrew Black’s Game of Choice?

In his youth, Andrew was a professional gambler. His favorite card game is bridge, but his main source of income was through betting on horse races. He recalls spending more time at the local bookies betting on races, rather than attending his university lectures. 

What’s the Most He Ever Won?

From his gambling career, Andrew’s biggest win is unknown. However, he did disclose some of his impressive feats, such as winning £25,000 from a £20 bet. Andrew also won £30,000 from a £1,000 bet. 

He talked about both in a 2003 interview with Startups Magazine: “I'd won about £50,000 in three months; compared to what I was earning at the time it was a lot of money.”

How Does Andrew Like to Spend His Money?

Andrew is a business-oriented individual. He is known for his acute investments and helping high profile companies launch new products. Andrew has collaborated with several top brands, such as Nike, LEGO, Cadbury, Schweppes and Colgate.

In 2009, Andrew formed a partnership with former Manchester United and Liverpool footballer, Michael Owen. The duo both share a love for horseracing and, with Owen’s Manor House Stables at his disposal, Andrew and Michael were the joint owners of the racehorse Brown Panther. In 2013, the horse, trained by Tom Dascombe, won the Goodwood Cup and a year later, the Irish St. Leger by six lengths. 

Key Gambling Stats

• Net Worth: Andrew’s net worth is estimated to be around $20 million. 
• Biggest Win: This figure is unknown to the public; however, Andrew has previously claimed he won around £50,000 in three months. 
• Biggest Loss: Undisclosed, Andrew has never revealed his biggest loss. However, he has stated that he became bored with gambling, which led to losses.

What We Can Learn from Andrew Black

Andrew’s story is an example of how spending time and committing to any idea could turn out to be life-changing.

He’s talked about how the reason he came across ‘the idea’ was because he had a lot of free time. During his free time, he would invest hours into scrutinizing every aspect of his soon-to-be million-dollar idea. 

The Success of Andrew Black

Andrew’s story is a remarkable one as the Brit truly believed in his original idea. He is the mastermind behind Betfair and achieved something that most did not believe he could. 

Despite dropping out of university and being rejected from venture capital firms, Andrew Black never let it dampen his ambition to launch Betfair. Over twenty years later, the brand is one of the best in the world and Black has become a multi-millionaire, with a net worth of $20 million.