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...start-ups will have emerged better from the dotcom meltdown than Betfair. Launched in 2000 by Britons Andrew "Bert" Black and Edward Wray, the London-based online betting exchange has since grown into the world's largest. Rather than play house, Betfair matches bettors with odds offered by other users, its whizzy technology handling some 300 wagers a second. The small cut the firm takes from the bettors' winnings these days adds up to big profits: Betfair pocketed $39 million in net earnings last year. And in refusing wagers from the U.S. - where online gambling is outlawed - Betfair has dodged...

Author: /time Magazine | Title: Betting on a Market | 4/21/2008 | See Source »

...Wray: I remember sitting there having the conversation in the garden. The idea seemed very straightforward, and I came up with lots of ideas why I didn't think it would work, and I said "it won't work because of this," and Bert said "no, no, you do this, you do that" and it appealed. Although, as he said, I was working at JPMorgan at the time, and I didn't really think a lot of it until probably March the following year, when I decided to take a break from JPMorgan...

Author: /time Magazine | Title: Betting on a Market | 4/21/2008 | See Source »

...rang Bert up. I was working on a trading floor at the time, so a lot of the mechanics, if you like, made sense to me because that's was what I was dealing with on a trading floor in a slightly different format...

Author: /time Magazine | Title: Betting on a Market | 4/21/2008 | See Source »

...claim a trespass violation on a repossessed home, it's difficult for them to make arrests. All they can do is tell the squatters to leave, board up the house and ship off a note to the bank that now owns the property. "It's a victimless crime," says Bert Lippert, a bit sarcastically...

Author: /time Magazine | Title: Foreclosed Homes: A Local Blight | 3/18/2008 | See Source »

According to a University of Pennsylvania press release, Faust will be joined on the commencement stage by Paquito D’Rivera, a Cuban musician; Lila R. Gleitman, a professor of psychology at the University of Pennsylvania; Bert W. O’Malley, a professor of molecular and cellular biology at Baylor College of Medicine; Cyril Ramaphosa, the former secretary general of the African National Congress; and Neil deGrasse Tyson ’80, a director at the American Museum of Natural History...

Author: By Jamison A. Hill, CRIMSON STAFF WRITER | Title: Faust Given Penn Honor | 2/20/2008 | See Source »

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