And while betting exchanges . . . online markets where punters set odds and bet against each other rather than against a traditional bookmaker . . . are a fast-growing sector in the online betting world, educating the punter on the differences takes some time.

For the moment, the company is relying on traditional sponsorships, like the 100,000 Betfair. com Novice Handicap Steeplechase at Punchestown this week, to help raise awareness and add to the 25,000 Irish customers already registered with the company. It's a big week for the company. During Cheltenham 2.5 million bets were traded across Betfair. com, more than the combined transactions on the London and Tokyo stock markets.

Earned media" . . . punter anecdotes recounted in the press . . . is another effective strategy for the company to get its messages across, as Ross explains: First race of the first day at Cheltenham, a horse called Noland ran.

We had a customer in Wales who was trying to place a bet during the race on Noland.

He went to back the horse at 7-1. Just as he was placing his bet . . . he was going to bet 29 at 7-1 . . . another customer came the other side of the market and offered 1000-1 on that horse. The guy from Wales placed the bet. The two got matched up. The guy got his 29 at 1000-1 instead of 7-1 and the horse won."

It's the sort of story that newspapers find hard to resist, and explains how the exchange betting model differs from the traditional punter-bookie relationship.

But Ross is hopeful a new advertising code may give Betfair. com more favourable odds as it takes on Paddy Power. We hope the new code takes a less stringent approach on betting. We take our responsibility on the social implications of betting quite seriously."

He says the current advertising code creates artificial barriers to new entrants. It's not the betting shops it impacts on . . . it impacts companies trying to grow market share because there's no highstreet brand."

On Friday the Broadcasting Commission of Ireland closed its period of public consultation on rule changes, and as of lunchtime that day it had received just 30 submissions. It is expected the new code could see prohibitions lifted on product placement within TV programmes as well as certain categories like pharmaceutical companies. And quite possibly firms such as Betfair.