The UK's online betting company Betfair has won its second Queen's Award for Enterprise in its eight-year history.

The award comes in the International Trade category, five years after Betfair was recognised in the innovation category for creating the first successful betting exchange. This meant a new concept providing a better deal for customers and greater protection within the betting industry, the company said.

Since winning its first Queen's award in 2003, Betfair has grown from 200 employees to over 1,200 this year, spread across its bases in Hammersmith, Stevenage, Malta and Australia.

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