LAS VEGAS – July 2, 2007 – Harrah’s License Company LLC, an affiliate of Harrah’s Entertainment, Inc. (NYSE:HET), has executed a non-binding letter of intent to form an alliance with Betfair.com that will designate Betfair.com as the Presenting Sponsor of the World Series of Poker Europe through 2011.

The inaugural WSOP Europe will debut in London September 6-16. The first World Series event to be held outside Las Vegas Nevada, the tournament will be hosted at three casinos operated by London Clubs International – Fifty St James, Casino at the Empire Leicester Square and The Sportsman.

The letter of intent, which is subject to execution of a definitive agreement, calls for the largest-ever union of its kind between an offline and an online gaming company. As part of the agreement, Betfair.com will be integrated into several facets of WSOP Europe and will promote the event internationally on a year-round basis.

“Betfair.com is a global leader in gaming innovation” said Jeffrey Pollack, Commissioner of the World Series of Poker. “Our two organizations each have a vision, style and brand strength that is complimentary and world-class.”

“Our alliance with Betfair.com will launch and build the World Series of Poker Europe with prestige and authenticity. This will likely become the most important poker tournament outside of Las Vegas,” Pollack said.

“This is an historic deal for us,” said David Yu, Chief Executive Officer of Betfair.com.  “To present the WSOP, with its 38-year tradition, on its first venture into Europe is a great honor.” 

“Betfair.com is renowned for its ground-breaking moves in the world of fixed-odds sports betting,” Yu said. “This deal puts Betfair.com alongside the most important brand in offline poker and bonds us with Harrah’s Entertainment, the largest casino operator in the world.”

The World Series of Poker Europe presented by Betfair.com will consist of three events. The largest of these is the Main Event, a £10,000 buy-in, 750-player, six-day tournament spread over three casinos with a prize pool of roughly £7.5 million. The winner could take home more than £1.5 million in cash, depending on the number of entrants, and a WSOP gold bracelet, the most coveted prize in poker. It will be the first time a WSOP bracelet can be won outside the US.

WSOP Commissioner Jeffrey Pollack will be joined by the Managing Director of Betfair Games, Steve Ives on July 5 at World Series of Poker in Las Vegas to formally announce the World Series of Poker Europe presented by Betfair.com.

The 2007 World Series of Poker Presented by Milwaukee’s Best Light, the world’s richest sporting event, began June 1 at the Rio® All-Suite Hotel & Casino in Las Vegas. More information on the tournament is available at www.worldseriesofpoker.com.  

Harrah's Entertainment is the world's largest operator of casino-entertainment resorts. Since its beginning in Reno, Nevada, USA, nearly 70 years ago, Harrah's has grown through the development of new properties, expansions and acquisitions, and now owns or manages 50 casino resorts on four continents. The company’s properties operate primarily under the Caesars, Harrah’s and Horseshoe brand names; Harrah’s also owns and operates the London Clubs International family of casinos and the World Series of Poker tournament. Harrah's Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. The company is committed to reinvesting in the communities in which it operates.

 More information about Harrah’s is available at its Web site — www.harrahs.com.

Betfair.com pioneered the concept of the betting exchange, where punters can bet between each other at odds they set themselves. Since launching this revolutionary concept in June 2000, Betfair has grown to become one of the largest online gaming companies in the world, with over 1 million registered users. Betfair offers online sports betting, casino, poker and exchange-based games. The company is privately owned, and was last valued by a private sale of 23% of the company in February 2006 at £1.5bn. The company now employs over 1200 staff worldwide, principally in the UK, Romania, Denmark, and Australia, with its main offices in London and Hobart. The company’s co-founders – former professional gambler Andrew Black and former JPMorgan vice-president Edward Wray – were jointly voted Ernst & Young Emerging Entrepreneur of the Year 2002. In April 2003 Betfair won a Queen’s Award for Enterprise in the Innovation category, and in 2004 and 2005 was named ‘Company of the Year’ at the CBI Growing Business Awards – the first company ever to win it twice.