setup.py fails on pip = 1.1

[verganis]

pip install betfair.py
Downloading/unpacking betfair.py
  Running setup.py egg_info for package betfair.py
    Traceback (most recent call last):
      File "<string>", line 14, in <module>
      File "/home/nishant/venvs/datafootball/build/betfair.py/setup.py", line 76, in <module>
        for requirement in parse_requirements('requirements.txt')
      File "/home/nishant/venvs/datafootball/local/lib/python2.7/site-packages/pip-1.1-py2.7.egg/pip/req.py", line 1240, in parse_requirements
        skip_regex = options.skip_requirements_regex
    AttributeError: 'NoneType' object has no attribute 'skip_requirements_regex'
    Complete output from command python setup.py egg_info:
    Traceback (most recent call last):

  File "<string>", line 14, in <module>

  File "/home/nishant/venvs/datafootball/build/betfair.py/setup.py", line 76, in <module>

    for requirement in parse_requirements('requirements.txt')

  File "/home/nishant/venvs/datafootball/local/lib/python2.7/site-packages/pip-1.1-py2.7.egg/pip/req.py", line 1240, in parse_requirements

    skip_regex = options.skip_requirements_regex

AttributeError: 'NoneType' object has no attribute 'skip_requirements_regex'