Andrew Black Q. & A.

[Daylight]

Andrew Black has returned your questions with answers in very quick time and taking the time to detail ALL his replies. I know he looks in so thank you Andrew for agreeing to give up your free time and accept my daunting offer of this Q & A.

<br>****** QUESTIONS & ANSWERS ******

— Posted by Prufrock on 4:18 pm on Dec. 7, 2004

Hello Andrew/Bert,

In your time as a punter and more recently as a founder of the world’s leading betting exchange you must have come across a vast number of punters, both good and bad. Are there certain attributes that tend to distinguish one from the other in your view?

If I am allowed a supplementary, I would also like to ask you what you think the state of the betting and horseracing industries in Britain will be in, say, 3 years’ time?

Keep up the good work!

Prufrock

Prufrock,

hope you are well.  I’ve met a lot of big punters over the last few years, and they have been a pretty diverse group of characters.  I think it’s one of the great aspects of the betting world – it seems to be a classless ageless society where most people get on with each other.  In terms of success I think that a key attribute is the ability to distance yourself from all emotion.  In my former life as a trader I took the view that my enemies were fear and greed – if I was feeling either emotion then it was time to walk away, and I think the same applies to betting.  As in most things I think it is about putting in the hours – you need application, focus and concentration and an understanding of the nature of probability – most good punters seem to have these attributes.

<br>Betting and horseracing in three years time – tough question.  I hope we continue to progress and I think we will.  I can see us doing more with the bookmakers as time goes on  – I’d like us to be doing more with the courses, but this may be difficult.   I can see the High Street losing business to new casinos popping up.  I’m concerned that racing may lose betting share to other sports and gambling pastimes.  I’d like to see the racing industry modernise a little – professional stewards in a central office would be a good start.  I think we’ll see more all-weather tracks and the quality of all-weather should also improve.

**********************************************

— Posted by LetsGetRacing on 4:36 pm on Dec. 7, 2004

Thank you for your time , Mr. Black.

The exchanges have proved a revelation in the betting world and have changed the face of it forever. The opportunities they provide for the punter are unparallelled , but they are also effective in highlighting possible ‘ cheats ‘ , obviously through suspicious betting patterns and the like.

In light of recent events as regard race-fixing allegations , how do you see your relationship and dealings with the Jockey Club progressing over the coming years ?

And , if I may add a small extra , where do you see Betfair itself going in the future ? Bookmakers can add all of the games and virtual racing they want to try and increase revenue , but what next for the exchanges ?

Again many thanks for taking the time to answer our questions.

All the best.

LGR

LGR,

We have always had a good  and close relationship with the Jockey Club, although we are careful to make sure that we strike the right balance between our customers’ privacy rights and the JC’s requirements to police racing.  I’m happy with us being where we are and I don’t see the relationship changing very much.

<br>There have always been undesirables in racing but previously the politics were such that there was no great pressure on anyone to expose them.  The political landscape has now changed to the point where the integrity issues are IMO being overstated rather than understated.  I doesn’t help racing in the short term, but I think (hope…) it will be beneficial in the long term.

I can see a number of interesting ways for Betfair to innovate in the future, but I’d prefer to keep my thoughts private for now.  We haven’t done much in the way of genuine innovation for a couple of years as we have been flat to the boards dealing with the core exchange model – we are getting on top of things now and hopefully the next couple of years will be more interesting. <br> <br>**************************************************

— Posted by Nick Hatton on 5:34 pm on Dec. 7, 2004

— Posted by EC on 5:15 pm on Dec. 7, 2004 (similar question)

Thanks for taking the time.

I’d like to know if you’re aware of the many problems that users have been encountering since the introduction of the new site – problems such as slow bet processing and the site even freezing completely near the ‘off’ ?

Also, why was the old site retired when the new one is much slower to use ?

Thanks in advance

EC, Nick,

<br>I loved the old site and architecture – I had personally put a lot of work into it, it had become extremely reliable and had given us sterling service for a couple of years.  It had had its day though – we were running out of ways to scale it up and running out of time.  A lot of people said “if it ain’t broke don’t fix itâ€ÂÂ

[gamble]

I just happened to chance in here, and Andrew you may appreciate the significance of that ;)

 Certainly the full works from a man who has backed and played and won. All fascinating stuff and worth a second read. :cool:

<br>flatcapgamble…blue ice caps all round :biggrin: <br>  

 

[phunter]

Very quick with the replies and very good answers to our questions, very much appreciated that Andrew took the time out to answer them, well done to Daylight as well. :)  

[Nick Hatton]

Thanks for a great read and a detailed reply to my possibly ‘awkward’ question.

Much appreciated ! :cool:

(Edited by Nick Hatton at 5:22 pm on Dec. 10, 2004)

[empty wallet]

Andrew

thank you for your time :cool:

[cormack15]

Good stuff !

<br>(Edited by cormack15 at 8:32 pm on Dec. 10, 2004)<br>

(Edited by cormack15 at 8:33 pm on Dec. 10, 2004)

[Adrian]

Dear Andrew,

Thanks for your answer to my question and all the other interesting topics discussed.

I’m glad you will review the situation on ante-post bets because I certainly get plenty of opportunities to lay non-runners and this is morally wrong.

Many congratulations on potentially breaking into the Australian market and many of their journalists I’ve been speaking with recently are warming to the prospect.

Best wishes,<br>Adrian

[Seagull]

Thanks Andrew,<br>The best Q % A so far.<br>rgrds.

[barry dennis]

Andrew,   well done,  thanks for the effort and input,

will leave the 20% issue until I’ve got a spare couple of months.

[Zebra]

Yes a very interesting read. I can’t see Chris Bell answering questions in the same open way.

[dave jay]

An interesting and honest, a great read,

Thanks very much,

Dave<br>:cool:

[Prufrock]

Excellent stuff, Andrew.

This deserves a wider readership.

[Author]

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