- This topic has 35 replies, 22 voices, and was last updated 17 years, 5 months ago by
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Ban laying.
Bookmakers offer a fixed 105% market every race with an exchange style interface.
Bookmakers guarantee to accept a bet of lets say £200 per account per race.
All us exchange players go back to the bookmakers and pump the £750,000 grand per race we wager on BF back into the levy.
Bookmaker % profits drop but increased turnover compensates.
Andrew Black goes back to the the drawing board, it was good while it lasted.Could it work?
If you bet to 105% and allowed everyone £200 on whatever they fancied (including multiple accounts), you would go out of business very quickly.
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Correct me if im wrong but you can’t just ban laying as its a fundimental of trading.
- Total Posts 17716
Those behind Betfair (though I don’t think Andrew Black is involved) have already moved on, CR, having recently started a person-to-person loans company. Anyone in need of a loan can apply in the normal way (whereby they will automatically be matched against a database of agreed lenders), or alternatively advertise themselves and have lenders bid to offer them money at different interest rates.
It just puts the law in the hands of loan sharks (though it is anonymous, making any leg-breaking highly unlikely). Crazy.
I think you’ll find that history shows us that pretty much anything can be banned (or at least attempts can be made to ban pretty much anything).
Cav – I suspect tdk is very correct.
However I do think there should be legislation in place to control the bookmakers SP margin on each race. There should be fixed margins, based on number runners, and where the SP differs from those margins a calculation should be applied to correct it. Would mean strange (i.e. fractionalised) returns but nothing different than current Tote returns really.
Most firms will bet to 2% a runner up to 10 or so and then 1% for each one after on the EP’s.
There has just been new legislation to regulate betting far more Corm. It’s called the Gambling Act and does away with the old "1/4" and "1/5" Tatts rules so you now have "1/6" and "1/8" written on some on course firms place boards.
The SP returns are done by the independents on course so in that respect the big three have little impact on it (aside from if they put money on on course).
cormack
I think the idea of legislation is a lauddable idea, but sadly has not a cat in hell’s chance of being brought in, since the bookmakers would immediately whizz off to the courts, at whatever level, to stop it……., restrictive practises and all that!
What chance would measures like that stand when the government has been engaged in a thankfully unsuccessful attempt to sell the Tote, something which to all intents and purposes is owned by, or perhaps, belongs to racing.
What suits racing doesn’t always suit the bookmakers and punters, what suits the punters definitely doesn’t suit the bookmakers nor much of the time racing, and what suits the bookmakers definitely doesnt suit the punters nor much of the time racing!
Rob
Ban laying.
Bookmakers offer a fixed 105% market every race with an exchange style interface.
Bookmakers guarantee to accept a bet of lets say £200 per account per race.
All us exchange players go back to the bookmakers and pump the £750,000 grand per race we wager on BF back into the levy.
Bookmaker % profits drop but increased turnover compensates.
Andrew Black goes back to the the drawing board, it was good while it lasted.Could it work?
If you want this to work it can not be 105% for all races whatever the amount of runners. Otherwise bookies will go broke.
But you could make a rule no more than say 1.75% per horse. Whether that would bring in so much as you think is debateable.
Also with £200 guaranteed to be allowed per account, best prices would not last long. Bookmakers will be forced to drop each price very quickly (all be it forcing out another price).
But it won’t happen.
Compensation paid to exchanges etc. would be too much.I think bookmakers should limit stakes to account holders normal sized bets for pricewise horses.
Mark
Value Is EverythingThanks for the replies. Yes I suppose I’m being very idealistic. Bertie Black is safe for another while yet.
Laying shouldn’t be banned but it probably will be .. in the same way that betfair have banned successful betting with their Premium Tax. When all of the smart minds have sorted out their strategies to get around that then another scheme will come along, until betfair have their 20% edge.
Barry and Cav
Exchanges are here to stay , whether based here or inGibralter , laying is here forever
levy will be a chestnut saga that will continue to run , maybe one day the tote will be owned by commercially aware folks , with terminals in pubs , clubs and shops , then we will join the rest of the world in secure funding of racing
Until then we have to put up with Bookmakers , like it or hate it thats the reality
have a great Christmas
Ricky
Surely if you ban laying then there would be no bookmakers as laying is their business.
Why should laying be banned, or that considered as an ideal state? It’s just as much a skill to lay successfully as backing.
Ricky,
The govt/levy will not accept betfair contributing only £4M and the rest of the gambling industry £100M,
Forget offshore, legislation can change anything
Betfair give most of their turnover back to their customers Barry, unlike your goodselves who walk away with 900 million.
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