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It’s here folks,
<!– m –>http://betting.betfair.com/horse-racing … he-re.html<!– m –>
Does anyone want to dissect the info. Is it good, is it bad, how does it fully work, will it be good or bad from a betting perspective for us punters?
I’ve said many times I’m just a small time punter, a £10 and £20 guy so this sort of thing doesn’t really make much difference to me. But I would love to read all you thoughts.
Cheers,
Mike
If the overrounds are going to be as low as returned today (highest of 2%, which is an effective 7.37% at 5% commission I think!), then I will be using it quite a bit.
It’s not always possible for me to sit in front of my computer trying to get a price on a Saturday morning so I am more than haoppy to accept the Betfair SP as the low overround will make the price acceptable to me and the liquidity of the early markets is laughable at times.
One thing though – are the SPs of ALL runners being made available post-race or it just going to be the SP of the winner, as with Tote returns?
The overrounds will probably be near to 100% before commission on average – not that surprising really on a site where people are both backing and laying. It was unlikely they were going to introduce a betting system that would give either backers or layers an inbuilt advantage.
As david brady suggests it provides an extra facility for people who cant be bothered to sit in front of their computer all day, but I would have thought that most exchange players would still want to know what price they are getting on their selection.
For that reason, I think that most Betfair SP punters will play with a price stipulation attached to their bet which the service offers. The worry would then be that the early morning liquidity in the normal markets might drop even further and the betting action will be even more concentrated on the last few minutes than it already is.
The great weakness of any kind of SP betting is, as TDK mentions, the fact that you do not know the price when you place your bet. In effect you are buying something at a price you do not know, which is irrational.
Including a minimum acceptable price goes some way to solving that problem, so I believe Betfair may be onto a winner once punters catch on. The percentages certainly look more favourable than those generated by the existing method of returning SPs which is tantamount to legalised larceny.
Granted I’ve not been looking too hard, truth be told not at all, but I’ve seen no explanation as to why the BF SP is not pool betting and therefore a tad illegal. I’ve heard they’ve had internal and external lawyers all over it but I’ve not heard why they think it’s fine.
And is it true that the Reduction Factor swings things in favour of backers versus layers?
Sean Rua.
Indocine,
It’s nothing like Tote pool betting as the ‘SP’ is based on the prices in the normal BF market at the off, not on the volume of money placed on each horse in the SP market.
Sean Rua,
I’d say it was the other way round, especially when there are multiple non runners.
AP
i’ll get my coat
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