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If racing was as straight as roulette then you could make money on it at 5% overrounds!
If this is Betfairs big attempt to get betting shop fodder out of the offices and onto the exchanges they’ll have their work cut out.
The dole money recycling punter that is the Big 3’s core customer often dosent have internet access at home. They are people who are intimidated by screens of flashing numbers and odds they don’t understand. They very often wont have credit cards to make a deposit in the first place. The betting office is as much a place to go in a social sense as it is a place to have a bet. Betting shop punters are a bit like the people you see at airports not using the automatic check in machine and going to the desk instead. On top of that if this new SP is going to be explained an ¨algorithm of a mean weighted average¨ etc…if will have even less appeal to them.
As I said earlier if your full time on the exchanges you can get BF SP on every race or a bot will get you close enough most of the time. Also if its going to mean 105% overrounds on top of the current commision structure I really cant see it have much appeal to full timers either.
They really need to look at commission levels if their serious about kick starting stagnated liquidity in the racing markets imo.
Another piece in the Guardian (Nov 13th) which confirms this will go ahead.
The SP market will be separate and punters will be able to back or lay at SP. Bets at SP can’t be cancelled after they’ve been placed. The punter will be able to set a maximum price to lay when placing the bet.
The more I think about this, the more it looks like a case of shooting themselves in the foot – all this can do is remove money from the existing race markets, producing two markets with limited liquidity.
Where is the new money going to come from ?
If this new market proved really popular, they could end up emulating the current fixed odds market, with the majority of their turnover at SP and the prices set by a small number of people still playing the current way.
I’m reminded of the BF employee who told me that the company is now run by marketing men that have no background in betting and don’t understand punters – the whole idea of a Betfair SP reeks of a marketing dept initiative.
AP
New SP system wins approval of high rollers
Who are these high rollers who want to dilute the current liquidity, where do these high rollers think the new money is going to come from like AP states
Can a high roller enlighten us?
Full article
The only obvious target are the punters who already bet online with regular bookmakers at SP.
Will these mainly leisure type players desert the bookmakers en masse?
The only obvious target are the punters who already bet online with regular bookmakers at SP.
Will these mainly leisure type players desert the bookmakers en masse?
Could be wrong CR, but wouldn’t that category already be playing or have tried the exchanges???
Could be e/w.
I’m thinking of people at work who wouldnt have access to internet betting during the day and wouldnt want to take an early exchange price so would bet with possibly the safer bookmaker SP instead.
The BF SP would allow them to bet on the exchange early without those inherehant risks at an SP that in theory would be better than the bookmakers.
I really cant see it having much appeal to anyone else and wheter that market is large enough to pump massive liquidity into the exchage we’ll have to wait and see.
A lot of office workers cannot bet by computer from work.
A few that have internet accounts, but can’t get bets on at the right sums /price might change, but why not then use the P2P market?
It looks as if even attracted SP bets can be cancelled if they don’t meet the users back or lay odds stipulation. So hoped for liquidity gains could vanish in voided bets.
There may be many grievances felt if the final SP price varies greatly from the Betfair advertised SP guide price at the time of betting. Same as in shops.
My hunch is that they are trying this out on UK and Ireland racing, which is used to a SP market, just as a test run ( it makes no real business sense, otherwise) and then go worldwide on other sports, as a single SP market, which is where the big money is.
You don’t actually need internet access to use Betfair during office hours, just a phone.
Given the difficulty of getting accurate information on the current market prices and movements through the phone service, I can see that the SP option would be of interest to phone service punters.
AP
I think the principle of Betfair reporting their SP for horse racing is a positive move. This will highlight the discrepancy between real odds available and the fantasy SP system currently in place and controlled by a few bookmakers.
I also think the real reasoning behind this move is to enable multiple bets to be taken.
Greg is actually a member of this website and may not wish to have his username known but he has obviously been privy to the actual details and thinking behind all of this.
Come on Greg spill the beans!
Betfair do intend inviting some heavy hitters to visit them where they will explain the details but surely some sort of customer annoucement on the forum would be better.
You don’t actually need internet access to use Betfair during office hours, just a phone
There is , however , a minimum stake of £ 20 per selection for
telephone bets .I think we’re gonna have to rely on Greg Wood and his moal to get lowdown AP
Or you could just ask a question yourself in the comments box and await a reply
Mike
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