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fully agree with what you say Barry hope the kids and wife is well.
Interesting times ahead.
Any No 1 pitches for sale.
Cubone.
Point 506 in the JSC’s report on the draft Gambling Bill back in April recommended that exchanges should not be allowed to initiate bets themselves (I don’t have the precise wording to hand at present).
The reasons for this recommendation are now clearer, but the fact that the recommendation was made in the first place suggests that for an exchange to intitiate bets is not currently against the regulations. IMO.
(Edited by Prufrock at 10:29 am on Nov. 17, 2004)
Ian, serious question here, how would your shoestring "hobby" exchange cope if there was a marked increase in business? Could it run into technical or even financial problems? Your assurances on probity etc. are welcome, but do they depend on things remaining much as they are (which I imagine isn’t entirely your intention)? <br>
(Edited by Prufrock at 1:46 pm on Nov. 17, 2004)
Ian, you said earlier on that you discourage punters from using ‘Money bookers’ from depositing funds in their accounts with you, why is this?
I am thinking of changing over to that method of payment myself but aren’t exactly sure how it works. From what you have said before, do you have to register with them to before you use them or can you deposit funds straight away.
I have also seen two charging rates displayed, 5% and 8%, is this right and why? Or is there a fixed charge?
Cheers !!
Mave screamed the order….
 and calmly into the valley of death rode the six hundred…..
Five hundred and eighty shortnecks and twenty longnecks dodged heavy gunfire on either side whilst staring destiny hard in the mane. All managed to ride through it though to safety, and save their precious neckers.
The shortnecks later took a vote and decided to kill off their longnecked brothers. They just looked too successful and carried their uniforms a whole heap better :biggrin: ÂÂÂ
Mave was too late on the scene
In its haste to reassure clients, I think Betfair is overstating the effect of ringfencing.
Its statement to clients on its website includes the claim:
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>><br>…..The Royal Bank of Scotland treats the customer account as money that is subject to a legal trust. Therefore even if RBS were to be liquidated, Betfair’s customers (as beneficiaries of a trust) would be first in the queue at RBS……… <br><<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
IMHO this is utterly wrong.
I can understand the preceding bit of its statement about "the trustee of the trust is a separate company called The Sporting Exchange (Clients) Limited", and the bit about RBS knowing its a trust account (and so not being able to apply banker’s right of combination to that account), and that therefore it might help folk with deposits if Betfair was to go bust.
But the relationship between RBS and TSE Clients Ltd – a customer of RBS acting as trustee or fiduciary- will still be that of debtor and creditor.  If RBS went belly up, Betfair clients would NOT have any special place in the queue of RBS’s creditors.
Even if – highly unlikely and not mentioned but possible -RBS has declared itself a second trustee of the funds deposited with it by TSE Clients and so has a dual role both  as a trust corporation and as a banker – it ain’t gonna help  anyone if RBS the trustee has then gone and deposited the money with itself as RBS the bank, which then goes bust.
Its a bit worrying when even BF seems not to understand the limits of ringfencing.
best regards
wit ÂÂÂ
Wit sports report
sporting options 1  teamgamble 0  (half-time)
<br>flatcapgamble… it looks like teamgamble have had their fingers set in concrete for the third time and it seems their love affair with exchanges is gradually turning into a nasty claws out cat fight. A dicky computer, a recently lost bank card and forgotten password are three further obstacles to the retrieval of the dusty bad tempered funds. :angry:
 Davies’s methodology deserves high praise in this risky head blown off world. Small wonder a New York piza man is head over heels with his product which amounts to a simple, nicely rounded, cheese-topped formula, that succeeds by using surprisingly little dough. <br>Not quite right about the advertising though. It has been flashing its da do run run message in many houses up and down the land
It just beats me why anyone would deposit more funds than they actually need for betting anywhere, when you can transfer and draw it down daily.
I also don’t get it when Punters put all their faith in one exchange not to go wonky and don’t spread their liabilities or betting banks around a bit more.
You can win all the money you want to, but if you don’t actually get it in your hand then it doesn’t mean a thing.
Ian, no need to worry as you don’t have any competitors.
I watched you site for a spell this afternoon and could not believe the volume of business or to be more accurate the lack of volume. In one race at Huntingdon, I did not see ANY movement at all as the list of £1 seed bets on both sides at fantasy odds remained unchanged. The spread of odds was 118%/84%.
I would estimated the matched volume on the site today and a few hundred quid. Looks like an expensive hobby to me.
Bogside .. you really should get a life and try and concentrate on what YOU do and not worry too much about other people.
I can see from your string of silly posts, that you haven’t done so well in life yourself and wouldn’t like to see anyone else succeed where you have not ….
The SO debacle
Another disaster for you was it? <br>Get stung again?<br>Failed again?
Never mind you can always have a swipe at Davies, at least he’s got off his back-side and done something with his life.
Personally, I’ve just emptied my Betfair account … you just never know. Have you, or are you carefully planning your next disaster?<br>:biggrin:
I did not lose anything with SO. There is only one exchange.
I have to laugh at Ian considering himself a player in the market and feels qualified to comment as if he is.
It is very worrying that a two man operation can setup as an exchange on a shoe string. At least the stack of £1 bets shows there is no real business here. I would be amazied if this site is not losing money every day.
Let everyone put this into perspective and tell us how much matched business was done today. My estimate is less than £500.
Ian, I have not implied anything defmatory or suggested you are doing anything illegal or are not properly registered. ÂÂÂ
I am raising awareness of the scale of your hobby site and how easy it is for anyone to setup as you have done.
I do not think it should be possible for people to setup a trading gambling site as a hobby without putting up a sensible bond.  £500k for starters would do.
The industry needs to be properly regulated to prevent small scale operations springing up.  If you cannot see the danger here your head is in the sand or somewhere else.
I’M AM NOT ACUSING YOU OR YOUR SITE OF ANY WRONG DOING.
(Edited by Bogside at 8:15 pm on Nov. 20, 2004)
I’d just like to add a few comments to this thread.
I’m a full time professional trader / punter and I DO have an account with BackAndLay as well as a much larger one Betfair. There might not be much liquidity on BackAndLay but it seems to be picking up especially on football and to a lesser extent on special bets, and I’m 100% confident that my money is safe with them, as I am with Betfair. I’ve just estimated that I turnover less than 0.005% of my bets with BackAndLay but that will certainly increase as liquidity picks up and I honestly applaud Ian for running the only 1% comission exchange around.
Anyone who bets on football or special bets is mad NOT to have an account IMVHO.
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