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This Betfair SP sounds great in theory, but how robust is it?
A horse trading at over 8.2 today on the off return a Betfair SP of under 7.0 when a bet of just over £1k was stuck on it at the death – I know because we (foolishy with hindsight) hedged a small position using the mechanism.
The Betfair SP returns and %s might look very "pretty" when compared to the industry SPs, but what do the numbers actually mean if significant wagers are requested?
Is it like the Tote – always a better dividend (unless you have backed it)?
This Betfair SP sounds great in theory, but how robust is it?
A horse trading at over 8.2 today on the off return a Betfair SP of under 7.0 when a bet of just over £1k was stuck on it at the death – I know because we (foolishy with hindsight) hedged a small position using the mechanism.
The Betfair SP returns and %s might look very "pretty" when compared to the industry SPs, but what do the numbers actually mean if significant wagers are requested?
Significant wagers aren’t requested, so its a moot point. Compare apples with apples please. Ironic, to say the least, to read a bookmaker criticise Betfairs product, considering the shambolic SP’s they offer on a regular basis.
I have every BFSP and 1 second before the off on the main exchange price for the last 2 years, the prices compare 99% of the time. I think Betfair didnt really think too much about the consequences of big imbalances until after product launch and since the Grand National fiasco they’ve accepted its never going to be anything more than a niche product, a drop in the ocean compared to the main exchange. Which suits Betfair, the bookmakers and the people who use it just fine.
I use it from time to time, to 2 digit win single stakes and it works great, never had a problem with it.
A horse trading at over 8.2 today on the off return a Betfair SP of under 7.0 when a bet of just over £1k was stuck on it at the death – I know because we (foolishy with hindsight) hedged a small position using the mechanism.
Was this a jumps race with a messy start? Was your horse the front runner? Sadly in such situations SP bettors are expected to pay their ‘tribute’ to the on-course boys.
Wonder if the in play boys at Lingfield are enjoying themselves today with no pictures from ATR ,sheepishly I wonder if the 2 events are at all connected
Ricky
Great minds think alike Ricky.
If you rely on bookies for funding rather than racegoers you put on cards like Kempton’s. If you rely on prestige and snob value to generate revenue like Royal Ascot you eschew vulgar race sponsors. If in-play boys renting out boxes are your main revenue earner………..
Back Among Friends at Chepstow on the way from the paddock gets rid of his jockey, bolts, runs into rails and a lorry and has to be put down yet while all this is going on bookies manage to get his price down to 14/1 to enable a 5p deduction, wouldn’t you expect it to drift like it did on Betfair? Wonder what fraction of the odds they were going a place as well.
Well done lads, hope you enjoy it.Meanwhile, the BHA, racecourses and the racing media say and do nothing.
Significant wagers aren’t requested, so its a moot point. Compare apples with apples please. Ironic, to say the least, to read a bookmaker criticise Betfairs product, considering the shambolic SP’s they offer on a regular basis.
You kind of make my point, CR. For the PR they could generate, I’m sure bookies collectively would be happy enough to pay out SP bets at Betfair SP if they only had to stand them for buttons. That isn’t the case though, so Betfair’s “we offer x % better value” is somewhat irrelevant unless their SP service is based on high levels of liquidity.
On your other point, I have already made it clear that I think some of the SPs returned at Kempton have been totally unacceptable, so I fail to see any “irony” here – just trying to present the situation as it actually is…
Back Among Friends at Chepstow on the way from the paddock gets rid of his jockey, bolts, runs into rails and a lorry and has to be put down yet while all this is going on bookies manage to get his price down to 14/1 to enable a 5p deduction.
Clearly, if this was happening On-Course it’s really quite shamefull.
However, I do know that in Corals, betting on the race was suspended when the horses were still in the parade ring and I’m pretty sure there was no R4 at SP.
You kind of make my point, CR. For the PR they could generate, I’m sure bookies collectively would be happy enough to pay out SP bets at Betfair SP if they only had to stand them for buttons. That isn’t the case though, so Betfair’s "we offer x % better value" is somewhat irrelevant unless their SP service is based on high levels of liquidity.
If you know of a bookmaker that offers a 102% SP that will let me bet between £50 and £200 a race in unlimited races as I frequently do using Betfair SP let me know please, TDK. I guess buttons are relative, but that’s all I need from BFSP, it does the job nicely, exactly what it says on the tin.
On your other point, I have already made it clear that I think some of the SPs returned at Kempton have been totally unacceptable, so I fail to see any "irony" here – just trying to present the situation as it actually is..
Fair point, shouldn’t have singled you out on that one.
Fair enough CR – I’m not knocking Betfair or the Betfair SP – I use the site extensively myself.
I’m just not sure direct comparison’s between BFSP and the SP are particularly appropriate as they are serving very different customers. SP bets are placed in thousands of betting shops up and down the country and the scale of the amount wagered on it is significantly higher than the BFSP.
What is definitely worth investigating is whether it is still acceptable to have the SPs determined purely by increasingly weak on-course markets – or whether there need to be other mechanisms in place…
What is definitely worth investigating is whether it is still acceptable to have the SPs determined purely by increasingly weak on-course markets – or whether there need to be other mechanisms in place…
It’s not imo. But it wont change until a serious high street competitor for off course bookmakers comes along. I dont blame the bookmakers actually, their priority lies with their shareholders and the bottom line. Its racings hierarchy that’s at fault here. I’m still hoping Andy Stewart can come up with something.
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