General Betting
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What's to stop me opening my own betting exchange with similar functionality to Betfair and manufacturing liquidity by using a bot to copy all the offers on Betfair onto the betting grids on my site?
I'd make money two ways - through commision (I'd charge 2-3%) and through slight over-round built in to the markets
It would be fairly easy to do
Who could stop me?
I'd make money two ways - through commision (I'd charge 2-3%) and through slight over-round built in to the markets
It would be fairly easy to do
Who could stop me?
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Betfairs odds change because people are taking both sides of a bet. I'll go out on a limb here and say that you won't have the customer base BF does, so people will take your odds without the other side being matched. Someone might bet a horse big at 5.0, are you sure you will get a layer @ 5.1 ?
You'd be on the hook big time You can't always cover your bets because BF odds move too fast. Plus operating and start up costs would be enormous. Nice try though. |
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£1M to have the servers hosted, duplicate throighout the world....................
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SS, I won't care about balancing my book
I'll be happy to lay 25% shots at 5.0 Won't bother me if I can't back it at 5.1 |
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20% shots*
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WELL THERES NOTHING TO STOP YOU, BUT THE FACT IS BETFAIR HAVE 2 MILLION CUSTOMERS AND IF THEY GET A FIVER A WEEK FROM EACH THEY RAKE 10 MILLION
a bit like walking into a bar, and miis world is there wanting a fk, betfair have 10 million and you have 30 quid, who is she going to choose? |
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This is already happening in practice.
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Where Baz?
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Daq are similar in my opinion.
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Their other site ending in Mate does 2 & 3 %. I was wondering whether you were jokingly referring to it.
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how does the firm begiinning with w keep going?
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Stranger than the 'Bermuda triangle' phenomenon that one. Large investment and not happy to close for a loss yet?
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Yeah Baz I know they are at it, but what about audits?
It's legally a very dubious practise |
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Firms populating their own exchanges will make errors in doing so that cost money, wrongly programmed bots etc. Not inc Betfair, none of the others are set up to make a trading profit or even come out flat so therefore must pay set up and fixed costs from commission generated. It doesn't take a lot of working out that it's a massive struggle.
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Baz, shutting down winning accounts would help reduce costs
Anyway my question is is it legal to put my own money into markets on my own betting exchange? |
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You would need a bookmakers licence to run an exchange, if you have that you can do what you like with it providing you don't breach your own T&Cs.
The notion of an exchange is a bit of a fiction, when you strike a bet on betfair you aren't really betting against another customer- your bet is taken by Betfair (acting as a bookmaker), betfair simultaneously takes another bet from another customer which opposes yours- but both bets are struck between the customes and betfair. That's why betfair is legal, it's also why layers here are not unlicensed layers- they are in fact backing a regular bet against a bookie. |