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i think its not regular customers that betfair should protect by closing down insiders, its actually betfair themselves.
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"Pricing on betfair should be set at a rate proportional to the inverse elasticity of demand of the user"
dj - either you're on a mammoth fishing trip (I hope so), or otherwise you sound like a thwarted ecomomist with some half-baked ideas that really should be set aside for the time being. |
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it's the first one. nice one dj :)
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>>I can see huge financial logic in restricting/banning accounts for Betfair
And that's why you're a DJ and not a financial adviser. |
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:^O [b]
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The relevant authorities should close down companies that differentiate or
discriminate against punters being lucky or succesful. Companies either provide a service to society as a whole, or they don't. If that means closing down all bookies then so be it. As for the insiders, I'm pretty sure betfair are aware they are bad for business. |
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Bookies supply a product to a lot of people who don't care about price. They also have to make a profit from their customers to survive. Fair enough.
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wb Dj .. enjoy your stay ! :)
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good afternoon snoozer ;). i'm not expecting to last long ;)
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yawn
it's a coruption question, thinly disguised. there's some good golf on tv.......go do something useful. |
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lol Good man .. Fair play to u Dj :D
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lol bpp, i think i just missed you last week. you were actually the reason i went :^O. oh dear.
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already turned over 20k on the golf so far bpp.
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Didn't you do this thread about a year ago or am i just getting a weird sense of deja-vu ?
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There is little point closing down accounts who vacuum up all the money available on known results. The fact that ALL the money available is taken in these cases suggests that there is a lot more trying to get on than is able to. In other words, if you ban those doing it now there are plenty more trying to take their place.
The solution to this particular problem is to ensure that bets matched after results are known are either voided or cannot be be matched in the first place, perhaps with early suspensions, though I can see how this would create another pile of problems with punters being apparently arbitrarily denied the chance to trade out of positions. |
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ah. sorry to have missed you - if I'd known you were coming I'd have been sure to wait. :)
still; what's the point of this? just come out and say it........ |
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I always liked the elasticity of demand, especially when it applies to non-essential products.
people just don't know how much they don't need something. |
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the point is that it annoys me that betfair allow people who know the results on completed events to bet, and that its probably damaging betfair much more than its damaging the people who have a 0% chance of winning their bets.
I agree that there is nothing illegal about using known phone vote results to bet on events after they have finished, but I still think Betfair should weigh up whether its really worth letting people take tens of thousands of pounds out of the betting pool, with minimal commission made on it by betfair, who only get 5% of this money on one rake. |
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betfair's failure to properly police comedy (whoops sorry, my mistake) special events does not endager the future of betfair. it just gets your pulse racing. you can get beyond this. you're young, and strong. you can beat it.
go worry about s'thing important. :p |
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endanger
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oh, change the record DJ.
why did you have to come back even more boring than you were in the first place ? |
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it's a point of principle - specials are a very small fraction of DJ's turnover.......
etc |
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:x the dogg
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bpp> what if it happens on other sports though?
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other sports?
specials aren't sports |
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if you mean - what if it happens on sprts? :
choose your sports (and within those sports your events) carefully. |
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It just seems to me that Betfair, 35m profit this year, which has its profits dwarfed by the Big 3 bookmakers, is sitting on its own pot of gold.
incredibly naive statement for a betfair legend. why are you comparing betfair's profits to long established bookmaking companies? Betfair is not a bookmaker. betfair is a software company. it's 6 years old. compare it to another 6 year old software company. I expect you can find 3 other software companies (in their first five years of business) who turnover 35m. I'll bet you cant find 3 other UK software companies who make this profit if they are this young. |
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I don't think DJ is being serious here.
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betfair have a unique position (dominant in the market, if not first-to-market) in a brand new marketplace. they do not sell software, and as such are not a software company.
betfair are a betting company, whose product is "bets" (I can't think of anything else Betfair offers as a product, althought maybe they sell the odd fleece?). its not naive to say they are sitting on a pot of gold if it looks like their pricing system charges a very small amount to the people who value using the product most, and a relatively (by comparison) high amount to its marginal customers. making it cheaper at the margin will shift betfair's supply curve south, increase liquidity, and help punters who are fractionally priced out of the market to enter into it. it will also generate much larger profits for betfair by extracting more money from the people who place the largest value upon using it. |
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Where can I purchase a Betfair fleece please? :D
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bigbop - you may be missing the point. betfair could have been far more successful.
the future doesn't look too bright for betfair imo. their commission scheme is back to front; robin hood in reverse, and already competitors are charging 0%. And i've not heard of any**accounts being closed. does that mean there are no**accounts? And frankly, there service leaves a LOT to be desired, or maybe i just need to clear out my temporary internet files. |
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I'd have thought the main weapon Betfair have in trying to deinsentivise consistent big winners is the comission structure, it doesn't seem to have been taylored that way at the moment, great to see you back on the forum DJ.
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I now wished i'd kept the full record of commissions ive paid on here in 3 and a half years, dont know exactly but its 1000's.
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dj - stop reading those books. "at the margin" - what on earth ?
you could write for the Sun at this level of micro-economics ! |
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(Thread looks similar to that big oneThe Magician posted but was always going to get a big response)
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dogdice - you don't seem to have any point to your posts. do you have one?
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Jack Bauer "24" 22 Sep 19:05
Where can I purchase a Betfair fleece please? Coleen McLoughlin is modelling them for Asda ;) |
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"dominant in the market"
what market is that if you please - the market of exchange bettors ? chasing the same few million quid around the block ? go on then, what is the market cap of Betfair ? |
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tamsloup - call me old-fashioned, call me an "asset-stripper" if you want, but if you have the brass cheek to say that then tell me what business you're in.
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TamsLoup 22 Sep 19:06
the future doesn't look too bright for betfair imo. their commission scheme is back to front; robin hood in reverse, and already competitors are charging 0%. This is the worry for its customers. Once Betfair stops growing, I can't conceive any way they will keep the status quo. Its just not maximising profits. And i've not heard of any**accounts being closed. does that mean there are no**accounts? What I find strange is that Betfair know there are suspicious accounts, they've just asked themselves the question "what should we do about them", and in specials, it looks like they've let them keep betting (the markets getting hoovered every week, after the result is known). I've known the results at times, with the Betfair markets still open for significant periods of time afterwards, and I will not take advantage of Betfair's decision to run markets where the result is known and being bet on. They may be correct legally, but I just cannot understand how it is in Betfair's interests to leave insiders to bet freely, pressure people who are betting savvy to exit the market, and collect commission between bets matched between naive mug punters, and insiders. Its very depressing, and, well, I think its unnecessary. "And frankly, there service leaves a LOT to be desired, or maybe i just need to clear out my temporary internet files." I think they should have a key accounts team for the 500 to 1000 biggest losers, not in all likelihood the 500 to 1000 biggest winners. A lot of their staff are very good, and some of the best in the industry. They can't all be brilliant, but I've found most are very good. |