General Betting
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http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/11/30/NSRN1M49PB.DTL
"Exchange betting isn't yet authorized in California, but a law passed last year will make it legal starting in May, which, not coincidentally, is when BetFair plans to open its online exchange.
BetFair is proposing a 10 percent commission on racing wagers, with two-thirds of that going to the track. So if you bet $30 and win, the commission would be $3. BetFair would get $1, and the track where the race is held would get $2. The loser of the bet pays nothing."
"Exchange betting isn't yet authorized in California, but a law passed last year will make it legal starting in May, which, not coincidentally, is when BetFair plans to open its online exchange.
BetFair is proposing a 10 percent commission on racing wagers, with two-thirds of that going to the track. So if you bet $30 and win, the commission would be $3. BetFair would get $1, and the track where the race is held would get $2. The loser of the bet pays nothing."
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Not sure if this is new news, but first I have heard of it. 10% comm! but I guess they think they will still be offering better prices than US bettors get now.
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They'll get away with 10% because in the USA they only have tote pools.
So even 10% is competitive there. But how will it work, will there be a USA wallet then for US betting? Will current UK and AUS players have to pay 10% on US racing? Surely not! I'd imagine that US residents will just have their own wallet which goes through the US exchange, so I wonder if it won't be a true exchange, but rather an SP pool for them? |
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It'll be a separate pool where only US (I think even Californian) residents are allowed to bet against each other. There is talk I believe about other states having reciprocal agreements such as New Jersey so it may be a pool of money for New Jersey & Californians to begin, with the hope that it will eventually spread, go nationwide and then finally be open externally.
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I will sat a US wallet for them as they will be restricted from betting on non US sports and racing.
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I would prefer 10% to this most prohibitive premium charge.
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jabmast, why will it be restricted to US or californian residents?
Currently, people from outside of the US can bet into their racing pools. Another factor to bear in mind is that rebates can be negotiated on betting into the US pools. The 10% will have to be competitive with that too. From a selfish perspective, these pools had better be open to UK customers. Also, what are the plans for the exotic pools? Much more so than in the UK the handle on exotic betting is relatively high. How are betfair planning to administer this? |
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The reason it will be restricted to US customers only is because the US are a greedy bunch of bastards and will won't there share of tax of any winnings.
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So this 10% commission will be deducted from layers as well? In which case what is the incentive to put up near 100% books if you're shafted when you win? It'll be Premium Charge all over again.
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Basically the whole commission structure is unfair as it stands anyway.
The prices are being manipulated by those who can afford to do so. The guys who are playing with second mortgages and those who are only paying 2% commission. So we have some pro punters and bookies on here driving prices to a level where the traditional punter is no better off. So take your Betfair price, deduct your commission, pay your premium charges and you're worse off than taking Best Price bookies, or best tote on naything that's fancied. The exchange is kept alive by traders who are now leaving in droves and bookies laying off, and a small select group of guys who are better off with the exchange because they back unfancied horses. Don't get caught in the hype, sometimes all that glitters is not gold. |
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BTO- you are blethering a heap of XXXX....................................
If you back at say 2-1 SP with a BOOKIE...........then there is no facilty with BOOKIE to lay off any part of your bet.................... OK...you can lay the bet off on BF....and if it wins........you get crap odds off BOOKIE on the WIN................ If it loses......then you only can win by having the LAY facility on BF.................not with BOOKIE as you just lose BOTH ways. |
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Remember BTO .........some on here are not LAYERS...................
The above 2-1 SP shot might be recognised as a VALUE bet at say 4-1 or higher odds on BF....odds that generally you can't get with BOOKIE. 20% is FA IF you are a BACKER..........................Though I suspect you are a LAY "punter" mainly! |
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DFC,
What are you on about? What you posted has nothing to do with what I said about PUNTERS! Why does a punter want to lay off? I was talking about the bookie laying off, not the punter? |
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BTO you sound like you are in Aus, if so take Rosehill race 4 for a good example, winner paid $8 on here $8.40 BFS and $7.80 Best Tote, after you take away commission on betfair price you are getting $7.65 even with betfair SP you are just getting over $8, now this is based on 5% no PC but it goes to show that the 20% overs they say you get is just rubbish.
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Exactly right, and as the most money goes on favourites, you are actually worse off after fees and charges.
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Here's the deal...
I used to lay the field @ SP here. I also used to back real shorties for the place and extreme shorties each way. Take for example Black Caviar. Best tote was $1.10 for the win, Betfair SP was $1.08 Minus 5% commission you're left with $1.03 plus any premium charges. The shorter you back, the worse value there is here, so much so, that you're actually a lot worse off. However, if your strategy is anything that drifts, or longer than the first 4 in the market, then Betfair is certainly better value. The point is, for the recreational punter, there is no joy. |
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1.08 less 5% is 1.03??
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Sorry I mean 8 cents less 5%?
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BTO, for someone who claims to be a very shrewd operator you certainly make some strange statements.
Betfair SP was $1.08 Minus 5% commission you're left with $1.03 ???????????? |
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Hello Eddie,
Knew you'd be here. I have never claimed to be a shrewd operator. However, Betfair by their actions have. Obviously I made a technical mistake. Minus commission is $1.076, but any PC on top makes it less than bst tote. Sometimes the hands type faster than the brain, I'm not a bot after all. |
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The demonstration was that best tote paid more than BFSP before any charges at all.
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The comm. they are charging is miserable.
Will pc still apply to people who make it pay in California? This wd be a disincentive to market-make. The company's future is in offering market-efficient prices i.e. as near to 100% as they can manage, w/ transaction pricing rather than the current comm. structure. But the mentality of the company seems to be to give their winners less and less as they provide the platform on which it is poss. to win. |