General Betting
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My 30k misclick
My 30k misclick
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Feck N. Eejit
Date Joined: 10 Jan 02 Add contact | Send message When: 16 Aug 12 09:08 Joined: Date Joined: 10 Jan 02 | Topic/replies: 7,753 | Blogger: Feck N. Eejit's blog They could let you set your own level of bonkerism Trev. Yes, although the point is that this protection is important for less sophisticated players who probably wouldn't set these levels anyway. If a guy comes on Betfair and finds it complicated, then making a mistake like that may see them leave, never to return again, sticking to traditional punting. There is a problem with establishing floor prices. If a favourite in a football match is trading at 1.9 in play, I would be happy to have a huge amount up laying 1.7 in case someone makes a mistake (or is crazy enough to move the price that much). The problem is that I would get matched so infrequently, that it would not be worth my while. That's why trap bettors sit ridiculously far away from fair value; they have to make loads to compensate for getting nothing matched 99.x% of the time. I think trap betting is bad for the exchange because fun bettors will feel like they've been conned and leave. In some of these cases Betfair could establish a floor. One way of doing this would be to take their own fixed odds bookie prices (with an increased margin), and use this as a floor to match silly bets against if the liquidity isn't there for the market itself to match it. The good thing about that is that it would work if the exchange markets are relatively empty (meaning you can't get an idea of fair value by looking at market prices). |
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I think what I object to most is that these mistakes are only made possible because of Betfair's totally arbitrary two ladder system on two runner markets. My equivalent bet on a one ladder system (ie a lay of 1200 at 26.0) simply hits the first available back money and I lose the spread and perhaps a tick or two.
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In other words why can't Betfair convert my 32k back at 1.04 into a far more sensible (given that the market is sub 1.1) lay of 1200 at 26.0
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agree. the only thing bonkers here is the OP.
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I don't think my idea would work ir anyway Investor but there could be a changeable pre-event default value for newbies. Agree with the floor idea in your post but it's a waste of time expecting this rancid mob to change anything.
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In some of these cases Betfair could establish a floor. One way of doing this would be to take their own fixed odds bookie prices (with an increased margin), and use this as a floor to match silly bets against if the liquidity isn't there for the market itself to match it
But that still wouldn't have worked in Bayes' case. As a previous poster mentioned, fair value in a tennis match would switch from 1.1 on player A to 1.1 player B in a couple of seconds if, say, player A suddenly suffered a serious injury. Betfair can't (I presume) be so active in their fixed odds market making that they would be able to respond to this sort of situation. |
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Yeah, it would only work if Betfair have odds up themselves.
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At present they ask you to check if the odds are over 100, which I find a bit of a waste of time.
If they can do that, my feeling is that they should alert e.g. if your bet liability is 100 times more than yr average stake or if yr price requested is a certain multiple of the last matched price. These controls cd all be discretionary and user-side, like whether you want to see your profit net of commission or not. |
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Decades ago there was a tv drama about a girl band called the rock follies. At one point they stay with this porn king who's trying to get them to appear in a porn film. As he tells them the plot the follies look on horrified. When he's finished one of the girls asks "have you ever thought of making a film about straight sex". The porn king replies "We tried it once. We made a film about straight sex. We called it 'Straight Sex'. They stayed away in their droves. As far as I'm concerned, people who are into straight sex are all w@nkers".
I have this image in my head of a betfair big wig being asked if they've ever thought about having an interface that supports fair betting.............. |
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what is a straight sex?
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He means no pre-amble, no pretence, no smoke and mirrors and cr*p background music. Both parties just get straight down to business and both end up satisfied.
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a phrase that springs to mind is
'a fool and his money are parted easily' |
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I always thought it was a fool and his mummy.
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I prefer the equally famous idiom
a lucky fool and his money are soon reunited |
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Easier to buy toilet paper in the supermarket or take it from the job.
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Anyway, at least we've sorted out that Bayes is a big winner who chucks 30k at tennis match bets.
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I wish i had had some of the 26's.
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