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21 May 12
09:37
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Date Joined:
10 Jun 07
Read earlier this year that betfair are going to be giving this option,anybody know when its supposed to be starting and how it works ? thanks for any replies 
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Online betting exchange Betfair to launch as a bookmaker
By Sarah Bridge
Online betting exchange Betfair is to launch itself as a bookmaker in a move designed to prevent customers deserting to rivals such as William Hill and Ladbrokes.
Interim chief executive Stephen Morana said the company would shortly be introducing its own fixed-odds sports book, which means it will start taking bets of its own rather than just acting as a marketplace where customers offer bets to each other.
‘Our sports exchange always has been – and always will be – Betfair’s core product,’ said Morana. ‘It has revolutionised the industry and we have a loyal customer base, but we also recognise that there are certain bets at certain times that the exchange, by its nature, cannot offer.
‘Some of our customers are going to traditional bookies for a portion of their betting and we hope to address this with the introduction of an integrated risk product that will complement the exchange, not compete with it.’
Betting exchanges work by having customers offering odds to each other and accepting each other’s bets. But customers who want to get early prices on a race or bet while a match or race is under way might find it hard to find someone to take their bet.
Now Betfair will be taking on the risk itself. Betfair has yet to decide on a name for the bookmaking business.
The company will be hoping that the move changes its fortunes as it has been going through tough times. It was seen as one of the worst flotations in recent years, listing at £13 a share in October 2010, but falling steadily ever since to close at 871p on Friday.
Chief executive David Yu and chairman Ed Wray have both since left the company, which earlier this year was forced to cancel millions of pounds in bets due to a ‘technical failure’.
Some analysts are positive about Betfair’s move into bookmaking. Ivor Jones of investment bankers Numis said that while the result of putting a betting exchange and a fixed-odds sports book together was ‘uncertain’, he believed it had ‘the potential to increase profits by over 50 per cent’.
Betfair currently has four million registered users, of whom 900,000 gamble regularly. In the year to last April, it made pre-tax profits of £26.6million on turnover of £368.6million.
No latest news imo
By Sarah Bridge
Online betting exchange Betfair is to launch itself as a bookmaker in a move designed to prevent customers deserting to rivals such as William Hill and Ladbrokes.
Interim chief executive Stephen Morana said the company would shortly be introducing its own fixed-odds sports book, which means it will start taking bets of its own rather than just acting as a marketplace where customers offer bets to each other.
‘Our sports exchange always has been – and always will be – Betfair’s core product,’ said Morana. ‘It has revolutionised the industry and we have a loyal customer base, but we also recognise that there are certain bets at certain times that the exchange, by its nature, cannot offer.
‘Some of our customers are going to traditional bookies for a portion of their betting and we hope to address this with the introduction of an integrated risk product that will complement the exchange, not compete with it.’
Betting exchanges work by having customers offering odds to each other and accepting each other’s bets. But customers who want to get early prices on a race or bet while a match or race is under way might find it hard to find someone to take their bet.
Now Betfair will be taking on the risk itself. Betfair has yet to decide on a name for the bookmaking business.
The company will be hoping that the move changes its fortunes as it has been going through tough times. It was seen as one of the worst flotations in recent years, listing at £13 a share in October 2010, but falling steadily ever since to close at 871p on Friday.
Chief executive David Yu and chairman Ed Wray have both since left the company, which earlier this year was forced to cancel millions of pounds in bets due to a ‘technical failure’.
Some analysts are positive about Betfair’s move into bookmaking. Ivor Jones of investment bankers Numis said that while the result of putting a betting exchange and a fixed-odds sports book together was ‘uncertain’, he believed it had ‘the potential to increase profits by over 50 per cent’.
Betfair currently has four million registered users, of whom 900,000 gamble regularly. In the year to last April, it made pre-tax profits of £26.6million on turnover of £368.6million.
No latest news imo
where does anyone think that the money comes from ? joe public naaaaaa
will be ready for the start of euro2012 and testing is currently taking place in Cyprus.
Trading control to be based in dublin....
Cant wait till this plays out.
Trading control to be based in dublin....
Cant wait till this plays out.
the day they ban someone for winning is the day it will be finished and they will have to ban the winners/arbers
Know all ,they have already banned any legitimate winners.The cheats and the fast pictures men are allowed because they are willing to share the spoils.All that can play nowadays are cheats,fast picture men,and of course all the losers.
thanks all will be very interesting to see how this pans out
will be very interesting to see how this pans out
Well they didnt allow one set of customers to win off another,you surely dont think that they are going to stand for their customers winning off themselves.
Betfair is taking on traditional bookmakers at their own game by launching a fixed-odds betting service in time for the Euro 2012 football tournament.
By Alistair Osborne telegraph.co.uk
The betting exchange operator, whose peer-to-peer gambling revolutionised the industry, has long acknowledged that it is at a competitive disadvantage when it comes to offering bets in running or “ante-post” wagers, where traditional bookies can price up an event months before it takes place.
That is because the peer-to-peer betting model generally only builds liquidity close to an event and struggles to offer fast bets “in play” on such things as the outcome of a penalty shoot-out or a Wimbledon tie-break.
By installing its own fixed-odds platform, Betfair believes it can cater for all the betting needs of its 4m customers, who currently place 30pc of their wagers with rivals because of the exchange model’s limitations.
The new fixed-odds site has been developed by OpenBet, the software group behind similar sportsbooks at William Hill, Paddy Power and SkyBet. OpenBet has provided various technology to Betfair since 2008.
Nick Hagen, Betfair’s sports operations director, said: “We know from our own research that we lose 30pc of our customers’ sports betting wallet to the competition. Why should customers have to go elsewhere and why would we willingly let this large chunk of business walk out the door?”
He said that “thanks to some clever design work on the website and the growth of our internal trading team”, Betfair’s punters will be able to “toggle” between the exchange and the fixed-odds platform. Betfair has been testing the new service in Cyprus.
Mr Hagen acknowledged that there was additional risk in fixed odds. He said customers and shareholders are bound to ask: “Are we going to lose our shirt?”
However, he said Betfair had built a new Dublin-based trading team, headed by former Ladbrokes executive Craig Mucklow, and was not new to risk products as it already offers some permutation bets.
David Loveday, OpenBet’s chief executive, said: “We think this will help Betfair penetrate new markets. There are certain markets that don’t really know what an exchange is. Offering fixed-odds will give them a way in.”
Ivor Jones, an analyst at Numis, said Betfair’s new service would “dramatically expand the range of bets available”.
By Alistair Osborne telegraph.co.uk
The betting exchange operator, whose peer-to-peer gambling revolutionised the industry, has long acknowledged that it is at a competitive disadvantage when it comes to offering bets in running or “ante-post” wagers, where traditional bookies can price up an event months before it takes place.
That is because the peer-to-peer betting model generally only builds liquidity close to an event and struggles to offer fast bets “in play” on such things as the outcome of a penalty shoot-out or a Wimbledon tie-break.
By installing its own fixed-odds platform, Betfair believes it can cater for all the betting needs of its 4m customers, who currently place 30pc of their wagers with rivals because of the exchange model’s limitations.
The new fixed-odds site has been developed by OpenBet, the software group behind similar sportsbooks at William Hill, Paddy Power and SkyBet. OpenBet has provided various technology to Betfair since 2008.
Nick Hagen, Betfair’s sports operations director, said: “We know from our own research that we lose 30pc of our customers’ sports betting wallet to the competition. Why should customers have to go elsewhere and why would we willingly let this large chunk of business walk out the door?”
He said that “thanks to some clever design work on the website and the growth of our internal trading team”, Betfair’s punters will be able to “toggle” between the exchange and the fixed-odds platform. Betfair has been testing the new service in Cyprus.
Mr Hagen acknowledged that there was additional risk in fixed odds. He said customers and shareholders are bound to ask: “Are we going to lose our shirt?”
However, he said Betfair had built a new Dublin-based trading team, headed by former Ladbrokes executive Craig Mucklow, and was not new to risk products as it already offers some permutation bets.
David Loveday, OpenBet’s chief executive, said: “We think this will help Betfair penetrate new markets. There are certain markets that don’t really know what an exchange is. Offering fixed-odds will give them a way in.”
Ivor Jones, an analyst at Numis, said Betfair’s new service would “dramatically expand the range of bets available”.
if my exchange price win is the same as fixed odds price will i still hav to pay commision?
apparently betfair are front running successful traders ie putting their own orders in front of tagged winning punters.
ive also heard they have confiscated 5 figures from traders trying to escape this using fresh accounts
ive also heard they have confiscated 5 figures from traders trying to escape this using fresh accounts
Does anybody know for certain that we will have to pay commission on these bets ?
This sounds a venture that will be full of conflicting interests.
Corbie,thought not,but some appeared to think so,thanks.
Wee eck,good point,like i said before,will be interesting to see how it pans out
Wee eck,good point,like i said before,will be interesting to see how it pans out
Would anyone here use it instead of other bookies?
Would arbers want to let bookies know their modus operandi?
Would the prices correlate to The Exchange?
Would stake be included to calculate deduction?
There's Sportsbook, why another similar in-house product?
Would arbers want to let bookies know their modus operandi?
Would the prices correlate to The Exchange?
Would stake be included to calculate deduction?
There's Sportsbook, why another similar in-house product?
It was an 11 year project , i've been told it starts at midnight tonight.
I'm hoping to arb between the old sportsbook and the new one (whatever they call it).
slightly concerned i'll get them reported to the monopolies commission and it will all come to a sad end.
slightly concerned i'll get them reported to the monopolies commission and it will all come to a sad end.
One question: Will this new enterprise take bets? It's pointless if selective and punitive.
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