Hi cosmic,
Its the power of the bookmaking lobby,two many people are making money for old rope .I agree with you about the tote.We did have one but the government flogged it off to the privateers.
The sad thing is bookies like banks are viewed as a 'natural' part of our society and culture,when in reality they are just a bunch of crooks.![]()
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kenny
Hi pawras,Personally I like the concept of the exchanges and wouldn't want that to go.
Whether gov or privately owned they can't keep their fingers out of the till re the take out on the tote, commission on the exchanges or over rounds at the bookies.
Hi pawras,
How about a non profit cooperative based exchange with 1% comm to pay for overheads.I must admit me in my ignorence I thought that was the idea behind the original betfair.Got that wrong!!!!
Betfair is still workable and can be profitable...just about!!
ken
This is a little over my head but if we replaced the tote with a betfair like exchange wouldn't turnover likely to increase especially since punters would appreciate money would be going back into the sport ?Technically it wouldn't be that 'that' hard to set up another exchange, technology has moved on a lot since betfair appeared i.e. instead of spending a lot on infrastructure up front you could host it in a cloud service such as Azure or AWS and scale up as required, the code for the site is more a time and effort thing for a small team that know what they're doing.
Unless new markets/countries open up there's only so much liquidity to go around, so given that the standard commission for Betfair, Betdaq and Smarkets is now only 2%, some usp is needed to take a bigger bite out of betfair's arse than what Betdaq and Smarkets have managed.
Going from 2% to 1% isn't going to make much difference to your avg bod but if no premium charge would appeal that much why haven't betdaq and smarkets not got a bigger marker share?
BF attempt to justify the PC by claiming that some customers by winning money off others are preventing some of said others from continuing to bet and this costs BF in lost commission. Perhaps i am biased but imo this reads as rubbish, i wonder they don't set up a separate exchange with normal commission charges for those who currently have the PC . A kind of reverse VIP and let the so called sharks take on each other. I did actually suggest this to them several years ago but received no response.
Tbh your above was also my conclusion. Why do people work for or become Bookmakers, i suspect that many have tried and failed to make it pay by taking the odds and do not like the idea that some can succeed in an area where they cannot. It is unfortunate that some punters also appear to feel the same about each other but as you say not unique to horse race betting.I read another statement where they were a bit more honest and admitted they just didn't like a number of people making a lot of money on 'their' exchange that they paid for etc i.e. even though they were getting 5% off them just like anyone else they just wanted more commission out of those people, very much envy/jealousy of other people making money which isn't at all uncommon in general.
Tbh your above was also my conclusion. Why do people work for or become Bookmakers, i suspect that many have tried and failed to make it pay by taking the odds and do not like the idea that some can succeed in an area where they cannot. It is unfortunate that some punters also appear to feel the same about each other but as you say not unique to horse race betting.
Personally when i see someone doing well on this forum i bloody love it, and rather than feel envy i look to see what i can learn from there work. The Bookmakers are the true enemy not each other.![]()
Hi Mick,It is not just the hypocrisy of account closure by punitive restriction. Back in the day there used to be some mutual trust and respect between backer and layer but when you witness how the once respected large firms now operate this is no longer so. We used to call them the old enemy and this was not derogatory but imo they are now The Enemy full stop. In the main deceitful parasites who treat there customers with contempt.
It is not just the hypocrisy of account closure by punitive restriction. Back in the day there used to be some mutual trust and respect between backer and layer but when you witness how the once respected large firms now operate this is no longer so. We used to call them the old enemy and this was not derogatory but imo they are now The Enemy full stop. In the main deceitful parasites who treat there customers with contempt.
Dear Geoff gets plenty of stick but speak as found i have long term winning accounts with him and Starsports. All i would say is i only tend to use them when topping up on a drifter on the day and perhaps this makes my business more acceptable ( so far ).Should we be giving more support (if that's the right way of putting it) to the smaller outfits like Geoff Banks ?
Not sure if he still does his monthly rebate scheme but he used to give losing clients a 10% refund per month for every thousand lost to retain the profitable business....all smoke & mirrors is Geoff.Should we be giving more support (if that's the right way of putting it) to the smaller outfits like Geoff Banks ?