The Sports Exchange

The inside track for those who need to know

As some of you might have worked out we are talking about setting up a new "Betting Exchange"?

Why?

At the moment the market is dominated by Betfair, and let's face it they have got a bit complacent.

Number Two is BETDAQ. On the horse racing front they seem to do quite well. Lots of liquidity and action on the in running markets. Not to mention their excellent tipster DAQMAN. The sports side with the possible exception of Football has never really taken off. Not for the want of effort on the part of BETDAQ PR Director Russ Wiseman, who is a member of our "Sports Exchange", and an excellent fellow. Destined for big things. Perhaps "Russ" might like to add a comment if I have mis-represented BETDAQ in anyway,

Also perhaps "Mick Stone" another one of our illustrious members:- an ex- Betfair man might like to throw in his pennyworths. Andrew "Bert" Black who surely reads this excellent site might like to say a word as well. I am sure Gordon, one or two of our other new members, and no doubt one or two of our older members may have a view as well.

So there are a few other betting exchanges out there as well, but does anyone use them?

If you click on Exchange Betting above it will take you across to "Matchbet". Friends of ours. Comments welcome.

The plan in my mind is to set up an "Alternative Betting Exchange".

It will be owned by punters, run by punters, run for the benefit of punters. By "punters", I mean gamblers, traders, sports enthusiasts, etc...

What I want to know is what do YOU think? If we set up a new "betting exchange", what would you want it to look like?

What would you want it to do?

What commision should we charge?

Should we have rubbish like "Betfair Poker" and "Casino Games", or should we be be honest and moral, and just stick to sports exchange punting?

Should the site look the old Flutter, when you knew who you were betting against?

Should we have league tables so we can all see who is "The Top Dog"?

Should it look like the "OLD FUTTER"? Should it look like "BETFAIR" or "BETDAQ"? Should it look like "MATCHBET" or one of the other "fledgling" exchanges?

It's all up to you?

Is this a goer, or am I just whistling in the wind?

Your comments would be gratefully appreciated?

http://www.matchbet.com/live/

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Comment by john Tuohy on July 18, 2009 at 3:43
Cheers SP.

Good Luck to you and your wife.
Comment by john Tuohy on July 17, 2009 at 23:35
Not at all negative Clive.

Very much along my same thoughts.

Good contribution.

If we ever get this off the ground, I would like all our members to benefit in some way.

I thank you.
Comment by Clive Mortimer on July 17, 2009 at 23:24
John, a few years ago a certain Colin Davey had the same idea but it all fell through because as others have said it is all to do with liquidity. Even with B/F I find that some of the markets are poor in some of the market headings of lower teams and sports. I also think that to gain members you would have to market and advertise at great expense. Perhaps you have a mystery multi millionaire backer on board because that is what it would take to compete with the big boys. I would love it to become big and be FAIR with a 2% across the board commision but I think that would be a few years away. As with any new venture you need an edge and a unique selling proposition to suceed. Perhaps to start it may be best to specialise with one sport then expand. Sorry to sound negative John.
Comment by john Tuohy on July 17, 2009 at 22:51
Also must add Badger. Totally agree. Last thing I would want to do is put anyones money at risk. Investing time is one thing, but investing moey is something else. Let us go with the flow and see what happens.
Comment by john Tuohy on July 17, 2009 at 22:10
Interesting comments chaps. All being taken on board and absorbed.
Comment by Gordon McIvor Wilson on July 17, 2009 at 18:59
Liquidity is the thing, chaps, as you so rightly say - in any market, just look at the cr*p performances in any small cap market over the years. Our buddies have cracked this issue, more to follow. They/we are at an early stage in our application but our model comes from the financial arena and is successfully deployed there. More pretty soon.

Good to hear from you, Jason, yes please, lets get together and give your stuff a good work-out on The Sports Exchange! Terms like sleek and simple are not, perhaps, what the man in the High Street Bettie shop will recognise? Good initiative by Smarkets (where did that name come from, must be a story there?) plenty of room for everyone - at the expense of the lazy and complacent incumbents.

Long day in the City, 40 mins under the physio earlier, Susie the Sadistic has been replaced by Faye the Fiercesome, time for a lie down in a darkened room and listen to the endless witterings of Aggers, Blowers and Tuffers - please will someone explain?

I said England to win by lunch on Monday - any takers?
Comment by Jason Trost on July 17, 2009 at 16:31
I'm the co-founder of Smarkets. We're launching a new style of betting exchange in August.

Smarkets will merge the social atmosphere of a betting shop or race track with the web, enabling punters to comment on a match/race/etc and interact in real time. We're working to break down the barriers for the more casual punter by making the interface sleek and simple. We will also be offering developers an open RESTful API.

As Mick was commenting, liquidity is one of the biggest barrier to entry, but we think we have found a solution to this. I have a background in equity trading and we've come up with a few solutions to simulate liquidity while the community develops.

If anybody has any feature requests, please let me know and we'll try to incorporate it into Smarkets.

I'm looking forward to showing you guys in a few weeks time and getting your feedback!
Comment by The Badger on July 17, 2009 at 16:15
I didn't want to be the first but I have to agree. If Betdaq is failing (and they are) you (we) have no hope of starting anything. I know betafir started with about a dozen blokes just betting together and if you start one, I am in for sure, but I would like to know as a trader that if I lay something on your new exchange that I am going to be able to get out again, especially if it goes against me, and I can't even get that with Betdaq, so I can't see how I could put my money at risk on a very low liquidity situation.

But I will support it as best I can! Sorry John :-(
Comment by john Tuohy on July 17, 2009 at 11:46
Cheers Mick.

As always your comments are much appreciated?
Comment by Mick Stone on July 17, 2009 at 11:36
Is this a goer, or am I just whistling in the wind?

1.00001 the latter I'm afraid. Liquidity is all and Betfair have it. Several failed exchanges have proved that this is one market where price is relatively unimportant. If you take that out of the equation what could a new venture realistically offer to tempt customers over ?

Interestingly, unlike most other areas, user interests aren't necessarily served by the existence of a wider choice of suppliers. The chance of getting matched in size at the most attractive odds is increased if all activity is in one place.

In my view, it is competition from traditional outlets rather than other exchanges that will keep Betfair honest. The losers that are the lifeblood of the exchange can readily get on with bookmakers and they need to be kept onside.

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