Betting Exchanges And Why The Punters Want Them

After watching You Be The Judge 2,I just want to make a few points.

There are 2 main reasons as to why betting exchanges have taken off with punters.

Firstly,Betfair came about because the guys who started it were tired of getting shafted by the bookmaking industry's(and that's not the 150% books we have here even)margins,and the fact that they couldn't get a substantial bet with the corporates in England.Hence 'Bet Fair'.

Secondly,it's not so much that it allows the man in the street to lay a horse,but the fact that it entitles him to change his position on a race.Once you have a bet in SA,that's it,you are stuck with it.On BF you can trade if you chose,guarenteeing a profit if you are good enough to trade well,or you can back a horse and then do a total switch if you don't like it going down for example.

I think it's the flexibility factor that appeals to most,rather than the pure percentages,although that is obviously is a huge factor too.

As discussed elsewhere,BW is a joke.They will lay you R10 000 OF a horse if you walk into their shop,and in my case R5000 OF a horse online.I think it's R20 000 @ race time in their shops.This is supposedly the biggest corporate in our country,and yet MR Attenborough's contention on YBTJ is that the market's will settle once more corporates come into play(I presume he is referring to Victor Chandler and the such-like).R10 000 of a horse.I think my son would be prepared to lay that of a horse with his monthly allowance.It's pathetic!

Would welcome Betfair here.
The arguement from Phumelela and GC would be re stakes contribution.
Would love to have sight of the stakes agreement and the conditions of P' s betting license !
Surely the way to go is to give the punter incentives to punt racing, increase the racing base, increase t/o and interest in our sport, and everyone wins ?
But we know that the corporate wants its cake and eat it and will cleverly resist anything that affects its long-term control strategy.

80% of the turnover on BF(on SA racing) is foreign based,with people from over 50 countries betting on our racing on BF.These people would never have any interest in SA racing if they weren't betting on BF.They are certainly not going to put their money into our tote pools.

Current legislation is what prevents punters from laying horses. Apparently the reason for this is punters laying horses would encourage skulduggerry - only bookmakers are licensed to cheat if they so wish. Currently punters can back on Interbet which is a local exchange. What baffles me is why P and GC don't push for a change in the legislation and then open their own version of Betfair.

Below is an extract from my post on you be the judge 2, nothing wrong with talking to Betfair and asking them, "what will they bring to the party"?


"Betfair is the Rolls Royce for punters, but no doubles or trebles per say, Interbet is a superb substitute on the local front as I am more a player than a layer.

So imo, their is a niche in the market for all of the above and proper tax controls and exchange regulations should be put in place to allow the "punter/owner" a choice and institute contribution formulas to add to the sponsorship of races and in doing so encourage the purchase of horses and help keep the game alive".

All Betfair has to add is a "SA wallet" in Rands and everyone is a winner?

It's interesting to hear that the exchanges option is still being discussed, despite the opposition to it.