betfare

[formula_2002]

I'm certain this must be old hat but:

How is it ever possible that the USA would ever allow Betfare to take bets here at a 5% vig less rebates?

[Stillriledup]

They don't. USA residents can't sign up for Betfair accounts and there has been a large push from the Gestapo to not allow exchange wagering. After all, this is a horseman's game and not a bettors game, right? ;)

[formula_2002]

They don't. USA residents can't sign up for Betfair accounts and there has been a large push from the Gestapo to not allow exchange wagering. After all, this is a horseman's game and not a bettors game, right? ;)

Yes, made possible by unwitting bettors.

[Native Texan III]

The model described earlier was a 10% charge on winning bets. No PMU type rebates but possibly a reduction on the 10% for large bettors. As Betfair charge winners about 4% on average in UK then I presume that 6% would be handed over to the tracks for providing the racing product. The 6% would hopefully be of a larger sum of money (worldwide exchange bets on USA racing) than the tracks get at the moment.

[davew]

Betfair has US tracks now, how is that possible? what are they paying the tracks?

[Some_One]

They're paying the tracks nothing. Just because you take a bet on a race or a sporting event, doesn't mean they are entitled to a cut of the profit

[classhandicapper]

Betfair has US tracks now, how is that possible? what are they paying the tracks?

I doubt they pay money to any other sports, award shows, elections etc... they take bets on either.

I can't wait for exchange wagering in this country. It's the greatest gambling innovation of my lifetime and the only thing I can think of that might actually save the sport from itself. Sure, there will be some economic upheaval, some tracks might get hurt, and some people will lose jobs. But that's always true of change. And this is a positive change for the industry and bettor over the longer haul.

The economics/division of revenue will sort itself out. It's not like Betfair wants to put tracks out of business. They can't make any money unless there are lots of attractive races to bet on. They want to grow the revenue of the industry (and the profits for both sides) by making the game more attractive to people that may gamble on sports, poker etc.. now because those games have a lower take.

[lamboguy]

exchange wagering is the worst possible idea ever for racing and it will stick the final fork in it if it ever gets to our shores.

from my experience with it years ago, i could get down the first few times i for about a $2000 match. after getting them good twice in a row, i could only manage $50 at best and watch the horse that i bet them get pounded in the windows back at Belmont.

if someone wants to book my horse bets, i want to sit them down in a locked room without phones and i will give them the bet when the horses are in the gate, and after i clean that guy out i want to find a few others that want to try their luck with me.