Bet fair launches May 10th in NJ - Independence Day!

[menifee]

Exchange wagering becomes a reality in the US. I think this will change horse racing for the better. I believe it will spread if NJ is successful.

A few thoughts:

1. Price transparency - exchange pools are more efficient and prices will be more transparent than the pari-mutuel pools. No more last minute surprises. I hope bet fair and NJ bets make the price information to non-NJ residents.

2. The ability to wager in race and actually lay a horse will increase pool size and will help the game.

3. Cold traders money comes into the pools and will help the game.

4. Apparently, Woodbine, Tampa, Pennsylvania Tracks and West Virginia tracks are on board.

Great day for horse racing.

[Stillriledup]

So it's for Nj Residents only who are physically in NJ and only on Monmouth races?

Ok so I read a little about this, seems like a parasitic 12 pct being taken when the 'norm' is much less.

NFL and sports bets generally are around 5, 12 seems pretty high.

[biggestal99]

So it's for Nj Residents only who are physically in NJ and only on Monmouth races?

Ok so I read a little about this, seems like a parasitic 12 pct being taken when the 'norm' is much less.

NFL and sports bets generally are around 5, 12 seems pretty high.

It is only for jersey residents.

However there were a few tracks available when I beta tested yesterday, Tampa bay, woodbine, will Rogers downs, turf paradise, and Evangeline downs

Also the 12% commission isn,t bad when as I did yesterday locked up 3.35 (just under 5-2 6.70) on a horse that paid $4.60 on the tote.

Horse in question was trick city in Tampa bay 4th.

Fixed odds betting on the exchange is a tremendous boost for the win bettor.

Allan

[Stillriledup]

Thank you Allan.

:ThmbUp:

[mike1958]

Will the money bet in New Jersey be linked to the international Betfair pools?

[thespaah]

Will the money bet in New Jersey be linked to the international Betfair pools?
Why would it be? Exchange wagering is not part of any Pari Mutuel pool. The wagers are more or less like commodities trades. For every "buy" bet there is a is a "lay" ( put) bet...The commission paid to Betfair, I would imagine gets chopped so that the track(s) receive a share.
At least, that's how I believe exchange wagers work.

[Fox]

Will the money bet in New Jersey be linked to the international Betfair pools?

All indications is the New Jersey exchange will be linked to the existing international exchange.

[thespaah]

All indications is the New Jersey exchange will be linked to the existing international exchange.
Oops...I misunderstood the OP's question. I scanned instead of read.
I had assumed the question was regarding the parimutuel pool..
YIKES.....
Sorry all. I'm such a stupid

[mike1958]

Wonder if Betfair will offer INPLAY on the horse racing markets ?

[VigorsTheGrey]

Exchange wagering becomes a reality in the US. I think this will change horse racing for the better. I believe it will spread if NJ is successful.

A few thoughts:

1. Price transparency - exchange pools are more efficient and prices will be more transparent than the pari-mutuel pools. No more last minute surprises. I hope bet fair and NJ bets make the price information to non-NJ residents.

2. The ability to wager in race and actually lay a horse will increase pool size and will help the game.

3. Cold traders money comes into the pools and will help the game.

4. Apparently, Woodbine, Tampa, Pennsylvania Tracks and West Virginia tracks are on board.

Great day for horse racing.

But can they offer the kind of value from overlooked overlays that rise on race day from 20-1 to over 50-1? What will be the longest odds they offer?

[VigorsTheGrey]

How do whales fare with BetFair?

[Fox]

Wonder if Betfair will offer INPLAY on the horse racing markets ?

Sounds like they have the green light to offer it and every intention to do so. I wouldn't touch it if viewing the race on video though unless you are sure your feed is real time such as the track video monitors. Tread carefully with satellite or internet video.

[biggestal99]

Will the money bet in New Jersey be linked to the international Betfair pools?

Yes,

Allan

[biggestal99]

Sounds like they have the green light to offer it and every intention to do so. I wouldn't touch it if viewing the race on video though unless you are sure your feed is real time such as the track video monitors. Tread carefully with satellite or internet video.

you also have to be mighty quick as the odds change very quickly.

I made exactly 1 matched bet in play. all the others I was too slow.

bots are basically needed.

Allan

[davew]

Why would it be? Exchange wagering is not part of any Pari Mutuel pool. The wagers are more or less like commodities trades. For every "buy" bet there is a is a "lay" ( put) bet...The commission paid to Betfair, I would imagine gets chopped so that the track(s) receive a share.
At least, that's how I believe exchange wagers work.

to add liquidity with more people and money trading on the same things

[o_crunk]

I wrote about some of my first impressions playing on the exchange this weekend.

http://crunktrunk.tumblr.com/post/144050402883/exchange-first-impressions

[cutchemist42]

I wrote about some of my first impressions playing on the exchange this weekend.

http://crunktrunk.tumblr.com/post/144050402883/exchange-first-impressions

Nice writeup, but it basically makes me really sad that I had all of this as a Canadian for a few years before it was shut down for us.

[biggestal99]

I wrote about some of my first impressions playing on the exchange this weekend.

http://crunktrunk.tumblr.com/post/144050402883/exchange-first-impressions

Excellent write up.

Quite correct about the tote action, best to totally ignore it when playing the exchange.

I basically start my betting when the liquidity appears (110 on the back, 90 on the lay)

I offer a competive price on a lay bet. I laid 10 and backed 15. Instant profit. 😀

I found it sometimes easy to guarantee a profit in some races, others I was dependent on a key horse losing.

I am an exchange player for life, and you are also correct, paid very little attention to non exchange tracks.

Allan

[Fox]

I wrote about some of my first impressions playing on the exchange this weekend.

http://crunktrunk.tumblr.com/post/144050402883/exchange-first-impressions

Good stuff. Regarding the amount matched as reported on the exchange, keep in mind that if I back a horse at $10 at 4.0 odds and it gets matched, that adds $20 to the total amount matched total. I think the formula is backers stake plus the lower of layers stake or liability. Basically, it is double the back bets more or less on the exchange while parimutuel is just sum of the back bets. To compare them, I would take 50% of the exchange volume. The other thing to know about the volume that makes it less impressive is that if I back $10 at 2.00 odds on horse 5 horse and you match it then 10 seconds later reverse it by laying $10 at 2.00 odds on the same horse and you match that, the amount matched goes up by $40 with the no real change in market position. With a lot of people trading small market moves, it can really inflate the matched amount without actually generating substantial commission. When finally settled, the commission generated divided by amount matched will usually be no where near the market commission rate.