sports betting exchanges - tiny vig

[Half Smoke]

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a type of book called a betting exchange has been legalized in New Jersey - it is called Prophet Sports Betting Exchange

it is similar to parimutuel wagering

players bet against each other - it's called peer to peer wagering - the house takes only 2% from the winning bets - much less than the 10% from the traditional books

this means the vig is only about 1% - lower than the lowest HA in any casino game

this may be the wave of the future - I'm not sure about that - but there is no reason to limit any player since he's betting directly against other players

the traditional books are limiting and hassling winning players

the downside is they must match wagers within the same state - not all over the country - so, in the beginning there may not be a great deal of liquidity and a player may not be able to get the bets he wants

very interesting - to me anyway




https://prophetbettingexchange.com/education/


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[lamboguy]

Originally Posted by Half Smoke

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a type of book called a betting exchange has been legalized in New Jersey - it is called Prophet Sports Betting Exchange

it is similar to parimutuel wagering

players bet against each other - it's called peer to peer wagering - the house takes only 2% from the winning bets - much less than the 10% from the traditional books

this means the vig is only about 1% - lower than the lowest HA in any casino game

this may be the wave of the future - I'm not sure about that - but there is no reason to limit any player since he's betting directly against other players

the traditional books are limiting and hassling winning players

the downside is they must match wagers within the same state - not all over the country - so, in the beginning there may not be a great deal of liquidity and a player may not be able to get the bets he wants

very interesting - to me anyway




https://prophetbettingexchange.com/education/


.

this is way more than interesting. in essence, a regular sportsbook is doing the same thing and charging much more. if i was the company, i would limit the amount of money that you can post up at one time.

[Inner Dirt]

The failed, crooked World Sports Exchange did the same thing with this share trading type thing they tried. My friend made a lot of money trading Kobes as he called them, mostly Lakers to win the NBA title, conference, and some in game betting. You could trade futures and in game. The lines on the bets you originally placed did not move but their value did. Unfortunately for my friend the WSEX was collapsing at the same time my friend became the world's best Laker day trader in 2010.


What was crooked is they kept their small debts to debtors paid, and my friend got excuses why he wasn't getting paid. He was out like $10,000.
He believes in the Lakers like Charlie Brown believes in the Great Pumpkin.
Unfortunately in the following dozen years he lost back that $10k betting on them to win it all, $10k he never got.

[Half Smoke]

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think about it - betting against a 1% vig

and here we are betting horses against a vig of 16 to 28%

mind boggling


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[o_crunk]

I play quite a bit on the 2 sports exchanges in NJ - Prophet and Sporttrade. The 2 are very different beasts. Prophet is more like a classic exchange in their odds displays where as Sporttrade is priced by "shares" worth $100. Prophet has virtually no liquidity for in-game wagering, while Sporttrade is more geared toward the in-game with quite a bit of in-game liquidity.

Prophet has the ability to lay/back at virtually any 0.5 margin step if there are counterparties, whereas Sporttrade has 3 different spread and total offerings which they do not move for the duration.

Both have very low rake. If you are price sensitive or you just like getting the best price at the number, you are going to be playing on the exchanges. There's not a ton of liquidity on either but enough to get down 4 figures on bigger games. They are starting to branch off into prop bets in addition to the standard side/total/spread markets, which should be popular since a lot of people (and marketing) focus on the player props.

You are however trading on these exchanges against house market makers. Very similar to how the BetFair exchange worked in NJ when they offered horses. But unlike BetFair, you aren't paying a 12% win commission. 1% to 2%. It's a big difference especially if you are a live player since rake is much higher at the books.

It's a nice option to have. I have no idea how successful they will be but I wish them luck. To me it feels like if you took the best of Prophet and the best of Sporttrade, you might have a winner.

[Half Smoke]

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a guy on another site is getting some guaranteed wins using arbitrage with the traditional books

it happens sometimes with props - not on the common spreads and totals bets paying 10/11

there can be a wide variance in the odds on some props bets from one book to another


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