Betfair is Betting That it can Revitalize California Racing - Horse Racing Forum - PaceAdvantage.Com

andymays · 12-01-2010, 09:46 AM

http://www.sfgate.com/cgi-bin/articl....DTL#loopbegin

Excerpt:

Betfair has opened an office in San Francisco, where it's likely to more than quadruple its workforce next year to about 100, said Stephen Burn, the company's global director of racing. California's law, the first in the nation to legalize so-called exchange wagering, takes effect in May 2012.

Read more: http://www.sfgate.com/cgi-bin/articl...#ixzz16s5rFHRa

andymays · 12-01-2010, 09:52 AM

I don't see how they're going to charge 5% for a wager and keep everyone happy. By the time they're done making deals I'm sure the cost of a bet will exceed 10%. Let the fiasco begin.

gm10 · 12-01-2010, 09:53 AM

Quote:

Originally Posted by andymays

http://www.sfgate.com/cgi-bin/articl....DTL#loopbegin

Excerpt:

Betfair has opened an office in San Francisco, where it's likely to more than quadruple its workforce next year to about 100, said Stephen Burn, the company's global director of racing. California's law, the first in the nation to legalize so-called exchange wagering, takes effect in May 2012.

Read more: http://www.sfgate.com/cgi-bin/articl...#ixzz16s5rFHRa

There is no doubt that they will. Once you get fixed odds with 5% takeout, you will never ever want to lose it. It is progress with a capital P.

gm10 · 12-01-2010, 09:55 AM

Quote:

Originally Posted by andymays

I don't see how they're going to charge 5% for a wager and keep everyone happy. By the time they're done making deals I'm sure the cost of a bet will exceed 10%. Let the fiasco begin.

Easy, it's a much more cost-efficient organisation, and the handle is much bigger because a) existing gamblers win more/lose less and b) Betfair will attract a lot of new customers just like it did in Europe.

rwwupl · 12-01-2010, 10:53 AM

Quote:

Originally Posted by andymays

http://www.sfgate.com/cgi-bin/articl....DTL#loopbegin

Excerpt:

Betfair has opened an office in San Francisco, where it's likely to more than quadruple its workforce next year to about 100, said Stephen Burn, the company's global director of racing. California's law, the first in the nation to legalize so-called exchange wagering, takes effect in May 2012.

Read more: http://www.sfgate.com/cgi-bin/articl...#ixzz16s5rFHRa

I have no objection to Betfair, but I would like to see it introduced slowly and face Pari-Mutuel competition,along with an american company like Churchill Downs offering the same product. If the fans make it a success , O.K. but I am tired of the CHRB and lawmakers telling us what we want. It may force takeout rates down, but do not under estimate the" me first " attitude and greed of the horsemen,racetracks and lawmakers. They specialize in turning a "can't lose" into a "can't win" with a mix of conflict of interest and self promotion.

They have proved their worth in ruining the greatest customer participation sport in the world. I do not expect better from the same people.

rwwupl

gm10 · 12-01-2010, 01:45 PM

Quote:

Originally Posted by rwwupl

I have no objection to Betfair, but I would like to see it introduced slowly and face Pari-Mutuel competition,along with an american company like Churchill Downs offering the same product. If the fans make it a success , O.K. but I am tired of the CHRB and lawmakers telling us what we want. It may force takeout rates down, but do not under estimate the" me first " attitude and greed of the horsemen,racetracks and lawmakers. They specialize in turning a "can't lose" into a "can't win" with a mix of conflict of interest and self promotion.

They have proved their worth in ruining the greatest customer participation sport in the world. I do not expect better from the same people.

rwwupl

I think it's a very good idea that these things are NOT run by any organisations that are currently active in the US. They could use a little shake-up, just like their British counterparts could - they are still rattled from having their comfy little world turned upside down.

Foolish Pleasure · 12-02-2010, 10:45 AM

Just like the ADWS attracted new younger clients and didn't steal the already existing customer base.

Just like the millions spent selling exchange betting to Americans worked so well with tradesports, matchbook and others.

They match $1,000,000-they pocket $5000, the track gets $500.

The tracks could have cut takeout to 5% and accomplisghed virtually the same thing without involving a billion dollar leech.

They have completely buried UK horse racing.

Horse Racing's Final Furlong?
Insiders know it's time for big changes on U.K. tracks

On Sept. 23, almost two months later than usual, the British Horseracing Authority will publish the 2011 fixture list and is expected to announce that about 150 fixtures will be suspended. The cull, which represents a reduction of 10%, is a response to what racing's regulators say is a "dramatic collapse" in funding for the sport.

Horse Racing's Final Furlong? - WSJ.com
__________________

Betfair, the often-vilified online gambling company, has told The Herald it hopes to sit down with the UK horse racing industry to thrash out a solution to the impending crisis that in Scotland alone could bring about course closures and thousands of job losses.

Betfair searches for solution as crisis enters last furlong - Herald Scotland | Business | Corporate & SME

Betfair Group Limited, the world’s largest online sports wagering company, announced Sept. 21 its plans to go public and be listed on the London Stock Exchange.

“We would entirely agree that Betfair has been ‘disruptive’ and ‘fundamentally changed the sports betting market’,” Roy said. “Whether intended or not, it has certainly disrupted British Racing’s finances, and has created severe consequences.

“Any international racing jurisdiction considering permitting Betfair to operate in their territory has to give very careful consideration to the impact on their sport, and learn from the British experience. "

http://www.bloodhorse.com/horse-raci...r-going-public

The chairman of the British Horseracing Authority said Betfair is not returning enough money to racing and its business model needs corrective action.

British Horseracing Authority blasts Betfair - Thoroughbred Times

Foolish Pleasure · 12-02-2010, 10:47 AM

But that is all wrong.

Just listen to the Euotrash they know better.

NJ and CA racing cannot support itself but can support 100 man offices of Betfair.

Quote:

The best hope for a cancer is to die with it's host.

Foolish Pleasure · 12-02-2010, 10:53 AM

Listen to the Barry Meadows of the world who cannot wait to sell a book how to beat exchange wagering.

afterall if you are in a hurry it is much faster to sell a horse instead of backing others to win.

if you have no opinion, blah, blah, blah 1million things that could easily be synthesized with a 5% win pool takeout.

but US racing needs exchange betting afterall these people have books and other assorted bullshit to sell.

gm10 · 12-02-2010, 02:05 PM

Quote:

Originally Posted by Foolish Pleasure

But that is all wrong.

Just listen to the Euotrash they know better.

NJ and CA racing cannot support itself but can support 100 man offices of Betfair.

You are aware that Betfair is a private enterprise that pays corporate tax? Creating 100 jobs is not bad for a company that isn't even allowed to run its core business inside the US.

BMeadow · 12-02-2010, 02:30 PM

A betting exchange, whether run by Betfair or by a horsemen's group, won't be a panacea for the struggles of horse racing. It will be started for the win pool only, it requires a computer and funds on deposit, there is a real issue of liquidity, etc.

If successful--if Betfair combines its European pools with American funds--it can help the industry, assuming a fair split of the profits is negotiated, because there are many, many more playable options on an exchange than there are through the tote (e.g., in a six-horse race you like the three favorites who are 9-5, 2-1, and 5-2, so there's no value in any pools--but on an exchange, you can play against the other three entrants). Exchanges can be a tremendous source of profit for those players who know how to play them.

Betfair is currently under fire for a promotion they ran in their online casino last month, in which they promised bonuses for certain play, but then confiscated them, and winnings, when players took advantage of a particularly favorable offer. You can check any of the online casino forums for this, such as casinomeister.com. Here is the email that Betfair sent to players who made deposits, played through the requirements, and won.

"We recently ran a Casino promotion called Casino Happy Hour in which you participated. The promotion was live during the weekend of 13 and 14 November 2010.

During and after the promotion, we suspended certain customers’ Casino accounts after it was alerted to some irregular and unusual gaming and depositing activity. Your account was one of those suspended.

Certain customers attempted to profit from the promotion through adopting gaming patterns and activity in contravention of Betfair Casino’s Standard Terms and Conditions. As a result, we have withheld both bonus funds and winnings derived from such activity on those customers’ accounts, of which yours is one.

We have taken steps to make sure all of your actual deposits have remained in your account, and your account will be reopened within 48 hours. You are of course then free to continue to use your deposited funds to play in the casino, or to withdraw them at any time.

We appreciate this has been an inconvenience to you, but are happy to have the situation resolved and to make your deposited funds available to you again."

If Betfair believes that such unethical conduct by them will be taken lightly over here, they're mistaken.