Future of Betfair

News, chat and debate about the Betfair betting exchange.
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wearthefoxhat
Posts: 1909
Joined: Sun Feb 18, 2018 9:55 am

verance wrote:
Fri Apr 02, 2021 10:07 am
Dim wrote:
Thu Apr 01, 2021 9:02 pm
Future of Betfair.

Obviously with more and more regulation of the industry (possible affordability checks/min. loss per month) + stricter KYC etc. trading and/or betting is not going to become easier in the near future.

My dream :roll: is to have a similar to BF in size exchange, where anyone can deposit cryptocurrency .Convert it there to say USDT or any other stable coin and trade/bet that way. No checks, nothing. Then easily withdraw. Crypto sports exchange on stable coin.

Only imagine, how this could drive competition, BF service is not getting better(frequent outages) for example. Lack of investment in the exchange infrastructure is crystal clear.

That are your views ? Will cryptocurrencies change the sport betting markets operate?
Would a crypto exchange not be forced into the same regulatory framework?

Tax would apply to cryptoassets when cashing out.

https://www.gov.uk/guidance/check-if-yo ... yptoassets

HMRC talk about tokens...they mean cryptoassets

crypto.png
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ShaunWhite
Posts: 6454
Joined: Sat Sep 03, 2016 3:42 am

LeTiss wrote:
Fri Apr 02, 2021 9:24 am
I always had my concerns about the future of Betfair, the moment they opened a Sportsbook
I agree, it was a very strange move imo especially using the same branding. When you keep a close eye on PPB as we do, you can see they're literally chucking money at the exchange tech, but from an outsiders perspective you could be forgiven for thinking it's being wound down.

That months of work and millions spent in 2019 was purely to increase capacity 10 fold, was it really all done speculatively in the hope the US market would open up? or perhaps a big relaunch delayed by Covid...i dunno. The sound and the pictures really aren't in sync.
Dim
Posts: 108
Joined: Tue Feb 20, 2018 2:12 pm

wearthefoxhat wrote:
Fri Apr 02, 2021 12:05 pm
verance wrote:
Fri Apr 02, 2021 10:07 am
Dim wrote:
Thu Apr 01, 2021 9:02 pm
Future of Betfair.

Obviously with more and more regulation of the industry (possible affordability checks/min. loss per month) + stricter KYC etc. trading and/or betting is not going to become easier in the near future.

My dream :roll: is to have a similar to BF in size exchange, where anyone can deposit cryptocurrency .Convert it there to say USDT or any other stable coin and trade/bet that way. No checks, nothing. Then easily withdraw. Crypto sports exchange on stable coin.

Only imagine, how this could drive competition, BF service is not getting better(frequent outages) for example. Lack of investment in the exchange infrastructure is crystal clear.

That are your views ? Will cryptocurrencies change the sport betting markets operate?
Would a crypto exchange not be forced into the same regulatory framework?

Tax would apply to cryptoassets when cashing out.

https://www.gov.uk/guidance/check-if-yo ... yptoassets

HMRC talk about tokens...they mean cryptoassets


crypto.png
Right now is more like wild when it comes to crypto. And it is possible to cash out simply exchanging crypto to cash. Obviously different countries have different regulations . Perhaps laws in UK are already in place, but that is an exception I think.
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ShaunWhite
Posts: 6454
Joined: Sat Sep 03, 2016 3:42 am

Dim wrote:
Fri Apr 02, 2021 6:53 pm
Perhaps laws in UK are already in place, but that is an exception I think.
Exceptions become the rule. I don't understand why anyone would be interested in the authorities knowing even more about them than they already do now. But that's the modern world, sell a turd rolled in glitter and the rest of us have to put up with the smell. Like Facebook & Twitter...seemed harmless but it's changed geopolitics, and spread disinformation and radicialisation at an alarming rate. Be careful when you start messing with the very fabric of the global economic system.
Dim
Posts: 108
Joined: Tue Feb 20, 2018 2:12 pm

verance wrote:
Fri Apr 02, 2021 10:07 am
Dim wrote:
Thu Apr 01, 2021 9:02 pm
Future of Betfair.

Obviously with more and more regulation of the industry (possible affordability checks/min. loss per month) + stricter KYC etc. trading and/or betting is not going to become easier in the near future.

My dream :roll: is to have a similar to BF in size exchange, where anyone can deposit cryptocurrency .Convert it there to say USDT or any other stable coin and trade/bet that way. No checks, nothing. Then easily withdraw. Crypto sports exchange on stable coin.

Only imagine, how this could drive competition, BF service is not getting better(frequent outages) for example. Lack of investment in the exchange infrastructure is crystal clear.

That are your views ? Will cryptocurrencies change the sport betting markets operate?
Would a crypto exchange not be forced into the same regulatory framework?
[/quotI

It is possible to operate like many crypto exchanges if you are a small player, not using large sums, all you need is just an email address to trade. No kyc, no checks.
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Crazyskier
Posts: 696
Joined: Sat Feb 06, 2016 6:36 pm

LeTiss wrote:
Fri Apr 02, 2021 9:24 am
I always had my concerns about the future of Betfair, the moment they opened a Sportsbook

It went against the very principles of the Exchange. When Betfair started, they were different and appealed to punters, layers and traders alike. Traders need the punters for liquidity and getting matched. The Sportsbook takes many of those punters away, which is terrible for the traders. This partially explains why the fill-rate feels slower these days

I remember the likes of Ladbrokes trying to close Betfair down. They thought it was plain wrong that they had built up years of goodwill, and Joe Bloggs shouldn't be allowed to lay bets. Clearly, they were protecting their own business, but Betfair won that battle, so to end up becoming a bookmaker themselves was akin to getting in bed with the enemy

Don't get me started on XM...... :evil:
I read your posts with interest LeTiss, and as usual, you have very eloquently mirrored my precise thoughts on the nature of 'an exchange'. Betfair marketed the heck out of it's USP at the time, namely punters betting against punters (as opposed to bookies), so to see the sportsbook tab was just a betrayal of their own principles as far as I'm concerned.

CS
harry
Posts: 9
Joined: Tue Sep 08, 2020 9:04 am

Dim wrote:
Thu Apr 01, 2021 9:02 pm

That are your views ? Will cryptocurrencies change the sport betting markets operate?
I think this is already happening to some extent.

For example, look at the cryptocurrency exchange FTX. They listed Trump/Biden contracts for the previous election, and they also have some for the next election: https://ftx.com/trade/TRUMP2024

Volumes are still low, and it's politics rather than sports, but it's a crypto betting market in the way you describe. I don't know what the legal status of accessing them in the UK is.

There are some other, more decentralised crypto betting platforms.

Augur: https://augur.net
Catnip: https://catnip.exchange

They also listed US election contracts, and their pricing was pretty far out of line with Betfair and others. However it wasn't really arb-able because the blockchain transaction fees are just too high. It also feels like the kind of thing where you can lose all of your money easily if you don't know what you're doing.
jamesedwards
Posts: 426
Joined: Wed Nov 21, 2018 6:16 pm

I didn't think it was possible to trade in and out of Crypto without building enormous tax liabilities?
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