Honest Joe betting exchange

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Euler
Posts: 24701
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

Just bumped into this site, though not a penny on it as it stands

https://honest-joe.com/
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Archangel
Posts: 1987
Joined: Thu Jun 27, 2013 3:03 pm
Location: Polo Lounge, Beverly Hills Hotel

Must be brand new?

They dont seem to have any market makers yet
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Euler
Posts: 24701
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

Or customers!

I think that's the issue isn't it. You need losers to have some winners, catch 22.
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Euler
Posts: 24701
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

Most of the smart money would slaughter any inefficiency in a new exchange I reckon.
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Archangel
Posts: 1987
Joined: Thu Jun 27, 2013 3:03 pm
Location: Polo Lounge, Beverly Hills Hotel

This is from the 'about' section of their site:

'Honest-Joe is a 1% commission betting exchange.

Commission is charged on net winnings only.

We do not levy premium charges, heavy usage charges or any other hidden costs.

We do not use cross-matching.

Our cost structure is simple and transparent.'
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Derek27
Posts: 23475
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

No racing markets yet. I wish them the best, any competition is good but he'll have to change his name in five years time - they won't last long on 1% commission.

They charge for deposits and withdrawals but that wouldn't be a problem for most people if the exchange becomes usable.

Looks like you can set odds of one million plus!
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Euler
Posts: 24701
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

Derek27 wrote:
Fri Jun 14, 2019 10:00 pm
Looks like you can set odds of one million plus!
I've told Betdaq they should do that. Nobody can compete by being a 'me to' exchange. It needs innovation to drive the market. Most the exchanges are laying on the floor trying to copy other exchanges that are laying on the floor. Nobody seems to get up and take a look at the landscape. Strategically from a number of perspectives I think it's dreadful.

If I had the time and no money, I'd definitely take on the challenge of beating the incumbents, I think you could do a lot of damage as they are strategically so lazy.
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Kai
Posts: 6092
Joined: Tue Jan 20, 2015 12:21 pm

Looks like Betdaq would rather focus on their new sportsbook than dare to innovate, even during a period when Betfair was most vulnerable. They don't seem to be the innovative type by taking the tried and tested path. Someone else is going to have to innovate to push the industry forward, but I would love to be proven wrong.
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ShaunWhite
Posts: 9731
Joined: Sat Sep 03, 2016 3:42 am

Business like nature abhores a vacuum, so that means there's good reasons this area isn't flourishing. In fact there's many many reasons which are either inherent or symptomatic of the current climate.

It's often the case that people close to an industry, as we are, overestimate it's fascination or wider significance. Exchanges remain undoubtedly niche, invaraibly as dull as ditch water, and I certainly wouldn't recommend anyone to play them as a means of entertainment. Exchanges need losers and what an exchange offers in return for their hard-earned is frankly never going to measure up in what's a very crowded leisure and leisure gambling sector.

If the huge industry players with deep deep pockets clearly can't see a return from it, or even much of a future, then there isn't. And no amount of daydreaming about how we all know better than them, and what idiots they all must be will change that. If I had the time and no money, trying to re-invent an already wobbly wheel would be on the same list as 'relaunch betamax', purists will love it, but nobody else will give a damn.

The only selling point exchanges have is 'value', and frankly blowing your money in 19 bets instead of 20 is a crap selling point for a crap experience.
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Derek27
Posts: 23475
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

I didn't open a Betfair account until 2006 but I was well aware long in advance when it was under construction, it was well advertised. This one's completely popped up out of the blue. Here's its twitter page.

https://twitter.com/HJoeBets?ref_src=tw ... r%5Eauthor
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Derek27
Posts: 23475
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Location: UK

Honest Joe reserves the right to void trades in the unlikely event of a system failure on Honest Joe side that prevents clients from managing their open offers.

https://honest-joe.com/pages/terms
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PDC
Posts: 2272
Joined: Sun Jul 24, 2016 5:52 pm

ShaunWhite wrote:
Sat Jun 15, 2019 2:28 am
Business like nature abhores a vacuum, so that means there's good reasons this area isn't flourishing. In fact there's many many reasons which are either inherent or symptomatic of the current climate.

It's often the case that people close to an industry, as we are, overestimate it's fascination or wider significance. Exchanges remain undoubtedly niche, invaraibly as dull as ditch water, and I certainly wouldn't recommend anyone to play them as a means of entertainment. Exchanges need losers and what an exchange offers in return for their hard-earned is frankly never going to measure up in what's a very crowded leisure and leisure gambling sector.

If the huge industry players with deep deep pockets clearly can't see a return from it, or even much of a future, then there isn't. And no amount of daydreaming about how we all know better than them, and what idiots they all must be will change that. If I had the time and no money, trying to re-invent an already wobbly wheel would be on the same list as 'relaunch betamax', purists will love it, but nobody else will give a damn.

The only selling point exchanges have is 'value', and frankly blowing your money in 19 bets instead of 20 is a crap selling point for a crap experience.
Great post. Some excellent points in this, particularly the bit "It's often the case that people close to an industry, as we are, overestimate it's fascination or wider significance."

It is well worth chatting to people who don't use exchanges to find out why. As I have said elsewhere on here before the vast majority don't care about the value on exchanges. Just as many don't care about being able to save a little bit of money by switching bank, energy provider, internet provider etc etc.
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firlandsfarm
Posts: 2688
Joined: Sat May 03, 2014 8:20 am

The Honest Joe website was blank this morning!
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Kai
Posts: 6092
Joined: Tue Jan 20, 2015 12:21 pm

firlandsfarm wrote:
Sat Jun 15, 2019 5:19 am
The Honest Joe website was blank this morning!
Probably just needs more users besides Joe himself, but not sure that begging for them is the right marketing approach.

Image

Some very good points in earlier posts but the truth is that this is already good enough for most traders, you can build a life and build a business as a sports trader. Probably very few people thought at the start that the exchange model would survive for this long, it obviously has a place in the industry and won't be going away any time soon. Even if the exchange model peaked already I feel that it's good enough, the winners aren't banned like elsewhere and they are welcome to continue trading, albeit at a greater cost. Scalability becomes a problem eventually but it's one of the better problems to have, if you want to scale up further you need to do it outside of sports trading. As long as things don't become progressively worse, I'm sure that most traders would be content and possibly even happy to at least keep things as they are.

We all have ideas on how to improve things but even if a company would somehow see an exchange as more profitable and easier to run than a sportsbook, the exchange would need a large influx of casual users (for lack of a better word) and losers to really grow. The concept of a betting exchange is too complex for the casual mind to understand, we're all aware of the selling points of an exchange but the casual user doesn't really care about better prices and more control over their bets, they much more prefer a fast slick betting platform that's easy to understand and even easier to use, with endless obscure markets to gamble their money away faster and with Ray Winstone constantly reminding them in the background that they made the right choice. The archaic Betfair website doesn't look appealing at all to a casual, just the opposite. I feel that any real innovation needs to happen in this area, because putting a cash out button with a slider on the website and sending out a weekly email about this remarkable feature is nowhere near enough. If someone can somehow simplify using the exchange to the point where literally anyone can use it, and market it in ways that it makes it fun to actually use, then I think they could potentially go far with that approach.
george
Posts: 137
Joined: Mon Oct 12, 2009 4:07 pm

Registrations only from UK , good luck to them but i cant see going too far
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