The rise of betdaq
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andyfuller
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At the moment it does seem to be that way going off what others have said that the bet they have placed has been matched in the exchange instantly. But what is to say it will remain that way?
No one has seen anything that says all the bets will be offset into the exchange and will always remain that way.
It is a very small step from this to what Betfiar have proposed isn't it?
Betfair once changed the initial commission structure and look where that has ended up...Maybe the whole PC stuff has just made me cynical
No one has seen anything that says all the bets will be offset into the exchange and will always remain that way.
It is a very small step from this to what Betfiar have proposed isn't it?
Betfair once changed the initial commission structure and look where that has ended up...Maybe the whole PC stuff has just made me cynical
This statement seems to have confused alot of people including myselffreddy wrote:Dear Member,
1 bet is basically betdaq acting as the bookmaker which makes the odds shorter because you are not betting against other people, please note 1 bet is also commission free which in theroy can make up for the prices being shorter also.
Regards
The Betdaq Team
, not sure even Betdaq know what they are doing 
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
You don't bet against other people on the exchange either from memory of their Terms and Conditions.
I had a discussion with Mark Davies about if we bet against Betfair or others, it was others but changed to Betfair and hence why they had to stop the milk man advert.
If I remember correctly he said Betdaq had in their T&C's that we are betting against BD each time we place a bet, they just manage their risk perfectly.
I had a discussion with Mark Davies about if we bet against Betfair or others, it was others but changed to Betfair and hence why they had to stop the milk man advert.
If I remember correctly he said Betdaq had in their T&C's that we are betting against BD each time we place a bet, they just manage their risk perfectly.
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andyfuller
- Posts: 4619
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Looks like I was either wrong or they have changed things:
Betdaq wrote:2 The role of BETDAQ
The role of BETDAQ is to act as a facilitator between Members who wish to make offers to each other. These offers if matched or partially matched will become contracts between individual Members. The role of BDQ Member Funds is to act as stakeholder for Members' funds and to provide Members with a funds-settlement service for the settlement of those contracts. All services (other than guest services) offered by us may only be used by Members accessing the Exchange after entering their Member Name and Password.
When a Member delivers or makes an offer into the Exchange, the Member grants to BETDAQ an irrevocable authority:
i) to accept, on behalf of the Member, any other Member's previously recorded corresponding and opposing offer and thus to create a matched offer or contract between the Members; or
ii) failing (i), to display the terms of the Member's offer for acceptance by other Members until the offer is accepted by (an)other Member(s) or until the offer expires.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
This is in their T&C's so has to be the facts:freddy wrote:This statement seems to have confused alot of people including myselffreddy wrote:Dear Member,
1 bet is basically betdaq acting as the bookmaker which makes the odds shorter because you are not betting against other people, please note 1 bet is also commission free which in theroy can make up for the prices being shorter also.
Regards
The Betdaq Team
Betdaq wrote:6. 1Bet Terms and Conditions
Our 1Bet offering is designed to simplify the exchange experience for those customers who prefer to confine their betting experience to accepting other members lay bet offers and thus placing back bets only on the Exchange, ("1Bet").
......
e) No commission will be charged on winning bets, rather BETDAQ charge a small fee for facilitating the transaction between members. The fee is incorporated into the odds of a selection.
It's always the lack of clarity with these situations thats start's all these conspiracy theories.
Wish they would just explain these things properly in the first place,
This is only going to confuse people from what i can see, makes it sound like they are doing something different than they actually are.
If it's just another way to get bets matched on the exchange then it's not as bad as i thought as long as it stays that way.
Wish they would just explain these things properly in the first place,
This is only going to confuse people from what i can see, makes it sound like they are doing something different than they actually are.
If it's just another way to get bets matched on the exchange then it's not as bad as i thought as long as it stays that way.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
I agree but I still have big reservations about the move. It highlights that there is an issue with attracting the casual punter to the exchange model and getting people to understand the exchange model and also means they are only a very small step away from taking on liability themselves and acting as Betfair propose to do which should in theory lead to bigger profits at the expense of the exchange and its users.
It is things like this that have made me decide there in little future in sports trading as the goal posts can be moved at any time and with great ease.
Remember the coffin Betfair paraded on the streets.....seems the revolution is becoming exactly what it set out not to be.
It is things like this that have made me decide there in little future in sports trading as the goal posts can be moved at any time and with great ease.
Remember the coffin Betfair paraded on the streets.....seems the revolution is becoming exactly what it set out not to be.
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steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
I think you nailed it there andy. The casual user in general either dont understand or are not interested in the exchange model. I would say they dont understand it as the exchanges are still relatively young as everyone wants the best price.
I think the trouble is that the way we've been messed around before with the PC issues etc, it's easy to interpret every new step any exchange makes now as another potential big threat to traders and just part of a big evil scheme by the exchanges to get rid of us and take more for themselves, but it's not neccessarily like that.
Don't forget a couple of weeks ago when Peter had his account suspended everyone was saying how bf were starting to close winning accounts and that in a couple of weeks many of us would have been gone.
The biggest issue I see with betdaq is the fact that it is a seeded exchange and that seeding money makes up such a large amount of the overall money on there, so surely if you make regular money there you can only really do so at betdaqs expense? I know they are encouraging traders as market makers, so maybe they're hoping traders can collectively replace the seeding that they already do and allow them to simply make money from bookies / commission?
Don't forget a couple of weeks ago when Peter had his account suspended everyone was saying how bf were starting to close winning accounts and that in a couple of weeks many of us would have been gone.
The biggest issue I see with betdaq is the fact that it is a seeded exchange and that seeding money makes up such a large amount of the overall money on there, so surely if you make regular money there you can only really do so at betdaqs expense? I know they are encouraging traders as market makers, so maybe they're hoping traders can collectively replace the seeding that they already do and allow them to simply make money from bookies / commission?
From what I can see there are some arb bots between Betfair and Betdaq but the true underlying liquidity is growing, albeit slowly and not across all markets. Certainly racing is viable now and it wasn't in the past. Don't forget that Betdaq dominant the on course hedging market in the UK and Ireland so a fair bit of liquidity is coming from on course.
I think the general strategy of exchanges is flawed at the moment. The only reason people make the effort to use them is because they feel they have a better chance or winning and because the don't mind losing to somebody smarter. If you stamp on winners and intervene in the book you undermine the core proposition of the exchange. The bloke who wants a tenner on England to win will use a bookies down the street or in some convenient form.
The best way exchanges can reach these guys is to back end onto traditional methods, hold on, that means being a real exchange?
I think the general strategy of exchanges is flawed at the moment. The only reason people make the effort to use them is because they feel they have a better chance or winning and because the don't mind losing to somebody smarter. If you stamp on winners and intervene in the book you undermine the core proposition of the exchange. The bloke who wants a tenner on England to win will use a bookies down the street or in some convenient form.
The best way exchanges can reach these guys is to back end onto traditional methods, hold on, that means being a real exchange?