Strong results announced for Flutter for 2023 and further growth expected for the rest of 2024 but it's the US that appears to be driving the growth, it's not all doom and gloom. Hopefully a strong Flutter can only be a benefit for the Exchange with the utopia for traders being US money flowing into it, bit of a pipe dream but can live in hope.
https://www.racingpost.com/news/flutter ... 4a4J5S7X2/
Flutter Perfomance 2023-24
Thanks Michael.
Does anyone know the current US laws on Exchange betting? As Derek indicated as well, I always had the impression that there are many restrictions, as, I would have expected US horse racing exchange markets to have much more volume than UK race markets, when I last looked they had about five or six times the number of citizens, compared to the UK.
Does anyone know the current US laws on Exchange betting? As Derek indicated as well, I always had the impression that there are many restrictions, as, I would have expected US horse racing exchange markets to have much more volume than UK race markets, when I last looked they had about five or six times the number of citizens, compared to the UK.
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Michael5482
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I think (someone may correct me) that gambling laws differ from state to state with gambling being banned in a few and that's where the problems lie along with selling an exchange concept to Americansconduirez wrote: ↑Tue Mar 26, 2024 1:47 pmThanks Michael.
Does anyone know the current US laws on Exchange betting? As Derek indicated as well, I always had the impression that there are many restrictions, as, I would have expected US horse racing exchange markets to have much more volume than UK race markets, when I last looked they had about five or six times the number of citizens, compared to the UK.
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Michael5482
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That is the utopia Americans lobbing wedge in left right and centre at any old price. They'll be bright Americans of course there is but in general Americans don't come across as being the sharpest people on the planet, there thick as mince if ya ask me.
Wasnt the problem (with the failed USA exchange), that they charged an obscene amount of comm ? Like 12%-15%
This was ok(ish), for horse race punters, normalised to being raped the 22%+ take-out from the horse pools.
A UK based yankee, paying 5% comm, would have a decent chance, if he knew his horses.
This was ok(ish), for horse race punters, normalised to being raped the 22%+ take-out from the horse pools.
A UK based yankee, paying 5% comm, would have a decent chance, if he knew his horses.
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jamesedwards
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A number of issues with exchange trading in the US:
Firstly Americans just don't get it, especially for horse racing. They are used to pari-mutuel pool betting and betting is made up much more by multiples and exotics. The idea of betting on a single horse to win at pre-determined odds is alien to many.
The horse racing industry has little incentive to embrace an exchange model. Currently each track owns their own pari-mutuel pool and profit from take-out (typically 15-20%) goes directly to the track. Not sure how they would replace revenue lost to an exchange.
Then there's significant legislative implications. Different states have different laws which mean different types/methods of betting can be illegal. I think taxes can vary significantly by state also. You're talking about double digit tax on volume in some states. Not sure how you would fit in a single exchange platform across multiple states.
Firstly Americans just don't get it, especially for horse racing. They are used to pari-mutuel pool betting and betting is made up much more by multiples and exotics. The idea of betting on a single horse to win at pre-determined odds is alien to many.
The horse racing industry has little incentive to embrace an exchange model. Currently each track owns their own pari-mutuel pool and profit from take-out (typically 15-20%) goes directly to the track. Not sure how they would replace revenue lost to an exchange.
Then there's significant legislative implications. Different states have different laws which mean different types/methods of betting can be illegal. I think taxes can vary significantly by state also. You're talking about double digit tax on volume in some states. Not sure how you would fit in a single exchange platform across multiple states.
It's a closed shop, with impenetrable high barriers, high taxes, massive license fees and geared towards the incumbents.
Exactly what you would expect in the land of the free
We tried to support Betfair in NJ, but the NJ legislation meant we would need to buy a license for $100k and we were only allowed to onboard NJ residents.
Exactly what you would expect in the land of the free
We tried to support Betfair in NJ, but the NJ legislation meant we would need to buy a license for $100k and we were only allowed to onboard NJ residents.