Betfair add sports book cash out function

[Euler]

Just seen this on the main landing page. Cash out for the sportsbook is now in beta and there is no longer a link to the exchange saying 'cash out - you need to use the exchange.

[andyfuller]

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[Euler]

20-05-2013 - Betfair sportsbook cashout.png

[LeTiss]

In all fairness, the rival fixed odds bookies will hate that

[mugsgame]

So basically it's like using the exchange but with shit odds?
Genius

Wonder if the cash money is going into exchange. Hmmmmm,
I bet not

[mugsgame]

So basically it's like using the exchange but with shit odds?
Genius

Wonder if the cash money is going into exchange. Hmmmmm,
I bet not.

PW how long until the new BDQ API? Any news?

[Euler]

PW how long until the new BDQ API? Any news?

No news I am afriad!

[PeterLe]

I'll tell you what; Betfair is complicated for us to understand....what's it like for the average man in the street??!

[steven1976]

This probably sounds stupid, but if they are offering the chance to cash out at a later date, have they not gone back to the exchange model but without the decimal odds which are more familiar in my opinion to joe public?

For in play football where I imagine most money comes from this will be good because Joe public will be willing to get involved if they see 3/1 for man u before kickoff and then click the cash out 20 mins into the game when they score?

[mugsgame]

This probably sounds stupid, but if they are offering the chance to cash out at a later date, have they not gone back to the exchange model but without the decimal odds which are more familiar in my opinion to joe public?

For in play football where I imagine most money comes from this will be good because Joe public will be willing to get involved if they see 3/1 for man u before kickoff and then click the cash out 20 mins into the game when they score?

Everyone will; know I regularly poke fun at the Betfair "cash out" ad where the bloke sits nervously while he decides to cash out his bet to take a £2 odd profit (watch it yourself and work it out) on the Man Utd v Everton 4-4. These are the type of punters that will use Sportsbook. Anyone betting seriously will use Pinnacle for football. £2 punters and betting shop fodder is where Betfair is at now. It breaks my heart.

[Euler]

Betfair have been in touch for a chat, so I'll update you when I've had a proper conversation with them about the new feature.

[LeTiss]

Just out of interest Peter, do BF ever put you, or BA under pressure with regards to negative comments about them?

[steven1976]

This probably sounds stupid, but if they are offering the chance to cash out at a later date, have they not gone back to the exchange model but without the decimal odds which are more familiar in my opinion to joe public?

For in play football where I imagine most money comes from this will be good because Joe public will be willing to get involved if they see 3/1 for man u before kickoff and then click the cash out 20 mins into the game when they score?

Everyone will; know I regularly poke fun at the Betfair "cash out" ad where the bloke sits nervously while he decides to cash out his bet to take a £2 odd profit (watch it yourself and work it out) on the Man Utd v Everton 4-4. These are the type of punters that will use Sportsbook. Anyone betting seriously will use Pinnacle for football. £2 punters and betting shop fodder is where Betfair is at now. It breaks my heart.

These are the punters betfair want. They want 500,000 of these 2 pounds punters on a saturday afternoon having a gamble. If they dont have new customers then the pot goes dry.

At the end of the day, if you are able to buy something and find a buyer for it in the very short term, odds don't really matter if it is not really crazy out of sync. In the past you couldnt sell out on the sports book so no trader could touch it. At least that is the way I see it. Obviously, for swing traders looking for value in a longer term position this isn't the case but for the very front of the book it doesn't matter in my opinion.

If the sport book offers the chance for people to buy and sell then I don't see how it can be different to the current exchange? What are they going to do, offer 4/1 at the off and then at the stroke of 10 mins of an in play even start offering 3/1?

[Euler]

Just out of interest Peter, do BF ever put you, or BA under pressure with regards to negative comments about them?

No they don't to be fair, also they are much much better than they used to be with communciations generally. I'd say with both exchanges I have a much better relationship that 12 months ago, but out of courtesy to both I can't often give detail about some of stuff we talk about. So you will have to excuse me if I am unable to talk about those things. You will just have to take a steer from me on those occasions.

[Euler]

Just spoke to the sportsbook and they confirm the cash out is not done via the exchange at the moment but it's something they are aiming towards.