Should an American firm have created betting exchanges?

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I just watched the this video of Peter's on you tube.

You have to admire the passion and determination he has, and he is so right!

Who in there right mind would use a bookmaker? Nobody should be using them. Wether anyone is interested in this topic I thought I may mention something about me and what I have been doing for the last few years as its quite relevant.

I am currently in the process of a patent application. I have come up with a concept that could really rattle the bookmakers. In fact it would improve the exchanges massively and would take the current bookmakers betting concept away. So then we would have exhange users and then my new concept would be the new bookmakers.

I have been working on it for nearly 18 months and getting a patent for this doesnt look very likely at all just like betfair failed to get one too.

I work in horse racing industry for a living (currently part time now), I have been a fairly profitable better over the years and used my own systems, even created betfair bots without any trading knowledge.
Anyway, As I saw peters video I had a light bulb moment and thought there could be a few people here on this forum that might to even get involved in this project.

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I'm surprised you're not a fan of Bitcoin Euler... a p2p disruptive technology that takes on the banks, VISA, Mastercard, PayPal etc. who skim a chunky percentage off millions of transactions every day for doing pretty much nothing.

Having experience of futures exchanges and brokers in the US I'd be careful what you wish for; some of them make British bookies look like saints.
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My bitcoin learning curve has skyrocketed over the last few weeks. In an effort to be 'with it' I've gone on a steep learning curve.
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scottydog wrote:
Sat Nov 07, 2015 11:55 am
Who in there right mind would use a bookmaker?
Your average punter isn't overly concerned with price because they have an unrealistic expectation that their selection will win. They also use accas and combos to give them that big win for small stakes opportunity. Factor in the fact that an exchange price can vary from terrific to terrible in a few minutes and you can see why it's a hard sell unless you're approaching it as a professional which something the vast majority of people don't do. Your average punter is also a loser so they never have problems getting a bet on. Then there's the social aspect of a nice warm bookies shop. The list of obstacles to overcome is difficult when you only have a marginally better price as your main selling point.

This evangelism about exchanges always comes from professionals who have forgotten (or don't understand) the priorities of the customer base. It's like being baffled why people get their holiday money from the post office rather than from their broker.

Good luck with your project but I hope you have a marketing spend in the double digit millions because learning from the betfair evolution, you'll find it hard to even scratch the surface.

The easiest way to break into the arena would seem to be some sort of portal to insulate the customer from the flawed exchange experience, but doing that just makes you another bookie.

I wish you well.... But I'm out.
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