Skip to main content

petty, juvenile arguments drag racing down

Have to give kudos to ATR presenter Sean Boyce for an excellent article picking holes in the petty arguments being put up by Betfair, bookmakers and the racing authorities at the moment over various issues all relating to funding. So much hot air and yet so many conveniently hidden facts are left out of each's argument. A petty fight with handbags and a lot of flimsy evidence.

When Two Tribes Go To War

.
.
Exchanges like to point to the price edge their customers enjoy but also insist that, despite the very different MO which makes that difference possible, they should be subject to tax and levy at the same rate as bookies. They also like to offer the more attractive products from the traditional bookies portfolio to their own customers using their own cash and operating as traditional bookies. Hence exchanges are happy to stand multiples to their customers in exactly the same way as bookies do – more about this later.

Bookies in turn, hate comparisons with exchanges on the one hand but demand that exchanges are treated the same as them on the other. They want to see exchanges paying tax and levy at a rate that will make it easier for traditional bookies to compete, even though the exchange model is quite clearly completely different to the bookmakers model.

Rather like two tribes attempting to converse in a third language that neither is particularly proficient in this results in some pretty funny misunderstandings and misrepresentations.



It's a long piece but very well-written, and a great account of why neither side should be trusted.

And if you're old enough to remember where the title of his article came from, here's the film clip - a classic...

Comments

Popular posts from this blog

It's all gone Pete Tong at Betfair!

The Christmas Hurdle from Leopardstown, a good Grade 2 race during the holiday period. But now it will go into history as the race which brought Betfair down. Over £21m at odds of 29 available on Voler La Vedette in-running - that's a potential liability of over £500m. You might think that's a bit suspicious, something's fishy, especially with the horse starting at a Betfair SP of 2.96. Well, this wasn't a horse being stopped by a jockey either - the bloody horse won! Look at what was matched at 29. Split that in half and multiply by 28 for the actual liability for the layer(s). (Matched amounts always shown as double the backers' stake, never counts the layers' risk). There's no way a Betfair client would have £600m+ in their account. Maybe £20 or even £50m from the massive syndicates who regard(ed) Betfair as safer than any bank, but not £600m. So the error has to be something technical. However, rumour has it, a helpdesk reply (not gospel, natur

Spot-fixing - you will never, ever be able to stop it

According to this report , IPL tournaments so far have been rife with spot-fixing - that is fixing minor elements of the game - runs in a single over, number of wides bowled etc. The curious part of that article is that the Income Tax department are supposed to have found these crimes. What idiot would be stupid enough to put down 'big wad of cash handed to me by bookie' as a source of income? Backhanders for sportsmen, particularly in a celebrity- and cricket-obsessed culture like India are not rare. They could come from anything like turning up to open someone's new business (not a sponsor, but a 'friend of a friend' arrangement), to being a guest at some devoted fan's dinner party etc. The opportunities are always there, and there will always be people trying to become friends with players and their entourage - that is human nature. This form of match-fixing (and it's not really fixing a match, just a minor element of it) is very hard to prove, but also,

Betdaq.... sold...... FOR HOW MUCH???

So as rumoured for a while, Ladbrokes have finally acquired the lemon, sorry, purple-coloured betting exchange, Betdaq. For a mind-boggling €30m as 'initial consideration'. That's an even more ridiculous price than Fernando Torres for £50m, or any English player Liverpool have purchased in recent seasons! As I've written previously there are no logical business reasons for this acquisition. from Nov 29, 2012 The Racing Post reported this week that Ladbrokes are nearing a decision to acquire Betdaq. This baffles me, it really does. Betdaq are a complete and utter lemon. Their only rival in the market has kicked so many own goals over the years with the premium charge, followed by an increase in the premium charge, cost of API and data use, customer service standards which have fallen faster than Facebook share value, site crashes and various other faults. So many pissed off Betfair customers, yet Betdaq are still tailed off with a lap to go. Around the world, Betfair