Betfair Determined to Rattle Traditional Bookies
Betfair Betting Exchange has just launched a new ‘Starting Price’ product that they believe will significantly undercut the current SP offering from other betting firms.
Traditionally in the UK, the Starting Price (SP) for any horse in any race has been set by the on-course bookies who determine an aggregate price or odds. With Betfair’s new product, the SP will be determined by matching bets from customers who want to back and lay. It will be interested to see just how competitive BetFair’s odds are.
According to a Betfair spokesperson, “players are far more likely to have better odds using this system as opposed to that of traditional bookies, because it is other customers placing the bets and because there is no margin for profit built in for the company”.
BookieLabRat.com understands that Betfair expects to take a commission of around 6% from SP bets, claiming traditional bookmakers take a margin of around 20%.
To begin with the company will offer SP betting on British horseracing win markets only, however it plans offer it on Place markets, Irish, US, Australian and South African horseracing as well as other sports in the future.
Other recent additions to the Betfair stable include:
TradeFair, a financial exchange aimed at those with an interest in trading on the financial markets, and in late November, a series of innovative betting markets including the market price for climate change related outcomes. (for example bets on the HSBC Investable Climate Change Index, the ECX CFI Futures Contract, and Highest and Lowest UK Temperature).
For more information on BetFair Betting Exchange:
>> Visit Betfair
>> Read a detailed independent review of BetFair Betting Exchange
(Sorry, no US residents can joing BetFair)
Add comment December 15th, 2007