And conclude that that’-s the way to go!!!!! – (page 2):
BinarySoft Chris 27 Nov 10:38
I won’-t be one of the initial MMers nope, but I may well do it at some point next year, depending on the spreads of the initial MM(s). That’-s also assuming they do have a MM – launching TF Binaries without a MM would be a very unwise move! You are right that decimal odds are a bit counter-intuitive for trading – this is one of the main reasons why I developed BDI (binary-betting interface to the Betfair API) and it also means expanding it to allow support for Tradefair should be possible with very few alterations to the interface – possibly as straightforward as just displaying both BF and TF markets in the market navigation tree
BinarySoft Chris 30 Nov 10:32
If it’-s a native binary exchange (and I suspect it is), then tradefair will remain a *separate* exchange, because the conversion from binary – decimal is not exact.
Dr Who 06 Dec 07:37
jules, BinarySoft Chris, or whoever you are, I take it you’-re the guy behind BinarySoft. Just guessing of course.
Tell me, what is that nonsense on your site which says, “-Binary prices are the most natural and intuitive way of expressing odds”-? How can you possibly be taken seriously making a gaff like that? Why go to all the trouble to make decimal prices, which are in fact the most natural and intuitive way of expressing odds, into a completely arbitrary system like yours? When [Tradesports] started I spent a while developing an app to convert their daft Buy/Sell pricing system into decimal notation so I could arb between TS and BF. Now I’-m sure there may be some city types who are used to the Buy/Sell system but to call it a ‘-natural’- or ‘-intuitive’- way of expressing odds is complete b0llox. I wish your software well but can’-t see why anyone on earth would want to deviate from what is being offered on BF or Tradefair. Unless you can persaude me otherwise with an argument I haven’-t thought of
BinarySoft Chris 06 Dec 11:40
Dr Who – I appreciate that binary prices will not be the most suitable for everyone, and also they may take a little while to get used to for people previously used to thinking purely in terms of decimal odds. However, the vast majority of the people who have made the switch to binary prices agree that thinking purely in terms of percentage chances is a faster and simpler way to trade (and also a more natural way to price any contract/market).
See this link for more comparisons:
This states the case pretty convincingly in favour of binary prices – what advantages can you come up with for decimal odds?
BinarySoft Chris 06 Dec 11:52
Another advantage in favour of using binary prices for trading is that “-buying”- and “-selling”- are more natural ways of describing the trading process than “-backing”- and “-laying”-, especially for people who aren’-t used to betting exchanges. Also, the fact that Tradefair natively uses binary prices means that Betfair appear to be in favour of this method of expressing odds (well certainly for financial bets anyway). The next version of BDI will also be able to access both Betfair and Tradefair from the same interface, with seamless switching between Betfair/Tradefair markets. Currently, users of Tradefair and (non-BDI) users of Betfair will have to keep on switching between decimal and binary odds if they wish to trade on both exchanges – it’-s probably easier to just think in terms of a single way of expressing odds.
Dr Who 06 Dec 12:19
I said ”- My argument is that decimal notation is a much more intuitive and natural way to express [probabilities].”- I’-ve just read that back and frankly its complete b0llox. I’-m happy to try out your interface Chris and see how it feels. I’-m always happy to change my position if the facts warrant change but I found the Tradesports interface difficult.
BinarySoft Chris 06 Dec 17:04
One of the issues with that exchange you mentioned [TradeSports] is that it deals in “-lots”- – each lot is normally $0.10/point but it can vary for different markets and thus can get pretty confusing. Every other binary betting related product uses stakes expressed purely in terms of amount/point (Tradefair, other financial bookmakers and BDI).
Previously: BetFair officially launches TradeFair, one month exactly after it was announced on Midas Oracle, and the mugshot of its managing director published for all to see.