Comments on: BetFair’s brand-new bet matching logic

By: medemi

medemi — Sun, 27 Jul 2008 14:39:52 +0000

Just getting back on the issue of consumer protection. Here’s another example to add to your list of reasons why betfair ABSOLUTELY DO NOT CARE about their customers. LET THEM BE FLEECED is their motto. Unless there is sufficient pressure to make them think twice.
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http://site.forum.betfair.com/.....ID=1598069
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Let’s just skip to the conclusion of this thread, as your time must be valuable.
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“It seems to me that the Gambling Commission have fallen asleep. At least the Australian authorities are on the ball, they insist bets being void in these circumstances.”
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We need a lot more babysitters. Just the way it is.

By: medemi

medemi — Sun, 27 Jul 2008 13:01:21 +0000

You should have been there, three years ago, on betfair’s forum.
They were all over Adonis, like dogs fighting over a bone. Some of them even had multiple user-names (like “scripophilist”, who has recently been exposed by a poster named “morris’, for being “Golga” as well). It wasn’t hard to get the crowd to join them, I almost joined them myself, and I did for a very brief moment. But something didn’t feel right, and as I took 2 steps back I figured out what it was. You see, Adonis was one of very few who asked questions, material questions which concerns our well-being, not just that of betfair. And there were lots of people with vested interests posting regularly on the forum at the time. A modern day crucifixion, that’s what it was. I was very impressed with Adonis’ courage at the time and called him “The last Samurai”, as most of us would have thrown in the towel within a week. I’m proud to have him as my friend. You should be proud to have him too.

By: medemi

medemi — Sun, 27 Jul 2008 12:07:19 +0000

It’s no fun having a discussion without the usual suspects from the betfair forum. I told them at the time, it would be best for them to shut up and let it die. Well, they are not on here, so I guess there is some brain cell activity amongst some of them. With it, some hope for Britain as a nation.

By: medemi

medemi — Sat, 26 Jul 2008 17:01:23 +0000

This whole thing stinks. How can anyone allow an operator (a bookmaker) to extract money from the market (people who are in the process of matching bets) while disregarding the delay every other customer has to submit to, and advertise the company as a P2P-exchange ? On top of that, nobody knows exactly how much they are extracting. We haven’t even considered the time parameters betfair are using because we are kept in the dark on that as well.
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It’s a good thing, for betfair, that some of us are restricted from posting on their forum. Not so good for the consumer.

By: medemi

medemi — Fri, 25 Jul 2008 21:10:23 +0000

Resistance is gaining momentum on the betfair forum.
Betfair are going to have to pull it, or offer best execution. It’s best for everyone.
Let’s see how long it will take before they figure out that one. I give it 3 months.

By: logic

logic — Thu, 24 Jul 2008 19:01:13 +0000

The next Betfair New logic will probably turn you upside down and shake you about to get any loose change out of your pocket.

By: Medemi

Medemi — Wed, 11 Jun 2008 18:33:16 +0000

Any charge, fee or commission should be clear and provide clarity for all customers - a golden rule in commercial enterprise. This semi skimming bot however does not give that clarity to customers. That’s ok, because betfair are actually bookmaking company, accepting one bet from a customer and offsetting their risk by acceptating another (inverse) bet from another customer.
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The result ? Any mention of betfair by betfair being a P2P betting exchange, even an exchange, anywhere, should be dealt with immediately. Because they are not, or not anymore, and thanks to their involvement in their own markets, it doesn’t even come close anymore. Betfair have just sold off a crucial part of their business for a few pennies… unless they are allowed to advertise and sell their business as an exchange.
Betfair would probably disagree because they think they can get away with anything. They could be right.
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And then there’s another interesting problem (for the Gambling Commission at least) regarding Time, but that’s Adonis’ territory.