Tag Archives: BetFair SP
The hard questions that BetFair’s Mark Davies ducked
A BetFair trader called Pablo (no deep link):
It simply beggars belief that people can have had matched bets removed from their account when nothing has gone wrong. Will there be a new department to judge the fairness of the [BetFair Stating Prices] returned in every race every day? What is unfair? Under the official SP? [...]
The BetFair Starting Price is such a phenomenal success that their MSR-like system melted down under pressure last Saturday, April 5th, 2008, for the British equivalent of the Kentucky Derby —the Grand National at Liverpool.
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BetFair:
Settlement of Grand National win market
Betfair Customer Services 05 Apr 18:35
The reconciliation of the Betfair SP for the Grand National win market resulted in prices which we believe were significantly unfair for backers of some horses, most obviously the winner. Therefore we unreconciled the Betfair SP to return what we believe [...]
BetFair Starting Price = Simplified Trading —just like MSR is, but without an AMM.
My challenge to Robin Hanson and Justin Wolfers: Blog about the BetFair Starting Price.
Take my sub-title as a follow-up (in good spirit) on Robin Hanson’s comment, here.
I’ll go first —after acknowledging Steve High, the inventor of the BetFair SP. (For those who first want to read the explainer on the BetFair SP, Midas [...]
BetFair SP = BetFair Starting Price
What is SP betting?
SP is an abbreviation for ‘Starting Price’ and until now has been more widely associated with traditional bookmaking. The method by which SPs are set for each runner varies in different countries. Traditionally in the UK the Starting Price for any horse in any race has been determined by the on-course bookies [...]
Bumpy Road for the BetFair Starting Prices
#1. The introduction of the BetFair Starting Prices has slowed the performance of the trading interface.
#2. Many traders (the short sellers) are unhappy with one option (the automatic canceling of “all lay keep bets”) that the BetFair SP team authoritarianly introduced without asking their customers first.
Meet BetFair’s Steve High.
Steve High (BetFair Product Manager – Starting Prices)
BetFair co-founder says their Starting Price interface is slow and cluttered… AND THEN CALLS IT QUIT.
Andrew”Bert” Black:
It was a big day for me yesterday, with Betfair finally launching the SP mechanism. I kicked the product off over 2 years ago, but it was a year and a half before we started work on it (the Betfair roadmap is permanently backed up). It is a very big piece of work – [...]
BetFair’s Starting Prices are better than the Bookmakers’ SPs.
The BetFair press release (not tagged as such on their official blog):
A £10 bet on the seven winners at the traditional SP would have returned £471.20. But at the Betfair SP, with the maximum commission rate factored in, backers would have netted £596.22 – a difference of some £125.02.
The BetFair Starting Prices will out-perform the bookmakers’ SPs by offering significantly better odds.
OFFICIAL: BETFAIR CONFIRM WHAT DEEP THROAT TOLD US TWO DAYS BEFORE THE GUARDIAN PRINTED A STORY ABOUT THE NEW BETFAIR STARTING PRICES.
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BetFair:
SP as it should be
Some of you might have heard that Betfair has been developing a Starting Price product to rival the traditional SP system that offers a better and fairer price that you [...]
The details on BetFair’s Starting Prices
Via Nick Garner, here are the explanations from Stephen Burn (Betfair’s Director of Horseracing):
[...] From next month we’ll be giving customers the opportunity to back or lay a horse at [Starting Price]. There’ll be guaranteed matching in all but the rarest of circumstances, no stakes limits and the option to set price limits should punters [...]
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