Tag Archives: BetFair Starting Prices
BetFair has been ordered to drop starting price ad. — Misleading BetFair ads are now banned in the UK.
BetFair has been ordered to drop starting price ad.
Misleading BetFair ads are now banned in the UK.
The UK’s advertising watchdog has ruled against a promotional campaign run by betting exchange Betfair after the company failed to qualify its claims of offering dramatically better starting prices to horse race gamblers.
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Advertising Standards Authority (ASA):
Assessment
Upheld
The ASA noted Betfair’s [...]
Betfair slammed for misleading ad
A little know pressure group calling itself Straight Statistics, challenged whether a claim made by Betfair, that the returns available to gamblers taking Betfair’s own Starting Price (BSP) were on average 40% better than those available to gamblers taking the industry SP, could be substantiated.
Betfair sent a spreadsheet to the Advertising Standards Authority, which compared the BSP [...]
Directory listing of BetFair price files
Directory listing of BetFair price files
How BetFair did treat its customers on the day that the BetFair Starting Price system crashed down
BetFair did pay the backers at better prices than the reconciliation threw out. The UK’s Grand National is the one race in the year where non-regular bettors bet, and BetFair couldn’t give them a poor experience. The cost was borne by BetFair, not by the layers (the short-sellers), a decision taken shortly after the race. [...]
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)
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