Tag Archives: Ethics

The InTrade traders are wondering what the future of InTrade is -now that TradeSports has bellied up in style.

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Here are the screen shots of their posts &#8212-before they get removed.

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Previously: on TradeSports death – on InTrade&#8217-s viability

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After the demise of TradeSports, questions (re-)surface about the viability of InTrade.

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My post about the sudden closure of TradeSports was the #2 most downloaded webpages, yesterday &#8212-even though that post was published late yesterday. And this morning, I am receiving tons of e-mails from the InTrade and TradeSports traders (they are often the same people).

My reasoning:

  1. InTrade is the twin site of TradeSports.
  2. The closure of TradeSports was sudden.
  3. The TradeSports owners have closed shop less than 2 months before the SuperBowl &#8212-the biggest $$$ drawer.
  4. Now that the 2008 US presidential elections are over, the InTrade heyday is over. No more liquidity. No more media coverage. See you in 2010 and 2012.
  5. If TradeSports couldn&#8217-t survive the Unlawful Internet Gambling Enforcement Act of 2006, I don&#8217-t see how a lean InTrade could do.
  6. InTrade CEO John Delaney is not a truthful person. It is unlikely that any statement from him about the viability of InTrade should be taken seriously.
  7. Midas Oracle used to received many daily server requests from the InTrade-TradeSports team in Ireland. The recent web stats show a sudden drop. This might signal that some key employees are in vacation &#8212-or have been laid off.
  8. UPDATE: They seem now unable to expire a contract in the evening, Irish time.

TAKEAWAY:

  • The InTrade traders should prepare themselves for the worse &#8212-the sudden closure of InTrade.

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Chris F. Masse

All against the BetFair premium charges

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Excellent analysis from the &#8220-Punt&#8221- blogger.

Serial bet winners are accused (that&#8217-s the word) to withdraw money from the BetFair machine, compelling BetFair to attract new money from newbies at a high marketing cost, and thus BetFair has decided to tax those serial bet winners.

I wonder what a Harvard or Wharton MBA would think of this reasoning.

It is my understanding that, in the betting and gambling business, you are always trying to attract new blood to make up for the disillusioned gamblers that you are losing on a daily basis.

Am I correct, folks?

Why don&#8217-t BetFair raise moderately the trading fees for everybody, or try to reduce the cost of the BetFair IT architecture by slashing out what has been unnecessary added by their IT maniacs?

Previously: BetFair impose new “Premium Charges”, and their very active traders are up in arms. – 2008-09-09

WE ARE BETFAIR. RESISTANCE IS FUTILE. YOU WILL BE ASSIMILATED.

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A list of the Betfair forum threads about the new premium charges.

A FaceBook group has been created to protest the new BetFair premium charges.

PREVIOUSLY: BetFair impose new &#8220-Premium Charges&#8221-&#8230- Do BetFair gag the critics, too?

With the premium charges, BetFair is asking the hogs to pony up. However, the collateral damage is that the concept of exchange is stabbed in the back.

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A list of the Betfair forum threads about the new premium charges.

A FaceBook group has been created to protest the new BetFair premium charges.

PREVIOUSLY: BetFair impose new &#8220-Premium Charges&#8221-&#8230- Do BetFair gag the critics, too?

One day after BetFairs PR move, the very active event derivative traders are still very displeased by the new BetFair premium charges.

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I have re-published yesterday&#8217-s BetFair Q &amp- A at the bottom of my previous post &#8212-because that&#8217-s the post that Google features, bringing in 300 people a day.

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My analysis of this PR debacle:

  1. BetFair has a very complex information technology system, which is very costly, making BetFair less profitable than the fixed-odds betting operators (the big British bookmakers). They attack the problem with a dual approach: they try to lower the IT costs associated with each bet transaction (see FlyWheel Lite), and they try to spot and exploit their most costly customers (hence the premium charges).
  2. BetFair&#8217-s PR department is made up of friendly, knowledgeable and competent people. However, they are not up to date with BOTH the brand-new web publishing tools AND the brand-new behaviors associated with these tools. In other words, they don&#8217-t grasp the Web &#8212-where velocity and interactivity are 2 factors. Hiring a SEO is not the solution. BetFair should embrace the culture of the Web.

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A FaceBook group has been created to protest the new BetFair premium charges.

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Here are some BetFair traders&#8217- takes:

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UPDATE:

A list of the Betfair forum threads about the new premium charges.

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UK billionaire Andrew Black (the BetFair co-founder) owns and manages a stable of 30+ Thoroughbred horses, but cant stand anymore to hear about the event derivative traders whom he extracted wealth from.

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The Independent

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PREVIOUSLY: BetFair impose new &#8220-Premium Charges&#8221-&#8230- Do BetFair gag the critics, too?

UPDATE: They announce a Q&amp-A.

BetFair co-founder Andrew “Bert” Black’s blog is flooded (New Orleans-style) with comments from event derivative traders who question the rationality, logic, extent, fairness, true pupose and timing of the new “premium charges”.

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PREVIOUSLY: BetFair impose new “Premium Charges”… Do BetFair gag the critics, too?

UPDATE: They announce a Q&A.