Honest Joe betting exchange

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Kai
Posts: 6092
Joined: Tue Jan 20, 2015 12:21 pm

Kafkaesque wrote:
Sat Jun 29, 2019 11:55 am
Kai wrote:
Sat Jun 15, 2019 12:19 pm
We all have ideas on how to improve things but even if a company would somehow see an exchange as more profitable and easier to run than a sportsbook, the exchange would need a large influx of casual users (for lack of a better word) and losers to really grow. The concept of a betting exchange is too complex for the casual mind to understand, we're all aware of the selling points of an exchange but the casual user doesn't really care about better prices and more control over their bets, they much more prefer a fast slick betting platform that's easy to understand and even easier to use, with endless obscure markets to gamble their money away faster and with Ray Winstone constantly reminding them in the background that they made the right choice. The archaic Betfair website doesn't look appealing at all to a casual, just the opposite. I feel that any real innovation needs to happen in this area, because putting a cash out button with a slider on the website and sending out a weekly email about this remarkable feature is nowhere near enough. If someone can somehow simplify using the exchange to the point where literally anyone can use it, and market it in ways that it makes it fun to actually use, then I think they could potentially go far with that approach.
A betting portion of the exchange app would show this only:

- Current backing price on the exchange, and absolutely key, with it being minus commission to make is transparent.
- Current backing price across 5-10 majors bookies.

And would offer to:
- Back now at exchange price
- Don't back now but do so automatically if price reaches X
- Show rough percentages of prices reacing various levels (based on stats of how much various markets move)
- Notification if prices reaches various levels, higher than now but lower than the above point of automated bet placement (and the option to take said price with one click, if still available)
- Back automatically at any price above X, if there's still not bet placed X minutes before kickoff

Your average joe is plagued by FOMO, if they're "proven correct" by the result and they've missed out on having a punt, which is why the asking for a better price, despite sounding brilliant in theory, never worked practically as a betting practice. The above would combate that, and would give punters a bit a extra excitement in seeing if they're going to get an even better price for what they're sure will happen. Nevermind that they'll have zero clue that there's almost always a reason counting against them, causing the fact that they're getting a better price.
That's actually more or less what I had in mind. Just provide your customers with a fun interface with cool features that even a simpleton could use, but also provide the advanced customers with more advanced exchange options which they can turn on if they wish to do so.

Honestly how hard could that be? :mrgreen:
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Euler
Posts: 24700
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

I think skinning the exchange is exactly the right thing to do, but.....

This process of skinning the exchange was exactly how the Betfair sportsbook started out. The concept was the exchange provided the cash out coverage. You place a bet on the sportsbook and the internal process cashed out on the exchange. Also they had this concept of price rush where if you placed a bet on the sportsbook and it was better on the exchange it just got matched on the exchange. Perfect, all problems solved.

First the started doing the cash out themselves realising they could just take the risk and grab some extra margin, then the price rush disappeared and eventually it just become a sportsbook with no link to the exchange at all.

Mug punters deserve their name and reputation.
vide0star
Posts: 50
Joined: Thu Jul 07, 2011 8:19 pm
Location: London

rostov wrote:
Sat Jun 29, 2019 12:48 pm
LinusP wrote:
Sat Jun 29, 2019 9:06 am
vide0star wrote:
Fri Jun 28, 2019 7:27 pm
This is our plan. Coming soon to a mobile near you https://getsbk.com/
Any more information on this? Powered by the exchange? Will you ban people? Part of the API / have you opened it up yet?
Do bears shit in the woods?
SBK is powered by the exchange
We will not ban people.
The API is connected to the exchange so yes it's connected to SBK.
The API is being rolled out little by little. We have 50 API customers right now.
Bears shit sometimes in the woods, sometimes not.
vide0star
Posts: 50
Joined: Thu Jul 07, 2011 8:19 pm
Location: London

Euler wrote:
Sat Jun 29, 2019 2:03 pm
I think skinning the exchange is exactly the right thing to do, but.....

eventually it just become a sportsbook with no link to the exchange at all.
You probably know better than me but my understanding was BF SB was never a skin. The tech (and pricing) always came from Amelco. The "price rush" was a tenuous software link bridging the Amelco sportsbook and the BF exchange.

IMO, I don't think BF ever gave the model a go. AFAIK, we are the first to try to skin an exchange for the casual market.
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Naffman
Posts: 5626
Joined: Sun Aug 11, 2013 5:46 am

Jesus just seen someone point out that if there is a non-runner then all bets will be void :P

More like Stupid Joe
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Derek27
Posts: 23471
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Naffman wrote:
Sat Jun 29, 2019 6:59 pm
Jesus just seen someone point out that if there is a non-runner then all bets will be void :P

More like Stupid Joe
At least they won't have many bets to void. ;)
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Dallas
Posts: 22673
Joined: Sun Aug 09, 2015 10:57 pm
Location: Working From Home

Naffman wrote:
Sat Jun 29, 2019 6:59 pm
Jesus just seen someone point out that if there is a non-runner then all bets will be void :P

More like Stupid Joe
All in all this is a very underfunded and rushed project
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Derek27
Posts: 23471
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Dallas wrote:
Sun Jun 30, 2019 1:54 pm
Naffman wrote:
Sat Jun 29, 2019 6:59 pm
Jesus just seen someone point out that if there is a non-runner then all bets will be void :P

More like Stupid Joe
All in all this is a very underfunded and rushed project
... by somebody who probably hasn't used an exchange before!
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ilovepizza82
Posts: 490
Joined: Thu Nov 02, 2017 3:41 pm
Location: Sewers
Contact:

Perhaps it wouldnt have been so bad from the very start if he had not implemented so many hidden costs.
He advertises 1% comm and "no hidden costs" and many people were actually looking forward to the openning but then when you go there you see horror things like:

- Deposits: Debit and credit card: 2.5% + £2.50
- Withdrawals: Debit and credit card: £1
:D
Dude...like...seriously ?
The costs might not be that scarry but it does scare people away.
Im surprised he doesnt charge just for using his website. ;)
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Derek27
Posts: 23471
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Just looked to see if there was any liquidity - a non-runner in the last at Haydock would have voided any matched bets if anyone placed a bet. :lol:
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Derek27
Posts: 23471
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Location: UK

Have to credit his perseverance, site still going hoping that an order might be placed. ;)
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LeTiss
Posts: 5386
Joined: Fri May 08, 2009 6:04 pm

There doesn't appear to be any money matched anywhere. If you're going to start an exchange, you need the funds to populate markets with your own money, just to give the impression there are people in the markets
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Derek27
Posts: 23471
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

I think paying 2.5% on deposits without any guarantee of getting a bet placed, plus the all bets void on non-runner rule has eliminated any chance of people wasting their time with it!
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Derek27
Posts: 23471
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

It appears Honest Joe is now specialising in horse racing markets and removed all other markets from the exchange, but still no liquidity.
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Derek27
Posts: 23471
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Don't know how long it's been like this but you wouldn't think an unvisited site would need any maintenance. ;)
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