Honest Joe betting exchange

[Naffman]

We all complained about cross matching, companies seeding markets (results in banning winners), PC and commission rates.

Now this guy comes along and yes there is no money but you cannot really slag him off, I might deposit just for the craic

[ShaunWhite]

I've been involved or close to a number of start ups, so I aware nobody is going to pay you a wage it will all be equity based.

Sorry I took it that you'd be a cost. The other issue with VC as you know is that they plan their exit almost before their entry. 70? You 'll be lucky to retaining a decent part of your business until you're 60 let alone keep it as a legacy.

I respect you for everything you've achieved but if I may say so you've very much promoted yourself as a manual trader (albeit one of the best), so perhaps it would be easier for someone from a tech/city background to gain traction as the front man in this arena; which has very little to do with actual trading and more to do with the infrastructure. But as you say, in a consultative role regarding the features, presentation, promotion, credability and what constitutes an attractive offering, etc etc, you'd be invaluable.

But also like you, as the years roll by and already having a comfortable lifestyle, summoning up the energy and enthusiasm to go back to 18hr days gets harder. If I was 30 again I'd be in the car on the way down south to twist your arm and see what we could do, the idea's got legs, but as it is I think I'll just stay flopped in my comfy chair.

[Derek27]

We all complained about cross matching, companies seeding markets (results in banning winners), PC and commission rates.

Now this guy comes along and yes there is no money but you cannot really slag him off, I might deposit just for the craic

We might just be betting against each other.

[ShaunWhite]

We might just be betting against each other.

Therein lies the problem. You need lots and lots of losers who are,
a) smart enough to get their head round an exchange instead of using the easy peasy sportsbook, but
b) not so smart they either end up winning or giving it up quick as a mugs game.

The Venn diagram of potential customers gets pretty small pretty fast.

...and then you only take 1 or 2% from people? If average Joe blows £30 a week that's 30p. Even 100,000 Joes (that's 0.3% of the entire adult population, yeah dream on) is only 30k, nothing after overheads. Globally its doable at scale, but just the UK? They must have got Derren Brown to do the pitch.

[ShaunWhite]

Now this guy comes along and yes there is no money but you cannot really slag him off, I might deposit just for the craic

I don't think he needs a deposit, he needs a gift aid donation of £3 a month for famine relief.

You can't fault a trier though as you say. Fair play to him.

[Derek27]

We might just be betting against each other.

Therein lies the problem. You need lots and lots of losers who are,
a) smart enough to get their head round an exchange instead of using the easy peasy sportsbook, but
b) not so smart they either end up winning or giving it up quick as a mugs game.

The Venn diagram of potential customers gets pretty small pretty fast.

...and then you only take 1 or 2% from people? If average Joe blows £30 a week that's 30p. Even 100,000 Joes (that's 0.3% of the entire adult population, yeah dream on) is only 30k, nothing after overheads. Globally its doable at scale, but just the UK? They must have got Derren Brown to do the pitch.

I was half-minded to make a deposit and offer odds for backers at almost competitive prices. As things stand it would be like being a bookie with somebody else running your website for free.

But the website is pretty basic and rules look as though they've been written by a 16-year-old.

[Alphabet]

Into it's 3rd day. And there is ZERO activity.
So who wants to take a Fantasy Bet that it will:

1. Fold within 4 weeks - hmm I will price at 4/1 > now 2/1
2. Gets the message and somehow eliminates card processing fees - 10/1
3. Gets bought out by a Bookmaker not already in the Exchange trading arena - 20/1
4. Peter Webb / Euler ploughs 500k into seeding it 1000/1
5. Someone else comes along and seeds it with 500k+ in the next 7 days - 800/1
6. Who cares about ''Joe'' - 1/10
7. Develops into the first UK / IRE Bitcoin Sports Exchange (Looks at Bookie.pro, Wagerr, Fairlay etc - and wonders what they are ll about - Head scrating) in 2019 - 200/1
8. Maskes the Commission 5% but without Card Fees, and still retains the USP (Unique selling point) of No Premium Charge / Cross Matching - 25/1

To be ''honest'' I would only deposit £10 and then the fees they charge of 2.5% + £2.50 to deposit. Plus £1 per withdrawal.
Just makes it pointless.

I use Betdaq 99% of the time, using Betangel for Betdaq. And Smarkets 1% of the time to Lay off bookies freebies and Sign up offers.
I currently only do Back bets at 40p today on Betdaq and £1 - £1.50 per bet on Tradional Bookies.

Their minimum bet is £1 - which is useless to me
Premium Charge - I'm not on, and don't use Betfair Exchange anyway.
Cross Matching - Doesn't affect me. Only do Horses near or on the off.

So for me, and I guess the vast majority who only ever do small stakes, it's a complete dud.

[Archangel]

You would think whoever started it would have created some markets in the to kick things off at least , offer some liquidity

[spreadbetting]

You would think whoever started it would have created some markets in the to kick things off at least , offer some liquidity

No point in them throwing good money after bad and they're probably far too busy driving that statue around anyway.

https://pbs.twimg.com/media/D9HBhYyXsAIMIwP.jpg

[Derek27]

To be ''honest'' I would only deposit £10 and then the fees they charge of 2.5% + £2.50 to deposit. Plus £1 per withdrawal.
Just makes it pointless.

I misread the bit about deposits. I'd like to deposit £100 and lay the field but paying £5 for the privilege with no guarantee of a bet matched nevermind making 50p - no wonder there's no liquidity!

[Autolearner]

Fascinating thread, as so many are on this forum

I speak as a newbie who is still losing relatively small money/investing in his education/having fun (delete as applicable) As a newbie I find more of my losses occur when using the BF mobile app and not Bet Angel.

As a reflection I found the BF website and even mobile app rather off putting at first sight. Many of you obviously have PC based setups, bots at your command and so on.

But I wonder if there is a space in the mobile market for an app that simplifies the task of doing some simple strategies on a mobile. Could be a sport specific app that for instance makes it easy to lay the draw in football or back the server in tennis. The app could have relatively few strategies in-built, with others potentially available via in-app purchases.

I know that all these strategies are childs play for you lot. But if what you want to do is to drive up liquidity with casual punters, mobile apps that make it easy to deploy relatively simple strategies when out at the pub on a Saturday afternoon may possibly have some mileage? Or is the fact that they don’t exist mean there is no market for them ?

[ShaunWhite]

You would think whoever started it would have created some markets in the to kick things off at least , offer some liquidity

Exactly, this is another reason new exchanges fail. They don't invest the several million you need to seed it and spend the first year basically operating as a bookmaker on both sides. They knock up some basic tech for a few grand and expect the world to come running. It's why clubs offer free entry and drinks before 10, nobody wants to go into an empty club. Business 101, speculate to accumulate.

[Derek27]

It would only take an account with a grand in it to kick-start some activity and encourage punters to open an account. But who would want to pay £27.50 just to deposit?

[Archangel]

Whats the goal of Honest Joe here, to take on Betfair ? At the moment the exchange model seems stuck in a rut. Betfair have about 90% , maybe more of the market, and seemingly couldnt give two hoots how their are perceived. Betdaq have tried to take them on for years and failed, Matchbook I have no idea about. Honest Joe might have been better off starting a sportsbook

[Derek27]

I doubt they've got the cash to run a sports book and accept liabilities.

I think this exchange is doomed from the outset. With no money in it and customers deterred from investing with a 2.5% charge just for helping them out...