Would this idea be possible, or is it a stupid idea?

heels2nd20 · 02-25-2002, 01:53 AM

Could a sports book do this.

Match up bettors who want opposite sides of the same game. They could charge a 2% fee to the loser. This way, the book would be risking nothing , and the players wouldn't have to woory about the book going under.

It would work like this.Players post up just as they would at any other book. I decide I like The Lakers -10 over the Hornets, I put in a bid with the book on the morning of the game sating that I would like $800 on the Lakers -10. Then, that afternoon, Joe Blow puts in a bid with the book stating that he would like the Hornets +10 for $500. The book would then send me a confirmation, and Joe Blow also, that we have action on the game for $500. If another player were to come along later and also want the Hornets for $300 then I would be sent another confirmation to let me know that I've got another $300 on the game. Of course it wouldn't be that neat every time, but you would be able to withdraw any uncomfirmed play at any time. This way, if the book could not find another player who wanted the opposite side as me, or if they could only fulfill $500 of the $800, I could withdraw my bid and play the game at a conventional book. I don't know if I explained this well enough, but it would basically be like to guys (or gals) betting against each other with a 2% "finders fee" for the book.

You could possibly even do this using forums, where a player could post what he wanted, and other players could could read the posts to find a wager the entices them.

I don't know? Just thought I'd through it out there for discussion.

jag · 02-25-2002, 01:59 AM

perfectly reasonable proposal, heels.

brokerage book, sounds like a good business plan. heck, ebay makes money, why not...

let's hear from the entrepeneurs...

gl, -jim

lowroller · 02-25-2002, 02:04 AM

didn't pariaction say they were trying to get a system like that going?

JC · 02-25-2002, 02:05 AM

You are talking about a "limit book" for sports bets, orders to execute a certain volume of a sports bet.

The problem is players want liquidity, they want to get down aat the line and know they have action.

In the stock market the reason market orders always get filled is because there is a marlet maker or specialist to take the other sode. If it wasn't for them many people would never be able to get filled in an illiquid issue. The same applies to sports. It might work fine for a Monday night game but what about all of the others? What about the imbalances even on Monday night? How would you like to hear you didn't get a bet because you were high up the list and nobody came in on the other side?

And the problem with the parimutuel idea is players want to bet fixed odds, they don't want a moneyline bet on their pointspreads that they don't know until the event starts.

Rookies · 02-25-2002, 02:05 AM

Interesting idea.

Both sides would need to trust the person holding.

Also, time is a factor. Lots of us establish a position late rather than early, to take advantage of various things ( e.g. injuries, game conditions ) There would have to be a cut off period, say 1 hour before game time.

bj · 02-25-2002, 02:11 AM

Heels--

I put up a similar idea on this forum two days ago--- 80 look-sees, but not one response. Ythe folks on this forum love to whine and complain, and love to lose their $ to lame BMs. Don't suggest an innovative change-- these losers love to wallow in their own slop.

Big Jerk

Fishhead · 02-25-2002, 02:13 AM

WSEX

The Actuary · 02-25-2002, 02:15 AM

There are various exchanges that already do this.

Bookiebar · 02-25-2002, 02:15 AM

http://www.betfair.com among many others, betfair being among the biggest now that it and flutter joined, check out how much they match up for "football" aka soccer a week.. you can either bet as per normal or you can LAY bets (like a bookie) which is what your talking about.

Not exactly a new idea. Also kind of annoying if you actually want to lay $1000 not $800.

sandwedge · 02-25-2002, 02:17 AM

there are several sites that basically offer what you are talking about. they are mainly directed at the european market, i believe. bet-ex.com is one and i think there is one called flutter.com or something like that.

Bookiebar · 02-25-2002, 02:28 AM

From betfair site, Top 5 sports for money matched last 7 days...

Horse Racing £10,902,052
Soccer £3,547,959
Golf £807,270
Dog Racing £522,912
Financial Bets £410,035

So reasonably big see.

Bucky · 02-25-2002, 02:34 AM

bookiebar - Betfair won't take american customers.

lowroller · 02-25-2002, 02:36 AM

bj, alot of people will dismiss you because you have so few posts, and i am fairly new here myself, but based on what i've seen the last week i am on your side.

i don't think betfair takes u.s. customers??

Bookiebar · 02-25-2002, 02:42 AM

Didn't know that, (they take all others though [img]i/expressions/face-icon-small-wink.gif[/img] )

Pariaction does however, and that is a similar concept with a US focus.

Heck it's even up the top of this page.

heels2nd20 · 02-25-2002, 03:13 AM

Thanks for the feedback guys. I mostly deal with a local BM, and was not aware that some of the offshore places were already doing this. Thanks.

Soapy J · 02-25-2002, 09:10 AM

I spend far too much of my time using Betfair (and also betdaq.com) and all I can say is that once you get used to using it, you won't bet in any other way. The key thing (and this doesn't work for US sports yet, apart from NFL) is that you can trade games in running. So, if you don;t like your position after 20 minutes, you can trade out and get the other way. On televised soccer games the liquidity is usually good in at least £5,000 per side (and often a lot more) so this is a realistic way of trading.

Pariaction · 02-25-2002, 06:24 PM

Pariaction currently offers pari-mutuel betting, allowing players to bet against an entire pool of bettors. We are currently also developing a system allowing people to bet directly against each other. (Exactly as stated).
All of the fallout in this industry should strengthen our position as we act only as a broker except for some initial seeding of the pools. Anyone wanting to have input for the matching players bets for individual betting, please send email to marketing@pari-action.com. We will reward all innovative ideas.

lowroller · 02-25-2002, 06:25 PM

how about this for input...hurry!![img]i/expressions/face-icon-small-smile.gif[/img]

thegambler · 01-17-2009, 06:27 PM

Quote:

Originally Posted by heels2nd20

Could a sports book do this.

Match up bettors who want opposite sides of the same game. They could charge a 2% fee to the loser. This way, the book would be risking nothing , and the players wouldn't have to woory about the book going under.

That's how sportsbooks work, isn't it? Doesn't the sportsbook want equal number of betters on both side, and collect the juice on all bets?