http://www.bloodhorse.com/horse-racing/ ... e-wagering
Hello, Can anyone explain in dummy terms to me what exchange wagering is? Anyone ever tried before?
karen
Can anyone Explain
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karenkarenn
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bdw0617
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in a nutshell
the way wagering works now is that we put all our money into a big pool, and the track gets a cut (take out). the rest of the pool is divied up upon the rest of the bettors. the odds are determined by how much money is put on a horse. so to put it short, say there is a 100,000 in a pool and there is 60,000 on one horse and 40 on the rest, then the horse that has 60,000 (without takout) is going to be 3/5 meaning he shoudl win 3 times out of 5 tries.
exchange wagering does not work like this. exchange wagering basically means, say you like, Zenyatta in a race. you really lik eher. and for some reason I think she can be beat. So i as a bettor who doesn't think zenytta can win says hey.. i got 500 bucks right here in my account for Zenyatta at 3 to 1. you as a bettor who thinks zenyatta is going to win, would jump all over that beucase you think she's a lock and you think 3 to 1 is stealing money. but if i win, i get all your money that you wagered.
that's exchange wagering in a nutshell. I love it. my income is probably going to double from this. a lot more races just became playable. not even to mention the takeout. like to put it short, i really did nto like game ond ude in the classic. that's well documented on this forum. however iw asn't really... sold on who was going to win. i went with mott horse whose name ic an't remember right now but i was never sky high for him. But i was quite sure G.O.D was going to lose.
under exchange wagering, ic ould have made a wager to say, G.O.D at 7/2 (he wento ff at 9/5) and could have taken everyone's money who took me up on that offer.
the way wagering works now is that we put all our money into a big pool, and the track gets a cut (take out). the rest of the pool is divied up upon the rest of the bettors. the odds are determined by how much money is put on a horse. so to put it short, say there is a 100,000 in a pool and there is 60,000 on one horse and 40 on the rest, then the horse that has 60,000 (without takout) is going to be 3/5 meaning he shoudl win 3 times out of 5 tries.
exchange wagering does not work like this. exchange wagering basically means, say you like, Zenyatta in a race. you really lik eher. and for some reason I think she can be beat. So i as a bettor who doesn't think zenytta can win says hey.. i got 500 bucks right here in my account for Zenyatta at 3 to 1. you as a bettor who thinks zenyatta is going to win, would jump all over that beucase you think she's a lock and you think 3 to 1 is stealing money. but if i win, i get all your money that you wagered.
that's exchange wagering in a nutshell. I love it. my income is probably going to double from this. a lot more races just became playable. not even to mention the takeout. like to put it short, i really did nto like game ond ude in the classic. that's well documented on this forum. however iw asn't really... sold on who was going to win. i went with mott horse whose name ic an't remember right now but i was never sky high for him. But i was quite sure G.O.D was going to lose.
under exchange wagering, ic ould have made a wager to say, G.O.D at 7/2 (he wento ff at 9/5) and could have taken everyone's money who took me up on that offer.
"When the solution is simple, God is answering.”
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Yes BDW is right exchanges allow anone accept a bet, you the person become the bookmaker and fix the odds you want to take or lay - once someone elses wants the odds you offer.
In England everyday the horses race for a normal daily race first prize for the winning horse is about $5,000 on one exchange Betfair about $1.5 million dollars is bet on the race.
Exchanges allows people to bet on a horse to lose so for a low level race of $5,000 to the winner and a possible $1.5million bet - you can see why sometimes "cheating" takes place, it can be worth more to lose the race.
Exchanges are good for gambling but not for racings image.
In England everyday the horses race for a normal daily race first prize for the winning horse is about $5,000 on one exchange Betfair about $1.5 million dollars is bet on the race.
Exchanges allows people to bet on a horse to lose so for a low level race of $5,000 to the winner and a possible $1.5million bet - you can see why sometimes "cheating" takes place, it can be worth more to lose the race.
Exchanges are good for gambling but not for racings image.
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karenkarenn
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bdw0617 wrote:right now takeout in california on W/P/S is 17.5% give or take. Exotics are 22% give or take. their "low" takeout is 14% on thep layers pick 5
Betfair pays out about 5% of the revenue that they take in to horse tracks.
Betfair charges its winners 5% they still have to cover costs of staff, website, advertising etc
The % they put back in is usually less than 1%.
Why do you think prize money in England is so bad, you should stick to your own pari-mutuel betting forget about exchanges they are no good for horse racing, great for gamblers not good for racing or prizemoney.
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bdw0617
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damn.
I mean we are saying the same thing but you have the actual raw numbers. and i agree the prize money in europe, even for their marquee races, is pathetic. Outside of the Epsom Derby, Ascot and Champions day they don't run for real money
They run for real money everywhere else. Here, Australia, Japan, Hong Kong. If you watch the Dubai winter carnival they talk about this every thursday in between races how all the euros HAVE to go there to supplement their income because there isn't any in europe.
however i do think america has something in it's favor in the sense that, for instance the next to do this will probably be CDI and they own their tracks,s o they have an interest in putting the money back into the track. And I'm also quite sure to some extent, the agreement came with some extremely specific contingency on what they had to do to get approved for this, as stingy as the CHRB is I doubt they are going to let betfair pillage their circuit.
But from a bettors standpoint, in particular one like myself who follows racing daily, it's a slice of heaven. Races that weren't even remotely close to being playable are now playable.
I mean we are saying the same thing but you have the actual raw numbers. and i agree the prize money in europe, even for their marquee races, is pathetic. Outside of the Epsom Derby, Ascot and Champions day they don't run for real money
They run for real money everywhere else. Here, Australia, Japan, Hong Kong. If you watch the Dubai winter carnival they talk about this every thursday in between races how all the euros HAVE to go there to supplement their income because there isn't any in europe.
however i do think america has something in it's favor in the sense that, for instance the next to do this will probably be CDI and they own their tracks,s o they have an interest in putting the money back into the track. And I'm also quite sure to some extent, the agreement came with some extremely specific contingency on what they had to do to get approved for this, as stingy as the CHRB is I doubt they are going to let betfair pillage their circuit.
But from a bettors standpoint, in particular one like myself who follows racing daily, it's a slice of heaven. Races that weren't even remotely close to being playable are now playable.
"When the solution is simple, God is answering.”
- Einstein
- Einstein
bdw0617 wrote:But from a bettors standpoint, in particular one like myself who follows racing daily, it's a slice of heaven. Races that weren't even remotely close to being playable are now playable.
Every race is playable - all you have to do is pick 1 loser per race.
Here is a betting tip for you, not that you need or asked for it.
Take $100 as your bank.
Lay 3 horses everyday for a week for $5 after you pay your commison the following week you have $200.
Then lay 3 horses a day for $10 the next week you have $400.
Anyone see where this is going?
Betfair makes life so easy.
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bdw0617
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here is the ethical issue i have with exchagne wagering
where does the line between right and wrong stop?
for instance, let's say i'm a jockey. let's say i'm the jockey of.. switch.. out in california.
let's say we are in the vanity handicap again and we are going up against zenyatta in her prime again.
what if i am dating someone, who decides to make a 2,000 dollar wager on zenyatta vis a vis exchange wagering platform?
is that really wrong? is it right? it's not really either. what if i told her my horse didn't have a shot in hell of beating Z? what if i said that as a hdnicapper and not as the horses jockey?
it's too much gray with exchange wagering that has to be ironed out.
from a horse racing standpoint i hate it. i love para mutual wagering. from a gambling stand point i love it.
where does the line between right and wrong stop?
for instance, let's say i'm a jockey. let's say i'm the jockey of.. switch.. out in california.
let's say we are in the vanity handicap again and we are going up against zenyatta in her prime again.
what if i am dating someone, who decides to make a 2,000 dollar wager on zenyatta vis a vis exchange wagering platform?
is that really wrong? is it right? it's not really either. what if i told her my horse didn't have a shot in hell of beating Z? what if i said that as a hdnicapper and not as the horses jockey?
it's too much gray with exchange wagering that has to be ironed out.
from a horse racing standpoint i hate it. i love para mutual wagering. from a gambling stand point i love it.
"When the solution is simple, God is answering.”
- Einstein
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wilf
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Funny thing is that I have saddled plenty of favourites over the years that I thought had no chance ,maybe they were not as sharp as last start,maybe they were lucky to win last start or maybe the public's opinion of them was much greater than mine. Anyway I could have made a pocketfull through exchange betting and laying my own horse to win at the best odds available. My horses always try their best but I would have been committing a crime by laying my own horse and taking money from outside bettors........or would I? What is wrong with hedging? If I win I win ,if I lose I win ; Ay there's the rub!
wilf wrote:
Wilf, I guarantee you as soon as you start laying against your horses they will all win..
Funny thing is that I have saddled plenty of favourites over the years that I thought had no chance ,maybe they were not as sharp as last start,maybe they were lucky to win last start or maybe the public's opinion of them was much greater than mine. Anyway I could have made a pocketfull through exchange betting and laying my own horse to win at the best odds available. My horses always try their best but I would have been committing a crime by laying my own horse and taking money from outside bettors........or would I? What is wrong with hedging? If I win I win ,if I lose I win ; Ay there's the rub!
Wilf, I guarantee you as soon as you start laying against your horses they will all win..
"Politicians should be limited to two terms, one in office and another in jail." Anonymous
Firstly trainers, owners, jockeys and all stable staff are not allowed to lay their own horses.
Anyone caught doing so is banned from racing, even going to race tracks.
All exchange accounts operated by owners/jockeys/trainers/stablestaff are registered with and monitored by the racing authorities.
Anyone caught doing so is banned from racing, even going to race tracks.
All exchange accounts operated by owners/jockeys/trainers/stablestaff are registered with and monitored by the racing authorities.
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karenkarenn
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