Here are 2 facts:
–->- BetFair does not seem to be getting #2.
They are jointly operating a new website, focused on the next UK general election:
http://www.electionpredict.com/
As of today, the British GOP is set to win. We’-ll see.
…- unless they fork over “-in between 52,000 euros and 215,000 euros”- for a 5-year period.
Is that regulation or extortion? 
“-The profit on ordinary activities for the year was ?24.8m (2008 ?50.5m). …-.During the year the company disposed of its investments in BDD Holding A/S and Invest World A/S, two companies in Denmark, which closed during the year. The company recognised a loss on disposal of these investments of ?11.9m).”-
I am trying to determine whether the loss of ?11.9m relates to Betfair’-s acquisition of Pokerchamps.
Betfair Australasia Pty Ltd had, according to Reuters, recorded a net loss of around A$11.8 million for the year to the end of April 2009. Betfair’-s marketing costs had allegedly increased to A$7.7 million for the year, up from A$1.3 million, “-following the lifting of bans on interstate advertising”-.
Like putting up his damn name in the title tag of his blog…-
Google Search fuels on keywords (and reputation).
–
The relationship between William Hill and the betting exchanges has not been a good one. On January 29, 2003, David Harding on the subject of Betfair’s impact on the the over-round said- “Some racecourse markets now return overrounds of only 1.2 to 1.3 per cent per runner. That is not sustainable. I cannot have a price mechanism for 50% of my business being desecrated.
In a recent interview with Betview magazine Ralph Topping, Hills’ current head had this to say of Betfair-
“‘I call Betfair the choirboys of the betting industry – “look at us we’re so innocent” – actually the exchanges are the biggest Masonic lodge there is. They’re a massive secret society where illegal gambling is taking place. What would throw a spanner in the works is if William Hill came up with an exchange model which could be offered in our betting shops or through our telephone business.”
A fascinating portrayal of one of the most transparent betting companies in the world.
EDITOR’-S NOTE: BetFair’-s Mark Davies has his own take on the Topping statement.
Two years ago, I wrote that the man should go blogging. Done. Finally.
A view from opposite Harrods –->- http://markxdavies.blogspot.com/
Truly interesting. Bookmark. Subscribe. Read.
Via Crowded Voice
UPDATE: And he tweets too.
Betfair would like to apologise for the unplanned site outage that occurred earlier this afternoon [Monday, January 25, 2010]. The cause of this problem is currently being investigated by our technical team. A list of affected markets will be posted shortly [here].
Once again please accept our apologies for any inconvenience this may have caused.
As somebody who likes to “-back and lay”- on UK horse racing, I was more than annoyed, when having placed a bet on a UK horse race, Betfair’-s software malfunctioned, meaning that I was unable to lay off my bet as was my intention.
To those of us that engage in backing and laying, the result of the race is irrelevant- we are trading on price movements and price movements alone. It was my belief (mistaken) that the contract that I had entered into with Betfair, would ensure that at all times Betfair would provide me with the means to back and lay, and that where it was unable to do so, the company would rule that as a proper market had not been formed on the race, my bet would be declared void, and my stake monies would be returned.
Alas, this was not so, as the following reply from Betfair makes clear-
“-As the site was not available to any customers between 2 –- 4pm, no bets were placed during this time and as this was due to matters beyond our control, our terms and conditions (11.3) state that:
We are not liable for the failure of any equipment or software howsoever caused, wherever located or administered, or whether under our direct control or not, that may prevent the operation of our betting services, impede the placing of orders for bets or the matching of bets, or prevent you from being able to contact us. In particular you should be aware that if you place a bet with the intention of subsequently placing a separate bet to reduce the liability incurred by the initial bet, there can never be a guarantee that the Exchange will be available at the point you wish to place the subsequent bet.”-
As it happens, the race concerned was the 2.45 at Fontwell, which somewhat contradicts Betfair’-s statement that- “-As the site was not available to any customers between 2 –- 4pm, no bets were placed during this time.”-
That aside it would seem that I have been snared by Betfair’-s all encompassing exclusion clause, to the effect that-
“-In particular you should be aware that if you place a bet with the intention of subsequently placing a separate bet to reduce the liability incurred by the initial bet, there can never be a guarantee that the Exchange will be available at the point you wish to place the subsequent bet.”-
I do not accept that this exclusion clause is fair or equitable, and accordingly I shall seek legal advice as to its efficacy. In the meantime, I will no longer use my Betfair account.
Betfair are rumoured to be lining up for a 1.5bn flotation- it is a disgrace that they do not have back up servers to prevent their site from crashing. When such an occurrence does take place, it is in Betfair’-s interest to return all bets. Betfair, the revolutionary betting company, have much to learn about the concept of goodwill.
