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[David Robinson via Derby]

Dear All

I'm indebted to Sal for alerting me to the Business of Betting podcast back in March.

My personal view is that, over here in the UK, the exchange model has failed.  Basically, Betfair came along in the early 2000s to smash the traditional bookmakers, only to be bought by a bookmaker 15 years later.

All is not lost, however. The link below is an interview with Jason Trost from Smarkets/SBK.  In essence what Jason wants to do is put a more traditional front end (SBK) on an exchange (Smarkets) and significantly reduce to "juice " paid by bettors.  I think that the idea that you present bettors with a traditional interface, rather than a more challenging exchange model, has some merit.

Anyway, I recommend giving this podcast a listen

https://businessofbetting.libsyn.com/ep-130-ceo-smarkets-sbk

All the best

Dave




________________________________
From: WESTON, ALLAN F <aw1518@xxxxxxx>
Sent: 17 September 2020 12:43
To: 'Ed DeRosa' <eddied317@xxxxxxxxx>; Terry Bjork <tlbjork@xxxxxxxxxxx>; derby@xxxxxxxxxxxxx <derby@xxxxxxxxxxxxx>; David Robinson (davidrobinson2112@xxxxxxxxxxxxx) <davidrobinson2112@xxxxxxxxxxxxx>
Subject: demise of NJ exchange wagering

Ed DeRosa writes:

>12% commissions... never had a chance

Listers,

Could have been zero commissions and it still would have failed.

The main fallacy is that the exchange is a betting platform.

It is not.

It is above all a trading platform. Where the main reason for trading is to make money, not to have money on the winner.

New Jersey bettors never fully comprehended that fact and refused to trade. I was all buy and hold betting on straight wagers.
It took me a while to understand what the exchange actually is. (thanks Dave)

I made money on trading in and out of markets, not my handicapping prowess.

My wife (who goes with me sometimes to Monmouth) was amazed that I would make money and the horse I loved lost.

Gotta change my mindset back to picking winners instead of making money trading horses on the X.

You can never go home again.

Allan
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