by Duncan Disordorli.

I have been a user of the exchanges for around three years now. When I first read of this new idea, I like many of my era, nodded wisely saying to myself "it won`t catch on ...you can`t teach us old dogs new tricks, why would we want to attempt to match bets with people who wanted outrageous prices and wouldn`t accept our equally outrageous miserly offers ?"

So I carried on with my life as a professional gambler content that future profits would come from the same sources as before....the pursuit of value (whatever that is), which would hopefully continue to keep Mrs.Disordorli in the style she would like to become accustomed to. Yes, value is a much misused word in this game, we all know that 11/10 a toss of a coin represents a license to print money but to transfer this theory to horseracing did not always seem so easily done and remains so. However, here was a new medium seemingly offering guaranteed value at the price of a commission to the company and that seemed fair enough to me. Also the ability to lay a horse as opposed to backing attracted me. I had tired of the spread firms who offer something similar (laying horses to lose ) but with the added complication and deterrent of some shockingly bad value place terms involved. You needed a horse to be out of the frame to maximise your profits, whereby here was a chance to collect your total profits when the horse was beaten a short head. So it appeared that these sites may have something to offer even us old dogs after all. I started gingerly on Flutter, and was immediately hooked. Needless to say the profits helped me decide that here indeed was the future of gambling. I truly believe that if we punters can`t make the exchanges pay, even with the commission, we should perhaps realise that gambling profits are unattainable.

Something else that appeals to me is the thought that my (hopefully not too frequent) losses are going into the pockets of my fellow gamblers rather than some large company who would probably close me down or curtail my bets if I should win from them. These bookmakers have been badly shaken by the exchanges’ growth, and at last are realising that we punters are entitled to a better service. This is just one more benefit derived from this revolution in the betting industry.

The joys of in running

When Betfair and the others introduced in-running betting, they really couldn`t have hoped for turnover figures as they have transpired. This was surely the greatest idea even for this wonderfully innovative medium. I was very sceptical at first, and can recall many heated forum debates where I criticised Betfair for allowing users to lay fallen and indeed sometimes stricken horses. So to find myself some months later almost an exclusively in-running bettor, was astonishing to me. Before a race, we do not know whom we are betting against, my lay of the second favourite may be snapped up by the shrewdest face in the country for all I know, however once the stalls open or the tape goes up, it is me against my fellow judges. We suddenly all become equal and our reading of events decides our fate. Betting in running on football and other sports has been around for years, but here we have the exchanges` trump card in the horseracing betting world. I know Ladbrokes recently tried to offer a similar facility, but it is simply unworkable on the telephone, and rest assured that if you `get on` with them at asking price, then by the time you put the phone down you will have regretted it! No, this is strictly a computer feature and will remain so. I have to admit that my biggest losing hits have been experienced in-running, but I am confident that after some forty years of viewing horseracing, my ability to know when a horse is beaten will be enough to keep me solvent. I should stress that I am purely a layer in running as again, if you are matched readily as a backer, then there HAS to be a reason and before two seconds have passed you`ll often know what that was.

A new way of life

As I got into exchange betting, one of the first things that struck me was how my gambling interests were now completely transferred to this new medium. More than just a way of betting, I am sure I am not alone in finding that the exchanges have became a way of life. So what exactly is the appeal of Betfair that judging by the forum sees some of us logging on around 8am and still sitting at our computers 12 hours later ? We would not dream of spending such time on a traditional site, other than checking the prices and then (hopefully) having our bet accepted. Firstly I feel there is the liquid nature of the markets both current and future, the dynamics between the backers and layers creating a fascinating, constantly moving picture, with opportunities arising and disappearing in the bat of an eyelid. There is also the appeal of the forums themselves, the place to check on the latest news and views and to catch up with all the personalities and characters who frequent them. At their best, entering the forums is like entering a favourite pub.

To me it is the forums above all else that have made Betfair more a way of life than merely a betting site. Sadly however, I feel that this is one area that has gone downhill in Betfair`s fairly short history. They had a wonderful beginning, with like minded gamblers exchanging views on racing and other sports and there was much to learn from its columns. My friend Cubone who writes for this noble organ as well as contributing regularly to the forum, has entertained the forum with his nostalgic stories from the past as well as offering a hugely interesting perspective on some of the hot issues of the day. We should appreciate writers of his calibre, and not let them get swept away in a sea of mediocrity.

The slide can be seen most markedly in the horse racing section which has become largely unreadable with so many hundreds of threads now posted daily that it would take all day to even open them all and scan them for interest. We have all types of poster there, and though they are as entitled to offer their views as anyone else, it is sad that the quality has deteriorated so much. Without picking on any type of forumite, how often do we need to be told that this horse can`t win and that horse was ridden crookedly ? There are also the mickey takers whose idea of fun is to try and catch people who take their posts seriously. I truly believe that Betfair needs to address the problem and either curtail postings or make a ban mean a ban. A red card seemingly does not mean the end of a person`s input, simply a change of username.

I would strongly suggest that we only use our own names when posting, as I am sure people would be more respectful and selective about their postings if they did not have the cloak of anonymity to hide behind. I don`t suppose this will happen, but I do think that Betfair should realise that their site is tarnished by some of the language used in the forum and even some of the usernames are tasteless. It is to some extent a shop window for the company and it badly needs a window dresser. The monitoring of the forum, whilst essential is a thankless task, and judging by the tasteless remarks and unsavoury language that seems to slip through daily, it is being performed without much conviction.

Betfair as the market leader

Most of us talk about the exchanges, but in reality we all know we are talking about Betfair. This company has virtually ruled the roost in exchange betting`s short history, and their market share seems to have ensured that the other companies, as well run as they seemingly are, are always going to be playing catch-up. Monopoly is never a good thing for the consumer, but in my opinion, Betfair has played its role remarkably well thus far. They should however, never become complacent and forget that the original Flutter concept was Johnny betting against Jimmy. We are their core business, and although our turnover has been eclipsed by the monies being waged on the site through course bookmakers and several huge hitters, Betfair should not lose sight of the smaller punter even when, as seems certain, their business goes global and turnover goes through the roof.

If there were one aspect of Betfair’s business that I would question it would be their commission structure. I should stress that I find the scale of commission entirely acceptable, of course the exchanges are entitled to charge for the marvellous service they provide. I do however feel that Betfair’s method of calculating reduced commission for heavy users is deeply flawed. The method of penalising users when they don`t maintain their rate of turnover each week seems unnecessarily cruel, either we are loyal users or we are not. If we are then surely some system can be found whereby we pay a certain sum for a certain length of time, subject to turnover levels being maintained? To penalise us for going on holiday and in recent weeks for failing to bet without television pictures, seems grossly unfair to me. I have made this point to Betfair management in the past, and hopefully if and when they read this they will not take my criticism too harshly ! However I do think this issue needs addressing.

I once had a meeting with Betfair as a member of an ill fated Betfair Users Group...they struck me then as a group of extremely astute gentlemen and their willingness to listen to their customers is a most welcome sign in any industry. When we realise what the alternative that is offered by the traditional bookmakers constitutes, we should never forget how fortunate we are to have the exchanges at our fingertips.

Long may their success continue, and best of luck to my fellow punters. I end with a quote by the 60's Prime Minister Harold Macmillan...." You`ve never had it so good !"