Betdaq exchange : BETDAQ XSP

The purple place, the most viable alternative to the Betfair exchange
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Bear's The Name
Posts: 60
Joined: Thu Mar 05, 2015 9:04 am

Wed May 11, 2016 9:13 am

Received this overnight:

"We wish to inform you that we will be updating the terms and conditions of the BETDAQ website on 11th May 2016.

The changes include terms and conditions for the introduction of the a new Exchange Starting Price product called ‘XSP’ (Part 2 Section 26), and the new Reality Check feature on BETDAQ Games that was introduced on 26th April 2016 (Part 8 Section 5). The new terms can be found here.

From this date, XSP bets, and all bets made on the exchange will have the customer’s normal commission rate applied. A flat rate will no longer apply to bet offers. Details of the commission rates can be found here.

Your continued use of the BETDAQ website is conditional on accepting these terms and conditions and by continuing to use the BETDAQ website and services from 11th May 2016 you will be deemed to have accepted these new terms and conditions.

If you have any questions please do not hesitate to get in touch with our customer services team.

The BETDAQ Team"

A quick glance at the site confirms that SP betting is indeed now an option on today's racing. A great development and one we have all been waiting for.

But if I interpret this correctly, the flat rate of 2% commission on bet offers has been abolished and that's pretty devastating as far as I am concerned. I've spent most of the last 3 months transferrring my methods across to BETDAQ to take advantage of this concession - and put a lot of business through the API. It simply won't be worth me staying long term if I have to go back up to 4%+, especially if the TTBonus offer doesn't continue permanently (up until the end of May is my current understanding).

LinusP
Posts: 1706
Joined: Mon Jul 02, 2012 10:45 pm
Contact:

Wed May 11, 2016 9:19 am

XSP Manipulation?

Customers who, in Betdaq's view, attempt to manipulate exchange markets in order to influence the XSP to their benefit, either alone or in conjunction with other customers, will have their ability to place bets at XSP removed or in extreme cases their accounts and funds suspended.
Reminds me of Smarkets...

http://betdaqhelp.custhelp.com/app/answ ... TUhjUW0%3D

st3v3y
Posts: 9
Joined: Wed Apr 15, 2015 8:04 am

Wed May 11, 2016 9:28 am

You are correct about the 2% ending on bet offers. And it ends with immediate effect!

It looks like the liquidity they were hoping to gain by making this offer hasn't paid off. And they only informed users (not all users) yesterday which is bad form IMO.

I have c.£20k in Betdaq and will now have to look seriously about how I move forward. I could forgive the lack of inplay liquidity because of the advantages gained in pre-race trading but this seems a step in the wrong direction.

I'm trying to figure out if they've just given up on trying to compete with Betfair or have something else planned to attract users. I know they don't do the premium charge like Betfair, for which I'm thankful, but as most users will never come close to paying this then I'm at a loss as to how they're going to gain users by increasing charges.

andyfuller
Posts: 4619
Joined: Wed Mar 25, 2009 12:23 pm

Wed May 11, 2016 9:38 am

Yes I read it also that the 2% offer was now gone and would appear so from their commission table:

http://betdaqhelp.custhelp.com/app/answ ... l/a_id/710?

I would assume it wasn't working out how they expected it to in their email on 30/09/2015 but I have to say for it to vanish over night is a shocker!

The launch email:
At BETDAQ we're serious about sport and serious about exchange betting and we're always thinking of ways to improve the exchange experience for our customers. On October 1st we're rolling out our next big idea.

From Thursday we are reducing the commission paid by customers who make offers on the exchange to a flat 2% commission.

Making offers gets you better odds, narrows the gaps between back and lay prices, and creates larger volumes for others to match. Offers make the exchange better for all customers so we're rewarding those who make them.

So get making offers - the power is in your hands to win more and pay less! For more info on the new commission structure, click here!
http://betdaqhelp.custhelp.com/app/answ ... l/a_id/710?
As for the T&C's on the new XSP I have to say I was not impressed by them though T&C's are never great reading so hopefully in practice it is better - I guess we have to give it a fair try.

One thing I really do not like though is the secrecy in how it is calculated. At least Betfair's is easy to understand so you can understand what price you will be getting. The Betdaq version seems to just be them deciding what you get - until someone reverse engineers it for us!

Bear's The Name
Posts: 60
Joined: Thu Mar 05, 2015 9:04 am

Wed May 11, 2016 9:49 am

Getting rid of the 2% is not going to help liquidity, that's for sure. I was one of those people helping to fill those gaps, especially on US Racing & TV Dogs.

My offering a couple of quid at 5.2 when the spread was 5.1 - 6.0 might not have seemed a lot to BETDAQ, but if you want to build liquidity to the point where more people will play, then they need people like myself who are helping to narrow that gap and to build confidence in the market.

You know, I really thought we were finally getting somewhere with BETDAQ, and now the rug is pulled.

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Euler
Posts: 19465
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ
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Wed May 11, 2016 10:15 am

The biggest issue isn't with Betdaq, it's with people not turning up to use it. The racing markets are perfectly tradeable for most. Not on a scale I would like, but for most using smaller stakes there isn't a great deal of difference in the pre-off markets to Betfair.

If you look at the money we have invested in the software since 2008, but very few people actually use it.

It's silly really, because Betfair started from nothing and as momentum grew it took on it's own life and the same can happen elsewhere. But typically short sighted human natures mean people are happy for a few quid now even if it means longer term problems.

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LeTiss
Posts: 4612
Joined: Fri May 08, 2009 6:04 pm

Wed May 11, 2016 10:26 am

I suppose it's like getting divorced after 25 years.

Some times it's easier to stick with what you've got, even if they annoy the hell out of you

tomallen123
Posts: 100
Joined: Mon Nov 01, 2010 1:52 pm

Wed May 11, 2016 10:28 am

I moved all of my football betting over there and whilst I often had to take a 1 tick worse price compared to BF, it was more than offset by the lower commission and no PC to pay.

Offering a lower commission on bet offers was often counter productive for me, I would refuse to take prices because I didn't want to pay the 5% commission and I could imagine other people thinking the same.

I would be happy to keep using Betdaq if they keep the 50% comms refund going.

oscar123
Posts: 404
Joined: Fri Apr 24, 2009 10:18 am

Wed May 11, 2016 10:41 am

Im not too bothered about the 2% commission going either to be honest. As I found if anything it tended to slow things down, as nobody wanted to take my offers, and vice versa as everyone was holding out for the 2%. It often just turned into a bit of a starring match with two similar amounts sat either side of the book, and nobody willing to take them for fear of missing out on the lower rate.

As Euler said pre race horse racing is perfectly tradable on Betdaq for most people, and not that much different from betfair.

Everyone talks about Cheltenham, the big meetings and saturdays being good on Betdaq, though personally, in comparison to betfair, i find it just as good, if not better on the weekday meetings.

The below screenshot was taken from a bog standard race on a monday afternoon at Wolverhampton.
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Dallas
Posts: 14454
Joined: Sun Aug 09, 2015 10:57 pm
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Wed May 11, 2016 11:03 am

I only really started using them begining of the year and as im looking for the longer terms swings, most of the time i forgot about the 2% for offering a price and was just as likely to take a price than offer one, so im also in the "wont make too much difference to me" camp but understand why others will feel the effects.

I think Oscar123 has a good point in that some markets may have become bogged down like trench warfare with nobody wanting to go over the top

Though the way the have gone about it suddendly removing it overnight does nt do them any favours.

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