Honest Joe betting exchange

[Autolearner]

Fascinating thread, as so many are on this forum

I speak as a newbie who is still losing relatively small money/investing in his education/having fun (delete as applicable) As a newbie I find more of my losses occur when using the BF mobile app and not Bet Angel.

As a reflection I found the BF website and even mobile app rather off putting at first sight. Many of you obviously have PC based setups, bots at your command and so on.

But I wonder if there is a space in the mobile market for an app that simplifies the task of doing some simple strategies on a mobile. Could be a sport specific app that for instance makes it easy to lay the draw in football or back the server in tennis. The app could have relatively few strategies in-built, with others potentially available via in-app purchases.

I know that all these strategies are childs play for you lot. But if what you want to do is to drive up liquidity with casual punters, mobile apps that make it easy to deploy relatively simple strategies when out at the pub on a Saturday afternoon may possibly have some mileage? Or is the fact that they don’t exist mean there is no market for them ?

[ShaunWhite]

You would think whoever started it would have created some markets in the to kick things off at least , offer some liquidity

Exactly, this is another reason new exchanges fail. They don't invest the several million you need to seed it and spend the first year basically operating as a bookmaker on both sides. They knock up some basic tech for a few grand and expect the world to come running. It's why clubs offer free entry and drinks before 10, nobody wants to go into an empty club. Business 101, speculate to accumulate.

[Derek27]

It would only take an account with a grand in it to kick-start some activity and encourage punters to open an account. But who would want to pay £27.50 just to deposit?

[Archangel]

Whats the goal of Honest Joe here, to take on Betfair ? At the moment the exchange model seems stuck in a rut. Betfair have about 90% , maybe more of the market, and seemingly couldnt give two hoots how their are perceived. Betdaq have tried to take them on for years and failed, Matchbook I have no idea about. Honest Joe might have been better off starting a sportsbook

[Derek27]

I doubt they've got the cash to run a sports book and accept liabilities.

I think this exchange is doomed from the outset. With no money in it and customers deterred from investing with a 2.5% charge just for helping them out...

[Euler]

Ultimately all business require a lot of investment just to get started, you are going to make hefty losses initially, especially in a competitive environment. So taking a hit on fees to get started is probably the first step to get the ball rolling.

[vide0star]

If you guys are interested, I did a podcast detailing some of the business considerations behind starting a betting exchange.

I wouldn't think about exchanges being in a ditch. The innovation the industry is missing is a sportsbook interface on top of an exchange. Exchange interfaces are too esoteric for Saturday punters.

Also, if it's interesting to anybody, I'm happy to discuss the business/tech side of operating an exchange anytime.

[Derek27]

Thanks Jason, I'll have a listen when I've got time.

[Naffman]

Theres some money on Joe's exchange

[Derek27]

Thought I better capture it before it goes. No overround on the site. The guy who laid £25 at 14 must have paid at least £8 in deposit fees and he's probably wondering why!

Capture.PNG

[Alphabet]

Just looking right now at one market.

It seems the Chelmsford City 19.06.2019 18:40 has at 20 minutes out
Got £75 matched. Now £100 matched 10 minutes out. Now £115 matched 8 minutes out. £125 matched 7 mins out.
£176 matched 3 mins out.

Laith is 5.2 / 5.6 (£50 Back Liquidity) (£100 lay liquidity) 5.0 / 5.1 on other exchages
And noticed some small matched amounts and other activity on the Ascot races.
So to be fair it is not stone cold.

They just need to either increase the commission to 2%+ and remove all fees.
Or waive all fees for the first month and build up interest and take a big financial hit.

Otherwise, what's the point!?

However, it is possible that either this site or another exchange.
Could offer what would be a ''True Exchange'' and not follow Betfair like following Sheep.
I have seen better prices offered on Honest Joe than on the Exchanges.
So their could be something in that the Prices are set according to the Punter rather than following what
any Sports Book is offering.

[Derek27]

One free deposit and withdrawal a week would have been enough for me to invest.

It's a bit daft having England and Scotland under different headings when they fall under the same jurisdiction!

And what about Newcastle - do they think it's a separate country?

[Derek27]

They really haven't put much thought into it or they've gone live before the site is ready. No graphs or price history.

[johnsheppard]

On freelancing sites like upwork, etc....every now and then one sees job posts like "Build me a betting exchange like betfair" with a budget of $500 ... perhaps a hard working Indian guy managed to pull through and make one...

It's a strange thing that people are THAT optimistic...or inexperienced or what not...but I suppose there's one way to get experience..

[Derek27]

The exchange is operated by Flexihedge so I'm guessing they provide the IT side of the business.