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Gamblers Anonymous Exchange Ideas4 April 2001U.K. – April 4, 2001 – As reported by the British Evening Standard: ``Betting is a British boom industry. More and more companies are becoming bookmakers - either the traditional, fixed-odds type or one of the newer breed based on spreads. ``…For gamblers, the profit margin taken by the bookie makes it that much more difficult to make anything themselves. ``…London-based Betfair provides a gambling exchange so that punters can offer bets to each other anonymously without the bookie's margin, but charges customers 5% on every winning bet. The company is now matching nearly £1 million of bets a week - mostly fixed-odds wagers on sport, but also some spread or range bets on sport and financial matters. ``Betfair's range bets differ from spread bets in two ways. First of all, enough money to cover a punter's maximum loss must be parked with the company in advance of making the bet. Secondly, profit and losses are limited. The highest and lowest accepted outcome for these bets is 1.5% either way of the previous day's close. ``…Betfair is clearly still an immature concept for financial betting but is much closer to critical mass on big sporting events, such as last week's England World Cup qualifier against Albania. ``Beware: Financial spread betting can seriously damage your wealth. Many bets, unless protected by a 'guaranteed stop', can result in huge losses if events go against you. |