Can Betdaq offer serious competition to Betfair?
Well you would think it would be easy wouldn’t you, after all there is only currently 1 betting exchange that offers sufficient markets and liquidity and that is Betfair. So they have a monopoly and are therefore ripe for taking on with some serious competition!
Betdaq launched their “Manifesto” yesterday and it contains some very interesting promises:
- Commission will stay low
- NO premium charge
- More liquidity, events and markets
- Winners are welcome
- Incentives for new customers
- First race of EVERY day free of commission charges
They are offering £200 in free bets for new sign ups and no commission charges for the 1st month, again for new sign ups. This part is slightly galling as I feel that they should be offering some serious incentives to attract the people that have accounts that have like mine been dormant for months and months.
So on the day that they announce this what happens at 2:55pm yesterday:
Betfair crashes again!
The powers that be at Betdaq/Ladbrokes must have been over the moon with this happening as Twitter became alive with people hurling abuse at Betfair, they kept posting this:
The teams are still working to resolve the Exchange problems. Apologies for the inconvenience, all updates here:
They deem people potentially losing £1,000’s as an “inconvenience” to coin a well known phrase from a certain Soccer Saturday reporter “unbelievable Jeff”
One of the funniest Tweets that I saw was “Betfair taking more abuse than Yodel” for those of you that don’t know who Yodel are just Google them and you will see the torrent of abuse they receive on a daily basis (they are a Courier Company that have a few issues with reliability) …..
Anyway the crash would surely present Betdaq with the perfect start to the new era………………
This one is courtesy of Cassini at Green all Over, taken at 3:00pm
Not an ideal start, however to be fair it was only 4 minutes after the Betfair crash so most people would not have realised what had happened and would be clicking away like mad on the Betfair site trying to get it to respond.
The problem is though that there was literally no money there at all.
If Betdaq are going to compete they need to increase liquidity, now of course Ladbrokes will use the exchange to offset their own liabilities which should see an influx of cash, I am sure they will be looking to put cash into the popular markets as without liquidity exchanges do not work.
The key though lies in attracting people to make the change and move over from Betfair as people moving over, especially some of the “big hitters” will increase liquidity and everybody will be happy (except Betfair).
That is why I feel their marketing campaign should be targeting existing dormant accounts as these accounts are probably already playing on the “other side”.
Will it happen, I am not convinced as the opportunity to move over to Betdaq has always been there and despite Betfair crashing their site on numerous occasions and charging their successful clients a “premium charge” for being successful, people appear to stick with them.
Unless there is a mass exodus then I can foresee us having this conversation again in a few months time.
I do hope that the powers that be at Betfair have put plenty of money in the meter for next week as there is a small matter of a race meeting taking place on 4 days down in Gloucestershire some where.