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BBC Finance - more racism
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Graham_Devon wrote: »The whole of gambling is based on people losing and people winning, and the house taking a cut.
On betting exchanges, yes, which is a bit of a hump in the first place by the house as they are just middle men who don't take the risk. Bookies are organisations that set themselves up in business to be the other party and know and accept the risks. If you as an individual use an offer by one of those bookies to guarantee a win and the loosing party is an individual on a betting exchange (who is already being humped by the house) then I feel that is not ethical. If you could lay the bet against another bookie then I would feel fine with that, but the bookies don't generally let you do that because they know better.
The bit I find objectionable is the (potential) exploitation of the other people in betting exchanges that the matched betting system relies upon.
If I've misunderstood how it works or there is a bookie you can lay against that takes the risk themselves then fair enough. But like I said, I'm not so sure matched betting is ethical.If you think of it as 'us' verses 'them', then it's probably your side that are the villains.0 -
Yes, but to lay bets you generally have to place them on betting exchanges, and hence against individuals, at which point you're systematically putting a bookie or a punter in a guaranteed loosing position, therein lies the exploitation. I wouldn't have a problem with it if it was just bookies.
That said, you may be right, I may not understand it properly, but when I looked into it it seemed to be exploitative to me so I abandoned the idea.
I feel the same way about systematically making money from online poker too to be honest. Betting against the house is fine, but betting against people when you have an effective system isn't fair in my book as you may well be inadvertently targeting a vulnerable person.
Actually, by increasing the liquidity in the market, you are improving the odds that the other punter gets.“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0 -
If you could lay the bet against another bookie then I would feel fine with that, but the bookies don't generally let you do that because they know better.
You can, it's called dutching & some people make a fortune doing it. If you want to look into it the direction you need to investigate is US bookmakers. I do it sometimes but it's a bit boring for my taste.
Lots of other stuff on this thread that merits a response but got stuff to do at the second..0 -
Actually, by increasing the liquidity in the market, you are improving the odds that the other punter gets.
That's an angle I hadn't considered. I'm not sure that an increase in their potential return is enough to mitigate that you are including them in a situation where someone other than you has to loose out though.
If you were just betting against them then I've got no problem with that, it's playing them off against a bookie. I don't think that's fair. I'm not going to be campaigning against it though, or doing anything more than explaining why I think it's wrong.
Interesting that my position of thinking it's not ethical is what has drawn all the attention, it was an aside comment to my comments about the advice given regarding my student loan. If I didn't know better I would think people here are obsessed by matched betting.If you think of it as 'us' verses 'them', then it's probably your side that are the villains.0 -
Interesting that my position of thinking it's not ethical is what has drawn all the attention, it was an aside comment to my comments about the advice given regarding my student loan. If I didn't know better I would think people here are obsessed by matched betting.
And ironically it's the ethical reasons for paying off your student loan that would make up fair bit of the reason I think it's worth paying off asap.
FWIW MB is far from an obsession for me if I was one of the people you were referring to. It's an easy way to make £1k or more a month but my day job is my bread & butter & most of the jam. I guess I could do MB as a fulltime job & make a lot more from it but what would be the point, that would just be swapping one job for another & MB is subject to too many random factors for my taste.
Other's would disagree with me though.
And really must go now..!0 -
And ironically it's the ethical reasons for paying off your student loan that would make up fair bit of the reason I think it's worth paying off asap.
FWIW MB is far from an obsession for me if I was one of the people you were referring to. It's an easy way to make £1k or more a month .!
How can you get so many matched bets out of such a limited number of bookies who you actually have to account with to make a grand a month?'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
How can you get so many matched bets out of such a limited number of bookies who you actually have to account with to make a grand a month?
Are you actually seriously asking for a primer on match betting? (Which I would give you if you were serious but I don't believe you are).
For starters I belong to about 1,000 various gaming places, so if I even made £1 from each per month that'd be £1k. Althouth the reality is I make almost nothing from probably 99% of them or close to that (most months) most of it come from the most lucrative 1%.
Tell you what, spend some time researching for yourself on the GIOL thread & if you have a genuine intelligent question afterwards I'll happily educate you.
Unless of course, you're just full of it, in which case you won't bother.0 -
Pardon me for asking a question
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Pardon me for asking a question
Well it's not as if this place is a public forum you know!Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
If you as an individual use an offer by one of those bookies to guarantee a win and the loosing party is an individual on a betting exchange (who is already being humped by the house) then I feel that is not ethical.
Equally however, that punter could win.
At the end of the day, the punter has CHOSEN to gamble and CHOSEN the odds and CHOSEN what to bet.
Betting exchanges mean that 2 people choose to take a bet against each other.
Therefore it's about as unethical as it is for currys to sell me a TV when I go into currys to buy a TV. I'm there, afterall, to buy a TV.
The punter on the echange is there to match a bet against someone else willing to take the same bet. The free bet is completely irrelevant.0
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