30th September 2012, 12:07 PM
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Member
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Join Date: Sep 2011
Posts: 1,474
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Quote:
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Originally Posted by macs
Thanks for the reply UB but that still doesn't make sense to me. If BF take $20 off me for a losing $1 lay bet they still get their 5% -7% on the $20, someone's matched it somewhere.
Seems to me like a money grab from the colonies. With all the publicity here about responsible gambling I'd have thought BF would have had their wrists slapped a long time ago about lay bets. Obviously not.
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Oh I agree it doesn't make sense and it is a money grab but look at it this way.
You lose and pay out $19 so the opther punter pays commission of $1.235
But they have a minimum amount of $5 so they have to pay 5 times that amount on their winnings of $95. So on that one transaction that made $6.17.
On the other hand if the horse loses and you win then you have layed $1. They take 7c from you. That is a huge difference to them on that one bet. If they make you lay $5 they at least get 32c
I can assure you they can not make a profit after the fees they have to pay to NSW, VIC, etc and then cover the running costs of their servers on 7c commission.
They are trying to run a business (and they are doing it unsuccessfully in my opinion).
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