|There is to be another launch in person-to-person betting, widely hailed as the `next big thing' for the online gambling market, when Orbis opens BetX.|
A person-to-person betting site uses a model similar to the stock exchange. As well as making bets as they would on a standard sportsbook, punters can also offer bets to other users of the site. These bets can either be for (back) or against (lay) the outcome of an event. The users can set their own prices and the total liability they are willing to accept on the bet. The system then matches the offered bets with the acceptors.
High profile person-to-person betting sites such as BETDAQ and Betfair are enjoying huge success. These sites are typically attracting the `high rollers' who want to take advantage of setting their odds and laying down large stakes. Betfair's chief executive Edward Wray expects a trading volume of about £500million this year - and believes this could double in 2003.
Charles Malir, Marketing Director at Orbis, said,'At Orbis we believe that betting exchanges provide a huge opportunity for bookmakers. The development of BetX will allow our existing customer base to take advantage of this burgeoning, and increasingly lucrative, slice of the market.'
BetX will be available to existing customers as an add-in module to OpenBet, or as a standalone system, and it will work with all sporting event types and financial markets. Available now as an internet application, BetX will also be shortly available for digital interactive TV (iTV) and mobile devices (including WAP and 3G).
To ensure maximum returns for the punter, the system will always check that bets are matched at the best price available in the system. For example, a player places an order to back a horse at 4/1 for $100. As it processes the order, the system checks that the player has not overlooked a better price. If it finds one (for instance 5/1 for $50), it will match $50 of the bet at 5/1 and the remaining $50 at 4/1.
As well as being available as multi-lingual and multi-currency it offers users a single account access. So players' stakes and winnings are debited and credited to the same account as their other wagers on the system - via a single log-in. For the operator this means that they can view a single report that will cover all activity, stakes and profit/loss across the whole operation, as well as on individual areas.