Bookmaker customers can try to sell their existing bet to other bookmaker customers allowing them to either make a profit on their original stake before the event outcome, or they can try to recover some of the possible losses before an event outcome. (if they feel the outcome is less likely).
The attraction for the bookmakers is that there is no additional risk, the bet already exists within the book, and the revenue created from the buying and selling of these existing bets means that the Betsold auction provides a new revenue stream for bookmakers from the existing cost base.
It is free to bid and to list a bet in the auction and the bookmakers customer only pays commission on the successful sale (or purchase) of an existing bet.
The system enables users to buy existing bets from others at an unknown reserve or known fixed price.
This auction process enables the buyer to buy a bet at potentially better odds than available via the ‘primary market’, operating in a similar manner to other standard online auctions.
The Betsold system accommodates all bet types including in-play betting, accumulator and multiples.
The auction allows your customers to sell any active bet they have placed in order to get out of the bet early or to capitalise from a change in the likelihood of a positive event outcome before the event or events end. These include singles, multiples and accumulators.
To make a bet available for others to buy a customer needs to be signed into the their bookmaker account to list it in the auction. This can be accessed via the betslip or the auction tab.
They decide on the price they want to sell it at (and they can check latest market odds to get an idea of what it could be worth now). They can then choose a reserve price if they wish, and can also choose a Buy Now price. They can also decide on the length of their auction item, a short auction is 5,10 or 15 minutes. The default time is the event start time.
The bet listing will only sell if someone else bids on their listing (and it is the highest bidder) and if it meets the reserve price (if one has been set).
The customer pays a fee of 5% for the successful sale and can list multiple bets for free. All auction odds shown to users include this fee.
The auction allows people to bid for bets that other people own and have decided to sell – these can be any bets in any market and they can be added to the auction at any time.
The user must be signed into their bookmaker account to bid on a bet in the betting auction. The bet will only be transferred if the reserve price has been met.
Bidding and listing is free and there is a 5% fee for the winning bid.
The auction or bid odds will always show the bid price including the fee cost for the bidder so that a total cost comparison can be made against the market odds for these bidding viewers.