I have had plenty of feedback from Jersey folks and some insiders regarding the post about Betfair and its possible hangups here in North America. They too seem to feel some stumbling blocks are readily apparent.
With a couple of the emails, however, it struck me that a great many people do not even know about exchange wagering - how it works or what it does. There was a poll today on SC, asking (mostly horsepeople) to vote on a one to ten scale how much they know about this type of wagering. Guess what? 70% picked "1" which is "no knowledge at all". Sometimes I forget that, since I have been following the exchange news and views since about 2001.
With that thought, I found a little video, which horseplayers and non-horseplayers should like. It explains the concepts, but it does more than that. It shows live "in running betting" (betting when the race is going on) and it uses the 2009 Breeders Cup Classic as an example. Zenyatta, who started at around 5-1 (she was 5-2 on the tote board, so betfair bettors were not buying the hype), moved to different odds levels during the running of the race, with backers and layers playing away based on what they thought of her chances. This video (the video is all very good, and an excellent primer for those not 100% familiar with exchanges) at the 1:30 mark shows the actual betting odds of the Classic at various points in the 10f affair via Betfair.
It can't be embedded, so click here to watch.
For another in running race, this one is really interesting. The horse (green silks on the inside) looks like a no-chance at many points in the race, but he sneaks up the rail to win by a head. The odds are displayed in the top right hand corner of the screen. This is not our grandfathers horse racing!