Vhaluus
   |
Posted - 2008.06.05 03:11:00 -
[61]
 Originally by: Hexxx
Originally by: Mr Horizontal
Originally by: cosmoray
The best group to do this would be EBank!
Indirectly only.
EBANK is a bank, not a betting agency. I have enough trouble warding off the other directors' ideas to avoid diluting the product with featurespam as it is. EBANK is only about financial services only.
Now, we will introduce an API in time so transactions can be handled via EBANK (kind of like PayPal), but the core business of the betting has to be done by someone else who uses EBANK as a clearing house.
/me is one of those Directors 
Mr. H does a fantastic job of reminding some of us when we stray from the "path". He is absolutely 100% correct here. EBANK would only be involved when it comes to moving the money.
I have considered Ebank as a potential money handler. However until they do implement some sort of paypal system, or even a 'reason' column for transfers between players then there is no efficient way for it to be handled. If you guys are going to move ahead with something like that soon, I would be happy to negotiate a mutually beneficial arrangement.
Originally by: Tasko Pal
Originally by: Vhaluus
I need the IPO because a good bookie not only needs starting funds, they do have to have resilience. No matter how good you think you are at predicting results you HAVE to be prepared to occasionally suffer a loss for a small period of time and in all honesty I do not have the funds for this.
A good bookie doesn't have to predict results. They can pass on any risk to the bettors. That's the point I was making. Sure if you have the funds, you can dip in and take some risks using knowledge of outside markets, but you don't have to. The isk to cover the 1 in 100 longshots can be obtained from the 99 in 100 "sure" bets.
I agree with you 100% in that regard, risk should be passed onto betters. However it will take a few weeks MINIMUM, probably longer, for me to attract the number of bets required to do this. The investments I'm seeking are to cover these risks until that level is reached.
For example lets say I get 10 bets in the first week (please don't read anything into how many bets I expect, its just a number I came up with for ease of demonstrating what i mean). Conveniently all those bets are for exactly 100mil isk however one of them has 50:1 odds and I loose it. Now over time this loss will be covered statistically by other bets but if I don't have the money to pay out that bet until statistics can correct themselves my venture will fold.
Statistics are great... however they do not cover you against short term bad luck.
Originally by: cosmoray
Well if someone came up with a website, and Ebank handled the money transfers/escrow then that would generate a large amount of credibility.
I would happily wager ISK with EBank holding the escrow, probably wouldn't with a relative unkown.
I am sure EBank and a third party gambling site, could come up with a commision structure. Say 2.5% each for 5% total.
As I said, Ebank current don't have the features to support this sort of thing currently. If they are willing to consider its implementation then its the route that I would prefer to take as well because it opens up a lot of possibilities.
I respect you wouldn't gamble with a relative unknown but I'm hoping that while business may be slow to start with, some will take a small risk at first, come to realize I'm trustworthy and spread the word.
|