Bet Bug

TheGame1020 · #1 09-20-2005, 10:05 PM

Check this out, might be cooler if more people used it.

Bet Bug

#2 09-20-2005, 10:11 PM

Not bad, sounds a lot like Tradesports. The problem is the fees may be a lot larger (from FAQ):

Q. Why do you charge up to a 5% commission on my winning bets?

A.

You are charged a small transfer fee (the lesser of 5% or $20) by our payment partner on any winning wager. PayP2P, our payment partner, ensures the smooth and efficient movement of money, and like any other business must charge fees to provide this service. In any case, the small amount you may pay in commission is a massive savings over what you would pay in juice when betting with a bookie. BetBug, the software provider, plays no role in the execution or settlement of your wagers, and never charges you any fees at any time. BetBug simply provides software that allows you to match your Bet Requests with other bettors.

craig r · #3 09-20-2005, 10:27 PM

[ QUOTE ]
Not bad, sounds a lot like Tradesports. The problem is the fees may be a lot larger (from FAQ):

Q. Why do you charge up to a 5% commission on my winning bets?

A.

You are charged a small transfer fee (the lesser of 5% or $20) by our payment partner on any winning wager. PayP2P, our payment partner, ensures the smooth and efficient movement of money, and like any other business must charge fees to provide this service. In any case, the small amount you may pay in commission is a massive savings over what you would pay in juice when betting with a bookie. BetBug, the software provider, plays no role in the execution or settlement of your wagers, and never charges you any fees at any time. BetBug simply provides software that allows you to match your Bet Requests with other bettors.

[/ QUOTE ]

Well, if it only charges you up to 5% on winning bets, then it would be cheaper than Tradesports.

craig

#4 09-20-2005, 10:36 PM

No. The Tradesports commission on a $50 to win $50 winning or losing bet is 80 cents (1.6%). For the sake of argument, if you double the commission for the times that you win and lose (as Bet Bug assigns their 2.5% dual commissions only to the winner in the form of a 5% fee), then Tradesports fees are still just 3.2%. In addition, there are zero fees for market making, which I do often, just 0.8% expiry fees in that case.

Edit: Bet Bug only becomes cheaper when the wager is $625 or more ($20 divided by 3.2%)

craig r · #5 09-20-2005, 11:05 PM

[ QUOTE ]
No. The Tradesports commission on a $50 to win $50 winning or losing bet is 80 cents (1.6%). For the sake of argument, if you double the commission for the times that you win and lose (as Bet Bug assigns their 2.5% dual commissions only to the winner in the form of a 5% fee), then Tradesports fees are still just 3.2%. In addition, there are zero fees for market making, which I do often, just 0.8% expiry fees in that case.

Edit: Bet Bug only becomes cheaper when the wager is $625 or more ($20 divided by 3.2%)

[/ QUOTE ]

You are right. I apologize. For some reason I thought they charged 4 cents per trade...not "share". It will be the last time I am wrong on here. [img]/images/graemlins/smile.gif[/img]

craig