Recently at the Paulick Report, Ray spoke about betfair and its reach to the US someday. We of course concur that bringing something new and exciting to the gambling market is a good thing, and we have spoken of that many times. Unfortunately the fingers-in-the-pie economics and the resulting probable 15% takeout on a betting exchange would kill it before it starts here, but I hope the lesson of the following is not lost on us.
On the Pull the Pocket blog, he has been looking at what has been happening in the UK with bettors and he speaks about them. First up, a 23 year old kid who just learned racing is blogging about his experience. He wants to make GBP150,000 in 2009. Yep, you read that right. Hey, he's a kid. He will never do it, after all over here it is well documented that only 2% of the entire population that plays racing wins. So this kid is showing bravado, correct?
Well maybe not. Pull the Pocket found another blog. This one from a horse race bettor who succeeded in making GBP100,000 in 2008 on the low takeout exchange.
Examples such as this tell us that racing is a good bet, if done right - after all Adam is not playing racing through bookies or betting the Tote - he is playing at an exchange. It clearly is not done right here in North America. Unless we change, we will never see this type of blog here across the pond. People do not think they can win at racing, and this is probably our biggest hurdle in attracting people like Adam. The point is not if he wins $300k, but that he thinks he can make $300k.
In the UK whose GDP is about 2.2 trillion, horse bettors like this are still drawn to racing, and bringing new blood with them to enjoy the game. In Canada and the US our GDP is about 15 trillion, so there is no reason we should not be able to blow away the UK numbers.
We at HANA could not agree more. There is a whole world out there that we have to keep our minds open to, and execute ways in which to exploit.