Well...I was rethinking some potential business ideas as a part of my new year's resolution. And...I was considering to create a website, something like BetFair - but without the commission being charged. I already discussed this in another forum and "yahoo answers" and 90% of the people ask about...how will the site make money since it doesn't charge a commission. But it all depends on how the bets are being matched. For instance:
Someone bets $100 on 1.99 and another customer bets $100 too on the same odds, while the remaning money is the vigourish for the website. Simple as that. This is actually how many bookmakers operate while they often takes the other site of the bet too. The idea of this new website will be to combine the best of bookmakers and an exchange. That is:
- The security of an exchange: You can play against other people and your payout is 99% secured.
- The simplicity of a bookmaker: There are no commissions when you bet. What you see is what you get. And the odds are high too, they aren't dramatically reduced by commissions.
I know there are many things to consider, like gambling license, money for advertising, hosting...etc...etc. But if I manage to make it work, then it should be profitable since this is what I am looking for as a gambler: Highest odds & Security.
10X and happy new year.