Bail-Out Bets

buddyboy · May 13, 2005

instead of having a 3rd party handle the insurance why not have the players that feel the need to have insurance buy it for whatever $$$ amount the wish?

Sportsbook #1 could let their players make future bets on the likelyhood that another book will go under within a set time period..

The market would determine price.

the stronger the book the higher the odds.

It would look something like this:

Book will go under by 12/31/05

Book "a" 500/1
Book "b" 385/1
Book "c" 200/1

Fishhead · May 13, 2005

:think1: ...:ughhh:

Interesting brainstorm!

-F-

buddyboy · May 13, 2005

another plus would be when a book(s) starts to lower odds on a book...

would this be a good indicator of the health of the offshore industry

PanchoSanza · May 13, 2005

Sounds like a fishead idea, did you help him with this fishy? :icon_conf

Groucho · May 13, 2005

My first reaction: that's nuts.

On second thought, I'm having second thoughts.

It might be tough to make rules for that kind of bet (like would people who took Panam have their bets paid yet since I still see stories that efforts are being made for actual account recovery?)

I really don't know, but I like that outside-the-box thinking.

Fishhead · May 13, 2005

Pancho Sanza said:
Sounds like a fishead idea, did you help him with this fishy?

Would'nt even know where to begin on something like this if the truth be known.

Will leave it for higher ups. :105317756

-FISH-

Tulsa · May 13, 2005

What a nifty thought. My 'doomsday' scenario would be that many players do this and one book goes out making the rest of the books have to pay out and causing a 2nd to fold and making the rest of the books pay out and causing a 3rd one to fold and making the rest of the books pay out and causing a 4th one to fold and....OK, I know, but let's do one more for fun: making the rest pay out and causing a 5th one to fold...

I'm not saying that would happen, just would surely suck if it did!! tulsa

buddyboy · May 13, 2005

yep the rules/qualifications for a book being considered "out of biz" would have to be defined very well.

the market decides the price so as more money is put down on a book the odds would lower just like any other future bet.

think about it, you call your book and ask them for the future odds of crazybuddyboybook.com going under and they say that book was taken off the board. hmmm

yeah if someone gets some inside info about a book having problems and they could start betting it around and drive the price (steam) lol... hell instead of spreading rumors people could put their money where their mouth is...

hmmm

D2bets · May 13, 2005

buddyboy said:
instead of having a 3rd party handle the insurance why not have the players that feel the need to have insurance buy it for whatever $$$ amount the wish?

Sportsbook #1 could let their players make future bets on the likelyhood that another book will go under within a set time period..

The market would determine price.

the stronger the book the higher the odds.

It would look something like this:

Book will go under by 12/31/05

Book "a" 500/1
Book "b" 385/1
Book "c" 200/1

1. How exactly do you define "going under; and
2. What if an owner/exployee, etc. of book "a" places a nice large 500/1 that they will go out of business. They might make more money on this than by staying in business. Is there some "insider trading" rule?
3. If this P2P or a wager with the sportsbook. If sportsbook then you might be giving incentive to knock a book out or to prop them up.

That's just a start. There are so many problems with this.

buddyboy · May 13, 2005

Player: "yes what are the odds for sportsbook 'a' going out of biz?"

book rep: "Currently the odds for book 'a' to go out of biz by dec 31, 2005 is 500/1 sir"

Player: "hello, yes I would like to place a $500 wager on sportsbook "a" going out of biz at 500/1"

book rep: "I'm sure you would sir

the limit on that bet is $100... if you want to place more than $100 you are welcome to, but the line will move....."

buddyboy · May 13, 2005

yeah, exactly.... insider trading is what you want to happen.... If I owned a book and took one or two bets a day on SB futures, and then all of a sudden I get 10 calls within an hour all trying to lay big $$$ on ONE book... I think I would have seen the flags go up starting with call number 2

"sorry sir that book is off the board"

plus any bookmaker will not take action on crazy books, just books that they know...

hell I am even willing to take 500/1 action on a book like pinny all day long... it would be free money for me... unless of course the owner of pinny calls and wants to put down a few hundy at that price... then I would worry.