First ever place SP market goes live today

General / Joe Dyer / 18 February 2008 / Leave a Comment

Latest innovation hits the exchange this afternoon

Betfair breaks new ground today when it will become the first bookmaker to offer a place-only betting option at SP - there is currently no industry place SP betting in the marketplace - in what is arguably their most innovative and significant price-based product offering yet.

The exchange launched Betfair SP in their British win markets on December 12th, and rolled it out to Irish markets this month.

And the success of the prices, and percentage books, returned in those SP markets has led to Betfair rolling out the third in the series of their SP products earlier than expected.

Betfair's SP mastermind Steve High commented: "Although there is still a long path to travel, the initial strides taken by Betfair SP have surpassed our expectations to date.

"In comparison to the traditional industry SP return, a £10 stake on every winner since launch would mean you're £30k better off at Betfair SP, the average over-rounds are a near-perfect 100 per cent, and 81 per cent of winning horses since the launch are priced higher with Betfair SP.

"And in Ireland our Betfair SP punters have been a staggering 160 per cent better off on winners.

"While there have been situations when horses have returned at significantly lower odds on occasions due to weight of money, the overall robustness of the Betfair SP product - as outlined in the figures quoted - has led us to roll out the place-only option sooner than anticipated.

"With Cheltenham just around the corner, exciting times are ahead for Betfair SP - and the holy grail of Betfair SP multiples is on the horizon, too."