Who is making all the money on Betfair.com?
The Money Programme - BBC 2, Wednesday 2nd June
On Wednesday, June 2nd, BBC 2, "The Money Programme" investigates the Betfair Phenomenon.
Betting exchanges have revolutionised the betting market in the UK now that punter can bet against punter and actually Lay a horse or a team to lose the event in a similar way that traditional bookmakers have done for years.
Millions of pounds a day now pass through this one web site, and controversy surrounds the business as bookmakers and others claim that the punters' ability to Lay a bet may influence an event outcome. A view hotly denied by Betfair and the other exchanges.
Yet of all the exchange clients using the system each day, who is actually making money?
The Money Programme interviews traders who play the market through the day, making many small but low risk gains as they play both the back and lay sides of the market and exploit the minute by minute movement in prices.
Also reporters meet the professionals who exploit the new opportunities in laying to lose. For example Raj Patel who'se book "Losers into Winners" has shown hundreds of punters how to profit from false favourites that lose their races. His "3M Method" claims extraordinary returns using the benefit of betting exchange prices.
The programme follows Raj as he makes the morning selections from the Racing Post for his daily tips service then goes off to clean up that afternoon at Uttoxeter races, accessing his Betfair account from the course.
The controversy over whether the exchanges can influence event outcomes and whether they are a force for good or evil in the betting market continues to rage. The Money Programme meets the men behind Betfair, the Jockey Club and the traditional bookies to hear all sides of the argument.
With scenes "behind the scenes" at Betfair.com this will be a "must watch" programme.
The Money Programme, BBC 2, Wednesday 2nd June.