Betting trends can easily be spotted at Betfair charts. Odds movements may predict smart money’s betting preferences or bookmakers’ mistakes. That’s why gamblers are interested in odds movements lately.
However, the charts that Betfair provides are way too simple. Perhaps it’s about time Betfair update their charting and offer HTML5 charts, like TradingView. And since we are on TradingView, perhaps creating a betting social platform, while updating their charts at the same time, will boost Betfair’s revenue.
What can Betfair learn from TradingView, the social network for traders created by Multicharts?
Multicharts and TradingView
Multicharts trading platform is software for charting, backtesting and automated trading. You can connect it with your favorite stock, forex or futures/CFD broker and trade using its quick and advanced charts.
Thus, Multicharts platform is in fact a product.
The Multicharts company launched TradingView, a social network for traders. TradingView is free to use and you can get real-time quotes for a bunch of assets, like forex, commodities or stocks even if you are not a trader. Perhaps it’s not the most accurate data out there, but at this price (free) we really can’t complain, can we? Besides, its main purpose is to bring traders together, not let you trade via TradingView.
Thus, TradingView is a free social platform, where traders are socializing and talking about investments and charts specifically. Check out my own TradingView profile!
Betfair and its future social platform, BetTradeView
Betfair is a betting exchange. You can either bet or trade sports betting odds. Lately Betfair has been focusing on its Sportsbook product, but we will ignore that in this post. Betfair makes money by charging commission on any trade that is carried out at the betting exchange.
Thus, Betfair’s betting exchange is a product.
Like in any other exchange in the world, prices fluctuate. These price fluctuations are presented in charts. However, Betfair is offering basic charting. In fact their charts are so basic that charts are nothing more than JPEG images! And as if that wasn’t enough, charts’ data is delayed as well!
That created a new market. Third-party software like BetAngel provides advanced charting and real-time quotes to keep betting traders satisfied. But they come at a price. And they often put new gamblers off. They have trouble understanding the meaning of a betting exchange, sports trading or betting charts, therefore they look elsewhere to risk their money. They are eager to trade or bet; they are not looking to read technical stuff.
So, how about a betting social network like TradingView, where gamblers will have access to advanced charting, real time quotes and will also socialize with other gamblers? Let’s call that BetTradeView.
Thus, Betfair’s hypothetical BetTradeView is a free social platform, where bettors can glance at betting odds’ movements and discuss sports events with other like-minded bettors or sports traders.
Why would I join Betfair’s social network?
Yes, I know. There are a bunch of trying-to-be successful betting social networks. For as long as I have dealt with gambling matters though, I have never joined such a social network. Like (almost) everyone else, I’m using Facebook or Google+ preferably to share my gambling stories, tips or blog posts. Why would I join such a new social platform?
For the same reason I joined TradingView!
No, I do not use Multicharts for stock or forex trading, despite the fact I have demoed their product and I am an active forex and stock trader (more at my trading blog). Yet, I joined their social platform, due to the free charts, almost perfect quotes and ease to share my thoughts.
Why can’t Betfair create something similar to attract more customers?
Will Betfair benefit for its own social platform?
Has TradingView led Multicharts to increase their customer base? I really don’t have a clue. Still, I use their social platform on a daily basis to check Bitcoin value, EUR/USD chart or a stock I’m following. Who knows? Maybe one day I may become a customer of theirs. In my opinion, it’s a great marketing effort that would certainly convert some TradingView users into Multicharts customers in the long run!
No, gamblers do not want just another social platform to brag about their winnings or share their tips. They already have popular social networks to do that. They already have their friends and followers there.
So, how can a new betting social network interest them?
By providing what Betfair cannot provide for 10 years now: Meaningful and up-to-date charts! After 10 years, Betfair should offer HTML5 charts instead of JPEG images!
I can access 5-year worth of Bitcoin price data at TradingView in just two clicks by the time I switch my computer on! I can draw trend lines on that chart in a matter of seconds and write a few lines about my idea. I can immediately share that idea+chart at Twitter, Facebook or StockTwits! It won’t take more than a minute or two to spread the word.
Imagine if gamblers could do that for today’s World Cup playoff game!
I would load Betfair’s social network, check out today’s games and liquidity and load the advanced chart of England’s betting odds! The chart would provide a more detailed view of the matched bets and I would be able to apply technical analysis. In an instant, I would share my chart at my social profiles and everyone would visit my post at Betfair’s social platform. From there, they could post a reply, agree or disagree with me and, why not, register in Betfair and place a bet to prove me wrong!
They themselves would share their own idea to their Facebook friends by including the relevant chart. And guess what: much like TradingView includes their logo in the bottom right corner of every chart, Betfair would enjoy even more exposure by doing exactly the same thing!
Have you seen my latest updates at Google+ or Facebook? They are mostly TradingView’s charts and Betfair charts. You see, I am talking about price movements all the time, no matter if it’s about stocks, forex, orange juice, coffee, oil, pork bellies or football games! But I take it most of my followers comprehend TradingView’s charts, despite of being mostly interested in sports betting.
Come on Betfair! Spend some of your money to create a fascinating betting social network with useful and super-fast HTML5 charts like TradingView! Besides, the data is already in your own servers! It’s not like you are going to pay extra to third-party data vendors.
Would you join such a betting social platform? Are you happy with Betfair charts or would you like more advanced charting offered for free by Betfair? Let me know in the comments below.