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Author Topic: Exbet is LIVE >> The Bitcoin Betting Exchange [exbet.io]  (Read 12656 times)
exbet.io
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January 25, 2021, 11:39:24 AM
Last edit: January 25, 2021, 04:32:41 PM by exbet.io
 #701

Thank you for your reply. Sill, the liabilities in the market don't work the same way as in Betfair. I've been trading on Betfair for more than 10 years so I have a good understanding of how it works. Let me give you the following example:

Let's say I only have 2.50 mBT in my balance and in a football match, I lay Team A at 1.25 for 10 mBT.

After the bet is matched, my liabilities will look like this:
Team A -2.50
Draw + 10
Team B +10

And my balance will be 0.00

Now, the odds of Team A go up to 1.30 and I want to back them again to lock in a profit on all sides. So I try to back Team A at 1.30 for 9 mBT. I get an error message saying I don't have enough money in my balance. This bet should be allowed since I already have +10 on the 2 other possible outcomes. In this case I had to cancel other bets in other markets just to cover this bet. This in turn will decrease the liquidity in the markets in general. In Betfair, if you are green on any outcome you can use that green to place other bets on the same market.

Yes, we 100% agree with you - this is how liabilities should work.

Maybe we were not clear in our comment before - this is how liabilities generally work on Exbet. BUT there is an edge case on Exbet where it does NOT work as it should - this is when the user does not have funds in their account (like in your example) to cover the stake/liability of the second bet (which they should not need to have, exactly like you say). A fix will be released in the next 10 days, and functionality will then be as you describe for all scenarios.

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I hope the idea got through.

Yes  Smiley

Quote
If you fix this this would help increase liquidity on the site. Again, you're doing a great job so far and I salute you for that, now we just need more players to come in and play.

Thanks - it means a lot to us to get good feedback from someone like you who has strong experience with exchange betting.

Quote
Just a question, when a goal is scored in football in-play (live) matches, do you suspend the market or only at the end of the match?

Currently, football markets are not managed (which means that we suspend only at the end of the match). However, we aim to trial managed markets (suspend on goal, red card, penalty award) in a few of the top leagues during the spring, with the possibility to roll out out to all leagues later in 2021 if the trial is successful.

Although there are some hardcore exchange users who would be happy with unmanaged markets in football, we believe that it will encourage more liquidity to have managed markets.

What do you think abut managed markets in football, ziadmar?

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January 25, 2021, 11:58:39 AM
 #702

Although there are some hardcore exchange users who would be happy with unmanaged markets in football, we believe that it will encourage more liquidity to have managed markets.

I personally don't like unmanaged markets, because I always feel I am very vulnerable due to broadcasting delays, getting distracted etc. And yep, these markets tend to have lower liquidity and are generally pretty wild, so my guess would be that most punters/traders do prefer managed markets. You are just more likely to leave your bets in the markets for a longer time, while with unmanaged markets this becomes more of a hop on hop off thing.

#lfg
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January 25, 2021, 12:13:27 PM
Merited by exbet.io (1)
 #703

Thank you for your reply. Sill, the liabilities in the market don't work the same way as in Betfair. I've been trading on Betfair for more than 10 years so I have a good understanding of how it works. Let me give you the following example:

Let's say I only have 2.50 mBT in my balance and in a football match, I lay Team A at 1.25 for 10 mBT.

After the bet is matched, my liabilities will look like this:
Team A -2.50
Draw + 10
Team B +10

And my balance will be 0.00

Quote
Yes, we 100% agree with you - this is how liabilities should work.

Maybe we were not clear in our comment before - this is how liabilities generally work on Exbet. BUT there is an edge case on Exbet where it does NOT work as it should - this is when the user does not have funds in their account (like in your example) to cover the stake/liability of the second bet (which they should not need to have, exactly like you say). A fix will be released in the next 10 days, and functionality will then be as you describe for all scenarios.

That's great, I'm looking forward to that!

Quote
Thanks - it means a lot to us to get good feedback from someone like you who has strong expereince with exchange betting.

Your welcome, I am liking your site so far because it's simple and smooth, this is how it should be, nothing complicated. For example, I checked out Fairlay, and their site is very intimidating and complicated, even for an experienced trader. So, you can imagine how complicated it is for newcomers. A betting exchange should target all types of people, not only experienced traders.

Quote
What do you think abut managed markets in football, ziadmar?

I personally prefer unmanaged markets, although I can understand why some people might not like them as they feel vulnerable to broadcasting delays.

I also have another suggestion. It's a bit difficult to get to the other markets in football events. When you click on a football match, you are taken to the Match Odds market, but one has to click on top to navigate to other markets (Correct Score, goals etc.). They seem a bit hidden. It would be easier to have all the markets show on the left hand side so that they are visible to everyone.

Thanks again
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January 25, 2021, 04:12:00 PM
 #704

Also another suggestion: it would be nice to have the option to view profit with the site commission included. This is very useful for traders who do arbitrage with other bookmakers too.
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January 25, 2021, 04:18:52 PM
Last edit: January 25, 2021, 04:46:15 PM by exbet.io
 #705

Although there are some hardcore exchange users who would be happy with unmanaged markets in football, we believe that it will encourage more liquidity to have managed markets.

I personally don't like unmanaged markets, because I always feel I am very vulnerable due to broadcasting delays, getting distracted etc. And yep, these markets tend to have lower liquidity and are generally pretty wild, so my guess would be that most punters/traders do prefer managed markets. You are just more likely to leave your bets in the markets for a longer time, while with unmanaged markets this becomes more of a hop on hop off thing.

Hey tyKiwanuka, nice to see you pop in!

Yes, we think that aligns with the majority view. At least for Soccer, and perhaps similar low-frequency scoring matches like Ice Hockey.

American Football is an interesting case. If there was ever any serious liquidity in the in-play markets on any exchange then there would be a decent case for managing those markets in our opinion. Controversial!

Suspect that high-frequency scoring games like basketball will always be fine unmanaged.

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January 25, 2021, 04:31:33 PM
Last edit: January 25, 2021, 04:45:35 PM by arco-yabamba
 #706

Thanks for the warm welcome, i'm looking forward to winning your money Wink hehe

lol lol lol love the attitude fella, money is waiting, wishin you luck you will need it lol kidding good luck mate
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January 25, 2021, 04:44:26 PM
 #707

Your welcome, I am liking your site so far because it's simple and smooth, this is how it should be, nothing complicated. For example, I checked out Fairlay, and their site is very intimidating and complicated, even for an experienced trader. So, you can imagine how complicated it is for newcomers. A betting exchange should target all types of people, not only experienced traders.

Quote
I personally prefer unmanaged markets, although I can understand why some people might not like them as they feel vulnerable to broadcasting delays.

Yes, we think most exchange bettors prefer managed, but have seen a lot of chat over the years from people like yourself who would like unmanaged. Would be great to provide both but splitting liquidity is a non-starter.

We have some long term plans to bring in more recreational punters to Exbet (who just want to back, not interested in exchange), with a sportsbook-style overlay on top of the exchange liquidity (see some of our 2021 plans in the Exbet Xmas newsletter: https://mailchi.mp/642a8f7f87c5/exbet-newsletter-2020-review-nba-start).

Managed markets is likely necessary for that product/audience as well.

Quote
I also have another suggestion. It's a bit difficult to get to the other markets in football events. When you click on a football match, you are taken to the Match Odds market, but one has to click on top to navigate to other markets (Correct Score, goals etc.). They seem a bit hidden. It would be easier to have all the markets show on the left hand side so that they are visible to everyone.

Yes, it's a good idea that has been sitting on our product backlog for some time - just trying to prioritise the most important items amongst all the work ahead of us! We would expect to implement something similar to Betfair left menu which we think works well, but maybe keeping the current market dropdown as well. No promises on timeline for that.



Quote
Also another suggestion: it would be nice to have the option to view profit with the site commission included. This is very useful for traders who do arbitrage with other bookmakers too.

Nice suggestion. We will push the idea to our product guys.

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January 29, 2021, 05:05:45 AM
 #708

What's going on? is the site down?
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January 29, 2021, 08:09:32 AM
 #709

What's going on? is the site down?

Hey ziadmar, yes site is down. We are working on it, will update here when back again.

Thanks

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January 29, 2021, 03:37:03 PM
 #710

What's going on? is the site down?

Hey ziadmar, yes site is down. We are working on it, will update here when back again.

Thanks


What is the reason why your site is down? Are you conducting a maintenance or you are facing some attacks in your platform?

It will be good if you can provide some additional information on what is happening in your side so it will not create a chaos in the users side. Any target date or timeframe to fix your site?

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January 29, 2021, 04:04:59 PM
 #711

What is the reason why your site is down? Are you conducting a maintenance or you are facing some attacks in your platform?

It will be good if you can provide some additional information on what is happening in your side so it will not create a chaos in the users side. Any target date or timeframe to fix your site?
They clearly mentioned in the earlier post that the site is down and they are working on restoring it asap which is why forming assumptions without any clear evidence such as DDOS attacks etc isn't correct.

If it was a critical issue, they probably would have warned us which is why I feel that this is a minor issue related to the markets which most likely will get resolved soon.

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January 29, 2021, 04:51:51 PM
Last edit: January 29, 2021, 08:37:57 PM by exbet.io
 #712

What is the reason why your site is down? Are you conducting a maintenance or you are facing some attacks in your platform?

It will be good if you can provide some additional information on what is happening in your side so it will not create a chaos in the users side. Any target date or timeframe to fix your site?
They clearly mentioned in the earlier post that the site is down and they are working on restoring it asap which is why forming assumptions without any clear evidence such as DDOS attacks etc isn't correct.

If it was a critical issue, they probably would have warned us which is why I feel that this is a minor issue related to the markets which most likely will get resolved soon.

Hey guys thanks for posting, and also for your patience.

We encountered a backend issue earlier today where the entire Exbet matching engine, orderbooks, and account management went offline and the website was not working for users. No accounts or funds were in any danger at any point, although service was interrupted for approx. 10 hours. Our engineers have resolved the issue and Exbet is back online in time for this evening's sport. We will be holding a post mortem to try and minimize the chances of this happening again.

We apologize for any inconvenience.

Regards
The Exbet Team

=========

Update:
Some users may experience missing bet transactions in account history - this is due to to resyncing of backend and is not indicative of permanent loss of any bet history data. We will update here when this issue is resolved, should be soon.

All bet transactions are now visible in account history. Thanks again for patience and understanding.

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January 30, 2021, 03:59:49 PM
 #713

Cricket update!

We've seen some extraordinary Test Matches in the past few weeks, and looking forward to another great series between India and England, starting next week.

At Exbet we are particularly excited for this match as it sees liquidity arrive in Test Match markets for the first time:



If you've got an opinion on those prices, and fancy putting some cold hard Bitcoin on it, sign up at exbet.io in less than a minute and get betting  Cool

Regards
The Exbet Team

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January 30, 2021, 05:30:01 PM
 #714

Cricket update!

We've seen some extraordinary Test Matches in the past few weeks, and looking forward to another great series between India and England, starting next week.

At Exbet we are particularly excited for this match as it sees liquidity arrive in Test Match markets for the first time:
This is great news. Won decent amounts recently through the India-Australia test series and will definitely be placing a couple of bets in this series as well since the liquidity seems good enough for me since I will be betting on India.

Also, good to see you guys adding more Cricket markets which I requested during the testing phase.

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January 30, 2021, 06:17:14 PM
 #715

Cricket update!

We've seen some extraordinary Test Matches in the past few weeks, and looking forward to another great series between India and England, starting next week.

At Exbet we are particularly excited for this match as it sees liquidity arrive in Test Match markets for the first time:
This is great news. Won decent amounts recently through the India-Australia test series and will definitely be placing a couple of bets in this series as well since the liquidity seems good enough for me since I will be betting on India.

Great to hear Haunebu! We're just going up with Match Odds markets at this stage - interested to hear what other markets you and everyone else would like to see.

Quote
Also, good to see you guys adding more Cricket markets which I requested during the testing phase.

Yes, your interest and advice were an important early push for us to support Cricket on Exbet. First IPL, then ODI and T20 internationals, and now Test Matches. Appreciate it!

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January 31, 2021, 02:45:11 PM
Merited by exbet.io (1)
 #716

Hi again,

I’ve been spending some time on the website lately and I have some notes I hope you can take into consideration.

1- Today (Sunday), I tried to place a couple of Live bets, but I got the following error  “Sorry, we are unable to process your request. Please try again!”

2- In the “My Bets” page, there should be a column displaying “Net Profit” (Profit minus Commission), it doesn’t make sense showing profit only since it’s not the actual profit. Also, on the same page, it would be nice to be able to view bets history in a certain time period enabling the user to select the exact dates and see their profit/loss.

3- Bettors should have the option of seeing potential and actual profit/loss with and without the commission on the market itself. This is an essential feature for traders.

4- The issue of the site logging me out is really a serious one and should be fixed. The user should be allowed to choose whether or not he wishes to be logged out. For example, that day I wanted to place a bet just 1 minute before the start of the match, then I noticed I was logged out. By the time I logged back in the match had already started and the odds were gone. I have never seen any betting website logging out users after only an hour or so.


5- It would be nice to be able to cancel individual bets and all bets from the My Bets page, because sometimes, you can have several open unmatched bets, then all of a sudden you find a bet you want to take but you don’t have enough available balance because of your unmatched bets, so you need to cancel one or all of those unmatched bets to place your new bet quickly without having to go to each and every market to cancel bets individually.

6- The minimum bet should be 0.01 and not 0.10. For some bets with higher odds, 0.10 can be too much, and also some traders like to balance their green on both sides to the cent, with 0.10 being the minimum bet that would be impossible. 

7- On several occasions, I have noticed that the market gets messed up and doesn’t show correctly. However, when I refresh the page everything goes back to normal. Please see the screenshot below.

https://ibb.co/c1GyN03

8- It would be nice if you can add tennis markets. The Australian Open is starting soon.

Thanks again!
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January 31, 2021, 04:46:13 PM
 #717

Also, the bets I made before 30 January suddenly disappeared from the betting history
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January 31, 2021, 04:48:28 PM
 #718

1- Today (Sunday), I tried to place a couple of Live bets, but I got the following error  “Sorry, we are unable to process your request. Please try again!”

6- The minimum bet should be 0.01 and not 0.10. For some bets with higher odds, 0.10 can be too much, and also some traders like to balance their green on both sides to the cent, with 0.10 being the minimum bet that would be impossible. 
Among the points that you mentioned, I feel that the ones regarding live bets and minimum bets are the most important ones since I faced several issues related to these points myself which haven't been resolved yet.

They are still learning and improving though which is why I treated these as minor issues, but they will definitely turn into major issues if they don't get resolved in the near future.

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January 31, 2021, 06:23:37 PM
 #719

Hi again,

I’ve been spending some time on the website lately and I have some notes I hope you can take into consideration.

Brilliant, thanks for the feedback, we really appreciate it.

Quote
1- Today (Sunday), I tried to place a couple of Live bets, but I got the following error  “Sorry, we are unable to process your request. Please try again!”

Agree, we have seen bets being incorrectly refused in in-play markets today. Engineers checking now and believe we know the root of it, would expect a fix tomorrow.

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2- In the “My Bets” page, there should be a column displaying “Net Profit” (Profit minus Commission), it doesn’t make sense showing profit only since it’s not the actual profit. Also, on the same page, it would be nice to be able to view bets history in a certain time period enabling the user to select the exact dates and see their profit/loss.

There is a Profit/Loss page (separate from the My Bets page) accessible via the dropdown menu accessed by clicking on the arrow next to user balance:


We believe this page gives you the functionality you are looking for, but let us know if not.

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3- Bettors should have the option of seeing potential and actual profit/loss with and without the commission on the market itself. This is an essential feature for traders.

Yes, this was a feature that you mentioned before. We are looking into the best way to implement this - although it is not a big change, it will not be a quick fix. Bear with us!

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4- The issue of the site logging me out is really a serious one and should be fixed. The user should be allowed to choose whether or not he wishes to be logged out. For example, that day I wanted to place a bet just 1 minute before the start of the match, then I noticed I was logged out. By the time I logged back in the match had already started and the odds were gone. I have never seen any betting website logging out users after only an hour or so.

A little background on this - from launch we have been cautious around users' security on Exbet. Given that (1) Exbet is an exchange, and (2) uses Bitcoin, we wanted to start out being very careful that users would not stay logged in for longer periods and risk third parties accidentally accessing the account. This is why we have set shorter "logged in" default times of just a few hours (similar to many cryptocurrency exchanges). But we take your point that the current setting can be frustratingly short for many bettors, and this is something that other users have raised.

Our short-term plan is to increase the default login time. Long-term, we will look into how best to make this configurable for users who want to stay logged in permanently.

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5- It would be nice to be able to cancel individual bets and all bets from the My Bets page, because sometimes, you can have several open unmatched bets, then all of a sudden you find a bet you want to take but you don’t have enough available balance because of your unmatched bets, so you need to cancel one or all of those unmatched bets to place your new bet quickly without having to go to each and every market to cancel bets individually.

This is a feature we have discussed internally for some time. It's on our backlog Smiley

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6- The minimum bet should be 0.01 and not 0.10. For some bets with higher odds, 0.10 can be too much, and also some traders like to balance their green on both sides to the cent, with 0.10 being the minimum bet that would be impossible.  

Fair point, we can see your view and this is a tough call. When we launched Exbet, BTC price was around 10k-11k USD for the previous few months. We felt that a minimum stake of 0.1 mBTC was reasonable at that point. Now we are 3x that price, and the minimum stake starts to feel too big. We will not be making a change to minimum stake in the near future, but will continue to listen to user feedback and exercise our judgement on this.

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7- On several occasions, I have noticed that the market gets messed up and doesn’t show correctly. However, when I refresh the page everything goes back to normal. Please see the screenshot below.

https://ibb.co/c1GyN03

Interesting, we haven't seen this but will try to recreate. Thanks.

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8- It would be nice if you can add tennis markets. The Australian Open is starting soon.
Yes, Tennis is probably the next sport we will add support for on Exbet. But not in time for Australian Open. Big focus is on platform stability and scalability, along with building out the API to support in-play better than currently. We will continue to add more Soccer leagues in the coming weeks, but bringing in Tennis is likely to be after summer.

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Thanks again!

Thank YOU

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January 31, 2021, 06:31:04 PM
 #720

Also, the bets I made before 30 January suddenly disappeared from the betting history

We have checked this and are seeing bets from further back in your history. Screenshots would help us here - but due to this data being private to you, please either DM us here or use our Contact form on-site. Thanks ziadmar.

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