Multi Metaphor

Imagine you’re about to race Usain Bolt. The race is 40m. You’ve actually been training for a month or two, and you are in reasonable condition.

You’re on the starting line with the greatest of all time.

On your marks. Get set. …. Go!

Usain wins. Obviously.

Now, let’s metaphorically compare the margin he beats you by to the margin a bookmaker may apply to a bet.

It was only 40m. He might beat you by 2, 3, 4 seconds.

This mirrors the 2, 3 or 4% a bookmaker applies to a betting market. For example, a $1.90 line bet has 2.632% of bookmaker margin on both sides of the bet (5.26% in total for the two line options).

Now, let’s imagine the race with Bolt is twice as long. 80m.

Generously, we’ll say his winning margin only doubles.

2.63 seconds becomes 5.26 seconds over 80m.

That’s exactly what happens with bookie margins on multis. Every time you add another leg, you add more bookmaker margin.

Race Usain over 200m. He’ll run close to his 19.19 world record, while you’re 13 seconds (2.63 x 5) behind.

That 13 seconds resembles the margin you might pay for a five leg multi with a bookie.

Betfair Multis

To combat compounding bookie margins, Betfair wanted to create Multis that are fair.

Multis that only contain 2.5% of commission. By far the lowest in the industry.

So we’ve re-introduced AFL Exchange Multis. As the name suggests, they’re exclusive to AFL markets.

We want this product to be highly liquid and a great customer experience so we hope that you get behind such a competitively priced market.

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