Some comments on exchange wagering spreads

This'll be a quick post just to clarify my previous comments on the wide spreads on Betfair.  Those comments weren't meant as a criticism.  I think the wide spreads are something to be aware of and navigating them requires some caution, but they're also to be expected so soon after launch.  In fact, the spread calculator I wrote about in previous posts is meant as a tool to help time the placement of your orders.  When you see an especially wide spread on a horse, hold off on matching an existing order.  In general, while spreads are wide, place offers rather than matching them.  If anything, the wide spreads simply provide a bigger edge to smart bettors.  That's not necessarily great news for Betfair, but it's definitely good news for you...as long as you make sure that you're one of those smart bettors!