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Hello
I'm trying to work out what a betting exhange (Betfair/Betdaq/Smarkets) contractual arrangement with customers are.
In short, 'customers' offer to either buy or sell bets on an event. If the prices meet then there is a match and a bet made.
However customers have no idea who the other party is (not even a username). The only party they know is the exchange.
The exchange holds the money, and settles the bets after taking a commission.
Betfair for example list themselves as a 'facilitor' and not a counterparty, however I can find no legal classificaiton for that term.
Incidentally, under their Australian terms they list themselves as a 'counterparty' with the customers to the betting contract.
1) Can you enter a contract where you don't know the other parties identity?
2) If the exchange isn't a counterparty, would they be acting as an agent? with customer being the principals?
Thanks!
I'm trying to work out what a betting exhange (Betfair/Betdaq/Smarkets) contractual arrangement with customers are.
In short, 'customers' offer to either buy or sell bets on an event. If the prices meet then there is a match and a bet made.
However customers have no idea who the other party is (not even a username). The only party they know is the exchange.
The exchange holds the money, and settles the bets after taking a commission.
Betfair for example list themselves as a 'facilitor' and not a counterparty, however I can find no legal classificaiton for that term.
Incidentally, under their Australian terms they list themselves as a 'counterparty' with the customers to the betting contract.
1) Can you enter a contract where you don't know the other parties identity?
2) If the exchange isn't a counterparty, would they be acting as an agent? with customer being the principals?
Thanks!
