Hey everyone, I have been a member of Hotcopper since 2009, so I am hoping this post is not seen as spamming,
I have recently started up my own betting site (I won't name it on this post) whereby I let my customers set the opening price, by auctioning off the price for each runner.
Basically each horse starts at $1.01, and 5 seconds later the system pushes it out to $1.10, and 5 seconds after that out to $1.20. The system is designed to keep pushing every horse out until they reach $1000, or someone steps in and takes the price.
Anyway, I am running an auction for the Melbourne Cup tomorrow night, and I am just wondering if people think the model is a viable (ie letting the freemarket set the price) or if they think it is destined for failure.
