Is binary betting (and spread betting) just like playing roulette?

Hi,
I'm a newbie and have been paper trading for the last few months whilst learning about technical analysis.

I've been looking at custom bets on igindex, specifically fast/binary bets. These allow the customer to bet higher/lower than current price on major indices, forex and US light crude. The timescale is 2 minutes from now or maximum a week from now.

The odds offered are approx. 4/5 (1.8/1) on either outcome. Igindex are effectively saying that predicting these markets is a coin toss (50/50). They must have done comprehensive analysis to come to this conclusion. So is betting on these markets for these timescales no better than playing roulette, a zero skill game? If these markets were predictable wouldn't the binary bet odds fluctuate depending on market conditions?

Over 2 mins I would argue it is random.

Over a week it could be successfully argued you can predict the market with a comprehensive awareness of geopolitical events.

It depends on -

Which market
What announcements/publications are due that week
No major news CONTRARY to what you believe being released

IE it is a safe bet that the Ibex 35 was going to slide this week however if the Eurobloc came out in support of Spain with a pre-packaged bailout the market would have risen.

You are essentially betting that you expect nothing to contradict you within 7 days.

I'm confused. Are there any other costs? If they are offering you better than even odds on a coin toss are you not guaranteed to profit over time?

The odds reflect 55% chance of profit so there must be a spread to begin with or the OP has misread the binary odds/mechanism.

I don't play binary markets but if the odds quoted are true then the spread must reduce it to 49 or 48 %.

You risk 5 to make 4 , how this is better than coin toss odds ?

Sorry for the confusion, it was a typo.

The fractional odds offered are 4/5 which is equivalent to 0.8/1 (less than evens).

After searching the fixed Odds & binary betting forum I read that one IG custom bet client won almost £8000 but was then placed on dealer referral.

So the analogy In my original question should have been to blackjack rather than roulette. For most blackjack players, who are guessing, they lose because of the house edge. If they win by card counting, then they are thrown out the casino.

For most custom bet players, who are guessing, they lose because of the house edge. If they win by betting at the right times (eg major economic news releases), then they are placed on dealer referral.

interesting. There is always a catch with these houses.

why not play the real market? you will then have the luxury to bet any timeframe you like; be it 2 minute or a week or a year.