That was an OK start to Cheltenham. I’d rank it on the better side of the line. OK because I didn’t break any upside records, but OK because I didn’t do so on the downside either!
Volumes waiting to be matched are higher than last year, they are running at around ten times normal week day levels. The rate at which those orders are filling are only six times normal level so there is quite a big gap in the increase in money waiting to be matched versus the rate at which they are matched. This has the knock on effect of making an orders less reliable and more likely to move before you get the chance to get it filled. Basically, you need to take a fair bit more risk at Cheltenham and you need to be very certain of your position.
Some of individual race and runner volumes were exceptionally high, much higher than I expected. I’m not too sure what to make of that. Sprinter Sacre went off with £4.6m of £6.3m matched. Hurricane fly went off with £8.4m of £10.4m. The chart was all over the place though and almost unreadable.
It was level at 1.8′s for a fair while was heavily backed in to 1.7′s then stablised before flying out to 1.9, before reversing and bumping around before the off. It makes me wonder if a lot of that matched bet volume was traded. I managed to get my best result of the day from this, but how is anybodies guess!
Betdaq worked OK and the fill rate was better than on Betfair, but the biggest benefit is that, on a net commission basis, I am finding it easier to earn more there than on Betfair. Look at the last race yesterday; I earned £145 on Betdaq which is OK. But to earn the equivalent on Betfair I would need to earn over £360. So being a 60% payer it makes using Betdaq well worth the effort, even if the top line total isn’t the same.
Roll on day two!