I recently placed a £10 lay bet on a race.
I later greened up with a £0.70 back bet while the race was in-play
Having now checked my bet history in betfair, I am seeing that the £0.70 bet was void
The horse went on to lose so I haven't been left out of pocket, but the void bet has worried me.
Why was it void?
I appreciate the minimum bet for betfair is £2, but I was under the impression that BetAngel circumvented this.
Green-up bet was void by betfair
When Betfair are unable to suspend a market and cancel unmatched bets before the market goes in-play, all bets after the off time are voided.
I emailed Betfair to ask, in such circumstances, from exactly what time do bets get voided (i.e. from the exact second or whole minute after the offical off time). Shockingly, they replied that there is no precise time -- their traders decide after reviewing the market !!!
It's quite worrying that you can place a back and lay bet on a horse and not even know as the race starts if they will both be honoured.
I emailed Betfair to ask, in such circumstances, from exactly what time do bets get voided (i.e. from the exact second or whole minute after the offical off time). Shockingly, they replied that there is no precise time -- their traders decide after reviewing the market !!!
It's quite worrying that you can place a back and lay bet on a horse and not even know as the race starts if they will both be honoured.
towards the offical off time minute or two out, sp your trades and counter trades, not ideal but better than trusting betfair will turn inplay(always have your counter trade in out of the money).
Thanks to75ne. I've always done that with American racing where it's easy to get caught out due to low liquidity, but as you suggest, it may be a good idea to apply the process to British racing. Or better still, close trades before the off.
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iambic_pentameter
- Posts: 443
- Joined: Wed May 18, 2016 1:24 pm
Hi Derek27,
Interestingly, I've being taking SP religiously for a few months now on UK & IRE markets and was curious to see whether it worked on the US Markets.
Presumably it has done for you when needed and you've not lost too much money?
Cheers,
Iambic
Hi Iambic,
I only use BSP as a precaution (I've been bitten a couple of times when I missed the start of a race) as it's always preferable to know for sure what you end position is.
However, with American markets, there are times when a horse's price is constantly moving in one direction right up to the point when the last horses are entering the stalls, and then it suddenly shoots off in the other direction. This presumeably is a result of people closing their trade at the last minute. It's too risky to place bets in the US in the last seconds (in-play activity is almost non-existent) but you can sometimes get substantially better BSP returns than your intended trade. Needless to say, they can sometimes be shockingly bad in weak markets.
I would recommend to any UK trader who decides to dabble on US markets to use small stakes and aim for bigger swings, as they are generally low liquidity / high volatility markets.
Kind regards,
Derek
I only use BSP as a precaution (I've been bitten a couple of times when I missed the start of a race) as it's always preferable to know for sure what you end position is.
However, with American markets, there are times when a horse's price is constantly moving in one direction right up to the point when the last horses are entering the stalls, and then it suddenly shoots off in the other direction. This presumeably is a result of people closing their trade at the last minute. It's too risky to place bets in the US in the last seconds (in-play activity is almost non-existent) but you can sometimes get substantially better BSP returns than your intended trade. Needless to say, they can sometimes be shockingly bad in weak markets.
I would recommend to any UK trader who decides to dabble on US markets to use small stakes and aim for bigger swings, as they are generally low liquidity / high volatility markets.
Kind regards,
Derek
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iambic_pentameter
- Posts: 443
- Joined: Wed May 18, 2016 1:24 pm
Thanks for the reply, Derek.
Yes, the US markets are certainly volatile and my limited experience on trading these has generally to be outside of the top / bottom ranges to catch a potential swing.
Let's hope that online gambling is legalised over there and the US markets can enjoy better liquidity and, ideally, similar liquidity to our markets.
Cheers,
Iambic
Yes, the US markets are certainly volatile and my limited experience on trading these has generally to be outside of the top / bottom ranges to catch a potential swing.
Let's hope that online gambling is legalised over there and the US markets can enjoy better liquidity and, ideally, similar liquidity to our markets.
Cheers,
Iambic