General discussion : Smarkets public API

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Derek27
Posts: 2271
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Fri Jun 08, 2018 1:00 am

I appreciate what you're saying, but the example I gave wasn't a morning/afternoon time interval, prices can change drastically in two minutes. I reckon the graph I posted earlier, 30% > 15% would have happened possibly in under five minutes.

Regarding a 1.01 fat-finger back bet, I reckon the guys on this forum are more likely to take advantage of such a cock-up than fall victim to it. It may be fair to void the backer's bet, but the cost is unfairness to the layer who would be looking to trade the bet and won't know where he stands.

Betfair, and as far as I know, Betdaq and Matchbook have no such policy. I think it would be far fairer and simpler if all bets stood in such circumstances.

As Spreadbetting said, the concept of a fair price on a horse race is ridiculous - there's no such thing. If you just look at all the graphs for a typical horse race you'll see the prices are completely bonkers - no consistency and change from one minute to another.

Don't forget you will also have many customers using bots that automatically green up before the off. Some of these will automatically lay a horse that drops substantially and if it inadvertently catches an erroneous 1.01 it would trigger a back bet without knowing the lay will be voided.

Derek27
Posts: 2271
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Fri Jun 08, 2018 4:40 am

Here's an example at Taree this morning.
LoadRunnerInfoChartAction.do.jpg
£80 at around 2.66 - 2.74. Down to 1.7 in literally one minute.

Anyone who backed it at 2.7 would have to lay it and just hope that it's not voided or he could lose £80.

Or would the back bet more likely be voided, in which case he'd have a lay liability? Either way, it's not practical to trade with such uncertainty.
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napshnap
Posts: 112
Joined: Thu Jan 12, 2017 6:21 am

Fri Jun 08, 2018 7:28 am

Never gonna join this crap as a trader.
We can blame betfair for many reasons but at least it doesn't disguise itself as exchange cause it is REAL exchange.
Also, you marketmakers are pussies, if they need to run to you and complain.
They''ll be eaten alive here on betfair.

Betfair is like the old wild west and your "exchange" is like one of those ridiculous communist countries with privileged nomenclature :D .

Also, answer this, please...
so it'd be easy to code some javascript to the site to warn bettors if the odds were +-15% of the current price or even simply reject them at the backend. But then again I doubt the policy is there to protect punters.

Derek27
Posts: 2271
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Fri Jun 08, 2018 2:43 pm

The thought of Smarkets taking a complaint from a user that somebody has accepted their bet at the price they asked for seriously is hilarious. :lol:

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Naffman
Posts: 2415
Joined: Sun Aug 11, 2013 5:46 am

Fri Jun 08, 2018 3:57 pm

Jesus guys give the guy a break :lol:

Fwiw I've never had a bet cancelled when betting with them, but never backed or layed at a price I didn't mean to

Think the bet cancellation rule needs a bit of tweaking or hopefully gets abolished if traders are going to switch over with confidence

xitian
Posts: 441
Joined: Fri Jul 08, 2011 2:08 pm

Fri Jun 08, 2018 6:38 pm

Yeah, I think the discussion of voided bets is a bit pointless until we have some actual experience of it happening.

Basically we just need Smarkets to open up the API to make it a level playing field. Then we’ll see how Smarkets and the market makers handle it when independent traders start winning money off them. That’ll be the litmus test for what sort of business they plan to be. Until then it’s hard to tell, but restricting the API isn’t the best way of being fair and open in my opinion.

Jason, what are the requirements for becoming a market maker and getting access to the API?

Derek27
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Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Sat Jun 09, 2018 1:37 am

xitian wrote:
Fri Jun 08, 2018 6:38 pm
Yeah, I think the discussion of voided bets is a bit pointless until we have some actual experience of it happening.
We?

You can go first and let us know what happened. :lol:

napshnap
Posts: 112
Joined: Thu Jan 12, 2017 6:21 am

Sat Jun 09, 2018 6:55 am

Derek27 wrote:
Sat Jun 09, 2018 1:37 am
xitian wrote:
Fri Jun 08, 2018 6:38 pm
Yeah, I think the discussion of voided bets is a bit pointless until we have some actual experience of it happening.
We?

You can go first and let us know what happened. :lol:
+1

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Naffman
Posts: 2415
Joined: Sun Aug 11, 2013 5:46 am

Sat Jun 09, 2018 7:27 am

A lot of us already 'lose' loads in PC every week so if Smarkets can deliver I don't see why people would be that hesitant to move over

And I really doubt too many will be affected by someone having a fat finger at 1.01 and it cancelling those bets

Trading96
Posts: 347
Joined: Thu Mar 16, 2017 4:47 pm

Sat Jun 09, 2018 10:24 am

To be fair I didn't realise they were measuring it by percentage points, still don't agree with it but atleast is less of a joke policy.

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