We recently did a soft launch of a new version of Bet Angel, version 1.24.0.
This morning we will formally release the new version. It contains a number of enhancements but the two major additions you will see are: -
Cross matching algorithm implemented. This means that prices on Bet Angel will match those on the Betfair website where cross matching is in effect. You can toggle this on or off as some people are using the cross matching to their advantage in certain situations. We had asked Betfair to expose this via the API but as they don't seem interested in doing so, so we felt we should implement this for customers. It is defaulted to on in the new version.
Additional of a new tool, Tennis Trader. This is documented in the user guide already and videos will be released to show it's use. Tennis trader allows you to see ahead in a Tennis match so you can accurately enter and exit your Tennis trades. You can do this before the start or in-play. It's taken a long time to develop and we used it on the Aussie and French open to great effect. It should change the way you look at Tennis trading significantly.
Bet Angel - Version 1.24.0 released - Tennis trader - Cross matching
BA nice job. The Tennis Trader inclusion looks very interesting. Watched the videos last night and it opens lots of opportunity..Bet Angel wrote:
Cross matching algorithm implemented. This means that prices on Bet Angel will match those on the Betfair website where cross matching is in effect. You can toggle this on or off as some people are using the cross matching to their advantage in certain situations. We had asked Betfair to expose this via the API but as they don't seem interested in doing so, so we felt we should implement this for customers. It is defaulted to on in the new version.
Can I just clarify a point about the new version?
Re the quote above on the cross matching algorithm...should this ONLY be switched on in markets where Betfair are using cross matching...or can it be switched on all the time? (If it is the latter then I assume that you are simulating Cross matching is some way..?? i.e. If I were to submit a back bet at X odds then the BA software would automatically convert it to the equivalent lay odds on the other selections?
Could you please just expand a little..??
Thanks
Peter
PS I know betfair ran a trial on the 26th march for cross matching..has this now been implemented completely ie is it now used each day?? Thanks
-
chrishorne
- Posts: 17
- Joined: Wed Apr 15, 2009 5:29 pm
Could someone please explain what 'cross matching' is, & how it works, why it is there & how it can be used to gain an advantage.
Thanks in advance,
Chris
Thanks in advance,
Chris
-
chrishorne
- Posts: 17
- Joined: Wed Apr 15, 2009 5:29 pm
Could someone please explain what 'cross matching' is, & how it works, why it is there & how it can be used to gain an advantage.
Thanks in advance,
Chris
Thanks in advance,
Chris
Betfair's cross matching algorithm creates what they call 'virtual bets'. It allows them to provide more liquidity in the markets.
The simplest way to describe it is to imagine a two selection market - such as a tennis match - Player A vs Player B.
Player A 2.0 to Back or 2.02 to Lay
Player B 1.95 to Back or 2.10 to Lay (Note that as this market is illiquid there's a big gap between Player B's prices)
You reckon Player B is going to lose, so you could lay him with £20 at 2.10. That'd give you £20 if Player A wins and cost £22 if Player B wins. However rather than Lay Player B at 2.10 it's more efficient to Back Player A at 2.0 for £20. That'd still give you £20 is Player A wins, but only cost £20 if Player B wins.
Betfair's algorithm sees the more efficient potential bet and so offers a virtual lay price on Player B at 2.0. They haven't exposed the virtual bets / cross matching algorithm via their API, so we've implemented it locally in Bet Angel so that you see the same virtual bets that betfair display on their web site and will be using when matching your bets.
We've followed betfair's guidelines and have applied it to all 'Odds' markets that are hosted by their UK exchange that have a fixed number of selections. It doesn't apply to horse racing because sometimes a horse is withdrawn and a reduction factor is applied. They trialled it on a couple of inplay horse races, but so far haven't made that standard practice, so we don't apply it to any horse racing.
You can leave cross-matching switched on all the time as we'll only apply it to the markets that meet betfair's guidelines. i.e. If you switch to a football Match Odds market we'll generate the virtual bets, but if you switch to a horse race we won't.
The simplest way to describe it is to imagine a two selection market - such as a tennis match - Player A vs Player B.
Player A 2.0 to Back or 2.02 to Lay
Player B 1.95 to Back or 2.10 to Lay (Note that as this market is illiquid there's a big gap between Player B's prices)
You reckon Player B is going to lose, so you could lay him with £20 at 2.10. That'd give you £20 if Player A wins and cost £22 if Player B wins. However rather than Lay Player B at 2.10 it's more efficient to Back Player A at 2.0 for £20. That'd still give you £20 is Player A wins, but only cost £20 if Player B wins.
Betfair's algorithm sees the more efficient potential bet and so offers a virtual lay price on Player B at 2.0. They haven't exposed the virtual bets / cross matching algorithm via their API, so we've implemented it locally in Bet Angel so that you see the same virtual bets that betfair display on their web site and will be using when matching your bets.
We've followed betfair's guidelines and have applied it to all 'Odds' markets that are hosted by their UK exchange that have a fixed number of selections. It doesn't apply to horse racing because sometimes a horse is withdrawn and a reduction factor is applied. They trialled it on a couple of inplay horse races, but so far haven't made that standard practice, so we don't apply it to any horse racing.
You can leave cross-matching switched on all the time as we'll only apply it to the markets that meet betfair's guidelines. i.e. If you switch to a football Match Odds market we'll generate the virtual bets, but if you switch to a horse race we won't.