Trading Horse racing : S.P. Persistence when a horse is withdrawn

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Derek27
Posts: 2002
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Mon Mar 05, 2018 11:43 pm

Hi All,

Does anyone know the exact rules regarding unmatched bets with a persistence type set to 'take SP at in-play', when a horse is taken out of the market?

Most of the time when I have an unmatched bet set to take Betfair starting price at the off, when a horse is withdrawn the bet remains unmatched. Occasionally, when a horse is withdrawn any such bet automatically becomes an SP bet!

It's an absolute nightmare when trading to find you have a lay liability without knowing what odds it will be matched at.

I should email Betfair about this but if anybody has a quicker answer it would be much appreciated.

Derek

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gutuami
Posts: 1559
Joined: Wed Apr 15, 2009 4:06 pm

Tue Mar 06, 2018 9:17 am

I have had situations when a horse trading at 2.9 in the last seconds before inplay getting sp of 2.6 (or about there) without any withdrawn horses. so in that case depends on the volatility of the market.
but in general it's all about the reduction factor of withdrawn horse

https://promo.betfair.com/betfairsp/FAQs_SPrules.html

bet persistence (the ‘keep’ option)
For markets that are scheduled to be turned in-play at the ‘off’, a customer can request that an unmatched Exchange bet should not be cancelled when the market is turned in-play. This is done by selecting the ‘At In-Play: Keep’ option in the bet manager and means that the unmatched bet persists when other unmatched bets are cancelled at the start of the event.

As described above, when a non-runner is removed from a horseracing market it is Betfair’s policy to cancel unmatched offers to lay all other horses in the market if the non-runner has a reduction factor of 2.5% or greater for win markets, or 4.0% or greater for place markets. In these circumstances offers to lay a horse with the ‘At In-Play: Keep’ option selected will not be cancelled. Instead the lay odds offered or requested in place markets will be reduced in proportion with the reduction factors of any non-runner(s) and the same will apply in win markets providing the relevant non-runner has a reduction factor of at least 2.5%.

For the avoidance of doubt this means that (for example) when a material event occurs in a soccer match and other unmatched bets are cancelled before the market is reopened, a ‘keep’ bet will not be cancelled.Please also note that for horseracing markets reduction factors are not applied to ‘keep’ bets which are matched in-play. In the event of a late withdrawal, Betfair reserves the right to remove the runner after completion of the race. In this case any ‘keep’ bet placed before the off and matched in-play will remain at the original selected price and will not be adjusted or cancelled as would be the case if the non-runner were removed pre-race.

spreadbetting
Posts: 1455
Joined: Sun Jan 31, 2010 8:06 pm

Tue Mar 06, 2018 12:14 pm

Derek27 wrote:
Mon Mar 05, 2018 11:43 pm
Hi All,

Does anyone know the exact rules regarding unmatched bets with a persistence type set to 'take SP at in-play', when a horse is taken out of the market?

Most of the time when I have an unmatched bet set to take Betfair starting price at the off, when a horse is withdrawn the bet remains unmatched. Occasionally, when a horse is withdrawn any such bet automatically becomes an SP bet!
If the horse is withdrawn before the off and it has a reduction factor of 2.5 or above any lay bets set to 'take SP at in-play' get converted to SP bets with the reduction factor applied to the liability. If the withdrawn horse's reduction factor is less than 2.5 i.e. no reduction is applicable then the bet stays as is. Back bets set to 'take SP at in-play' don't get converted or their stake amended.

Looks like they've recently amended the rules on place markets as that always used to be 2.5% also but obviously now 4%

Derek27
Posts: 2002
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Tue Mar 06, 2018 3:07 pm

Thanks SB, I knew sometimes they convert to SP and sometimes not, but didn't realise it's the lay bets only. :)

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