Betfair API : Betfair SP Lay

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LinusP
Posts: 1458
Joined: Mon Jul 02, 2012 10:45 pm

Fri Aug 10, 2018 4:04 pm

I think I am being stupid here but how do I place an SP lay bet based on the stake rather than liability?

I assumed placing a LIMIT order at 1.01 for say £100 with persistence 'MARKET_ON_CLOSE' would do the trick but it just lapses.

Thanks

Derek27
Posts: 3634
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Fri Aug 10, 2018 4:06 pm

You can't because you're betting without knowing the price.

If you lay a horse for £5, the horse could potentially return a BSP of 1000 leaving you with a liability of £4995!

LinusP
Posts: 1458
Joined: Mon Jul 02, 2012 10:45 pm

Fri Aug 10, 2018 4:12 pm

Derek27 wrote:
Fri Aug 10, 2018 4:06 pm
You can't because you're betting without knowing the price.

If you lay a horse for £5, the horse could potentially return a BSP of 1000 leaving you with a liability of £4995!
Yeah but I want that...

Derek27
Posts: 3634
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Fri Aug 10, 2018 4:41 pm

LinusP wrote:
Fri Aug 10, 2018 4:12 pm
Derek27 wrote:
Fri Aug 10, 2018 4:06 pm
You can't because you're betting without knowing the price.

If you lay a horse for £5, the horse could potentially return a BSP of 1000 leaving you with a liability of £4995!
Yeah but I want that...
The problem is many customer's wouldn't, nor would they have that much money in their account, so it's not practical.

For the exchange to work, backer and layer must know what their liability is before getting matched.

LinusP
Posts: 1458
Joined: Mon Jul 02, 2012 10:45 pm

Fri Aug 10, 2018 4:47 pm

Derek27 wrote:
Fri Aug 10, 2018 4:41 pm
LinusP wrote:
Fri Aug 10, 2018 4:12 pm
Derek27 wrote:
Fri Aug 10, 2018 4:06 pm
You can't because you're betting without knowing the price.

If you lay a horse for £5, the horse could potentially return a BSP of 1000 leaving you with a liability of £4995!
Yeah but I want that...
The problem is many customer's wouldn't, nor would they have that much money in their account, so it's not practical.

For the exchange to work, backer and layer must know what their liability is before getting matched.
Hmm its annoying the API replies with SUCCESS when it will only lapse.

Derek27
Posts: 3634
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Fri Aug 10, 2018 5:10 pm

I've never used limits on BSP but doesn't it mean the bet only gets matched if BSP is that price or less (for lay bets)?

LinusP
Posts: 1458
Joined: Mon Jul 02, 2012 10:45 pm

Fri Aug 10, 2018 6:30 pm

Derek27 wrote:
Fri Aug 10, 2018 5:10 pm
I've never used limits on BSP but doesn't it mean the bet only gets matched if BSP is that price or less (for lay bets)?
Still limited to providing only liability I believe.

Derek27
Posts: 3634
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Fri Aug 10, 2018 7:27 pm

I suspect the issue is Betfair needing to know the total backer's stake and layer's liability in order to calculate BSP. Knowing full liabilities after BSP has been provisionally calculated and re-iterating would make the algorithm more complex, even if it's not impossible.

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