there was a classic example the other day in a cricket match with reasonable size in most boxes
A was roughly 2.22/2.24
somebody made a mistake trying to lay roughly 5000 @ 4.0 there was only about 1000 between 2.24 and 4.0 so 4000 sat there @ 4.0 with anyone who was watching trying to get a piece of it
but of course they had a 5 second delay to overcome and very little extra was matched @ 4.0
so the poor punter who made a fat fingered mistake got off lightly,which i always thought was one of the main reasons for having a delay
now if he did that, assuming there was money in the B and C boxes,which there was
he would have been fully matched @ 4.0 with somebody else matched at the equivalent of 2.24
the 4.0 would never have shown up in the boxes and about 9000 would have vanished out of the limited amount of punter's money to go around

Pablo what about someone making the mistake of backing 1.01 instead of laying it
The other side could well cushion the blow if his own side had only low odds in it.


The mistake issue is all swings and roundabouts

night all

the magician
i am interested in your point number 4 in reply to morris
what do you mean they might not be allowed to ?

betfair need to protect betfair in the long term, and if that is designing a fair transparent matching engine that takes money from professional botters that are net extractors and passes that money on to more 'normal' punters

You're wrong on 2 counts Mugician.

1) its not bots that match overbroke books currently. They can be matched by any punter in the market. A bot would actually be silly to try and match an overbroke inplay book because 1 of the 2 bets would be gone by the time their bet was in the system. Betfair dont have to wait 5 seconds though so they can be matched instantly and the profit swept up.

2) the money wont be passed onto normal punters. How on earth could you think that? do you think that the money betfair makes from these markets will somehow be distributed to the novice punters in some sort of kind gesture? dont be stupid.


This system actually punishes the novice punter more than before. Now anytime they make a mistake the money is swept up instantly and goes into the Betfair coffers never to be seen again. Under the present system the punter has 5 seconds to cancel their error and if it is then taken it goes to another punter so it is still in the pool to be bet again.

Robin Ewe

you view is so poloarised from mine it might be difficult to discuss and I dont have time to do that now

Lippy, why don't you start a list of the Good things that come form the it as it is right now.


I have spoken extensively with betfair yesterday and today, their intention is to 'improve customer experience'. That is, to get more bets matched, they are unhappy that people put a bet in and are not matched, they believe this is not an optimum experience.

In doing so they've crossed the line into morally incorrect territory, instead of best price (which is what you used to get btw and now don't in certain situations) you now get stuffed for some money by betfair who have an unfair adavantage.

I dare you to come up with a list of positives from this.

This thread is not populated by bot owners and people who use others misfortune to profit from market inefficiencies.. there will be some here who do that, but you are very wrong if you believe everyone here is in one of these groups of people. I'm amazed you are accepting of Betfair using their exchange in an ethically incorrect way, it's costing YOU and everyone else money !! next time you make the error of sending something overround, I hope you enjoy the fact that betfair have just taken some of you money, ontop of the fact they take their commission.

Whichever way you look at this the result is the same. Betfair are looking like scoundrels, stealing money that belongs to customers.

I don't want my overbroke money matched by Betfair, unless it's at the best available price.

well explained robin.

when you place a bet with a delay you do so with the info as it is now. In 5 seconds this info is OLD, there is a blindness quality to our betting. In a market full of private users this 5 seconds is a safety net, in a market where your bet could be matched instantly by the invisible none delay betfair sniper, this 5 seconds becomes a HANDICAP.

Time to update your blog Steady.

The Gambler. :-).

Imagine i input a bet which makes a market overbroke. It appears on the screen and then every punter in the market has 5 seconds to match it. The person who has made the error (if it is an error) also crucially has time to cancel it before another punter matches it.

Under this new system the Betfair bot would match the error instantly and make a profit in the process giving none of the other punters in the market any chance at all.


This is doing my head in, I really should go back to doing Cheltenham form....

Aren't they just matching it against another punter, using the logic that every back is a lay and vice-versa??

Correct. But when they are matching against the other runners they are only matching at the price selected by BOTH user, and pocketing the difference. What they SHOULD do is match at the best price, as though there were just a single runner (so when you back low you mop up all higher prices). By not doing so Betfair are STEALING.

Sad development :-(

Well said Morris. Can't be clearer than that. This is shocking from Betfair - daylight robbery.

"BF are abusing their position to match bets without a delay and cream the overounds"

You are all looking a bunch of wallys, Betfair have clearly stated that they only match after the delay.

Golga

Yes they match after the delay that is not what people are saying.

They are matching bets instantly after the delay but if the book is overbroke they do not match at best execution then they match at price reqested and then arb the difference for themselves using their bet matching software.

No other user can match arbs as they are subject to the delay.This is how they are effectively betting without delay.

golga, what is your agenda. You are wilfully refusing to understand. It is you who is being a wally. Are you an employee of Betfair ?

It is nothing to do with the delay. It is a risk free arb. Don't try to pretend you don't understand. You have been misleading for hours now.

"golga, what is your agenda"

I am trying to understand what the fuss is about. I just don't see how this will affect me at all, but judging by the posts here the world has fallen in. I just don't understand what you are doing that would cause you such a massive disadvantage after this change. I must clearly be missing something or there is some clever strategy that is reliant on the old system? Sorry I just can't see it.

Have to laugh at the people spending thousands on bots, only for them to be effectively useless

You know I gave you a very clear answer on the other thread.

curlywurly - that is such a clueless comment. The bots are not getting shafted cos they do not exist in markets like in running tennis and cricket. The punters are getting shafted. All of them.