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Hi, just been looking through the betfair help screens to try and understand the subtleties of cross matching but cannot find anything? Anybody know whether this information can be found on here? Otherwise, maybe somebody would be so kind as to answer a few questions: I believe best execution is not carried out (betfair pocketing difference) - so I am trying to figure out the bet matching precedence.
I.e., for example sake, there is a Tennis match where a player can be layed at 1.1; you want to place a WAITING lay for fixed liability (of say £100). Is it best to place a waiting lay @ 1.09 or a waiting back of the opposition @ 11.5? The answer is 1.09 as you will win more money! To muddy waters some more, lets say there is 30k waiting at 1.09 and only £50 waiting on 11.5. Would a punter placing a bet for £500 @ 1.09 be matched with 11.5 partially (to give bf free money) and rest on 1.09? OR... would it depend on the times the respective bets composing the £50 and 30k were originally placed?
I hope the above makes sense as difficult to explain!
I.e., for example sake, there is a Tennis match where a player can be layed at 1.1; you want to place a WAITING lay for fixed liability (of say £100). Is it best to place a waiting lay @ 1.09 or a waiting back of the opposition @ 11.5? The answer is 1.09 as you will win more money! To muddy waters some more, lets say there is 30k waiting at 1.09 and only £50 waiting on 11.5. Would a punter placing a bet for £500 @ 1.09 be matched with 11.5 partially (to give bf free money) and rest on 1.09? OR... would it depend on the times the respective bets composing the £50 and 30k were originally placed?
I hope the above makes sense as difficult to explain!
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In summary I am asking the question: Does cross matching (to the price beneficial to betfair) take precedence over the time of the original waiting queue bets?
Found a link here which implies the cross matching does get priority over individual selection bet queues:
http://bdp.betfair.com/index.php?option=com_content&task=view&id=237&Itemid=62
This then answers my question in that a back of £500 @ 1.09 would get initially partly matched for the inverse @ 11.5 followed by the 1.09 available. I believe betfair still does not offer "best execution" in that the person who placed the £500 wouldn't get odds slightly higher than 1.09 due to being partially matched at the better (in reality) odds of the opposition?
http://bdp.betfair.com/index.php?option=com_content&task=view&id=237&Itemid=62
This then answers my question in that a back of £500 @ 1.09 would get initially partly matched for the inverse @ 11.5 followed by the 1.09 available. I believe betfair still does not offer "best execution" in that the person who placed the £500 wouldn't get odds slightly higher than 1.09 due to being partially matched at the better (in reality) odds of the opposition?
In summary I am asking the question: Does cross matching (to the price beneficial to betfair) take precedence over the time of the original waiting queue bets?
I think that you go ahead in the queue where cross matching applies. I didn't follow your example but say there is a real back of £100 at 3.0. That shows as a matching lay of £200 at 1.5. If you lay at 1.5 you go first provided somebody backs at 1.5, but you don't go first if somebody decides to lay at 3.0.
I think that you go ahead in the queue where cross matching applies. I didn't follow your example but say there is a real back of £100 at 3.0. That shows as a matching lay of £200 at 1.5. If you lay at 1.5 you go first provided somebody backs at 1.5, but you don't go first if somebody decides to lay at 3.0.
Yes I think I overcomplicated. The 1.5 and 3 is a good example because they are both perfect reciprocals and so it is easier to think about in this situation (which would be the same). I was thinking when it isn't too straightforward as per my example (1.09 and 11.5); but I am fairly sure now that betfair will use best available i.e., someone backing 1.09 for £500 would be matched first at the amount on 11.5 then the rest at 1.09.
I was basically just trying to decide what best to do in situations where there is say 30 mins before a match. Usually the odds on shots will have £000s waitings against them so you wouldn't probably get matched if you added a wait to this queue. Otherwise you could take the 1.10 but because usually less is being traded on outsider it would probably be prudent (more value) to place it waiting on outsider (11.5) and if not matched 2 mins before just take the 1.10. Seems like penny pinching but can be massive differences at these low odds increments!
I was basically just trying to decide what best to do in situations where there is say 30 mins before a match. Usually the odds on shots will have £000s waitings against them so you wouldn't probably get matched if you added a wait to this queue. Otherwise you could take the 1.10 but because usually less is being traded on outsider it would probably be prudent (more value) to place it waiting on outsider (11.5) and if not matched 2 mins before just take the 1.10. Seems like penny pinching but can be massive differences at these low odds increments!
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