General Betting
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Example
A T20 cricket match.
A punter asks for a back bet for a century to be scored at odds of 15 for £50
The cross matcher puts up a bet for no century at 1.07 for £700.94
That cross match bet is matched by punter B.
Result
If a century is scored Punter A profits £700 - commission and Punter B loses £700.94.
If no century is scored Punter B profits £49.06 - commission and Punter B loses £50
Regardless of the outcome betfair profit £0.94 extra on top of commission. I'm all for the cross matcher as it increases the chance of bets being matched but surely the difference should be given back to the customers or they are getting short changed.
A T20 cricket match.
A punter asks for a back bet for a century to be scored at odds of 15 for £50
The cross matcher puts up a bet for no century at 1.07 for £700.94
That cross match bet is matched by punter B.
Result
If a century is scored Punter A profits £700 - commission and Punter B loses £700.94.
If no century is scored Punter B profits £49.06 - commission and Punter B loses £50
Regardless of the outcome betfair profit £0.94 extra on top of commission. I'm all for the cross matcher as it increases the chance of bets being matched but surely the difference should be given back to the customers or they are getting short changed.
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Depends if the match is played in Australia or not. All excess revenues accrued on Aussie markets are returned quarterly to active users
BF are governed in Australia is probably more accurate
I had another look at how the cross matcher works and the amount it skims is dependent on the difference between the reciprocal value of the odds the bettor puts up and the odds the cross matcher puts up.
If the bettor puts up decimal odds of 15 (fractional odds 14/1) the true cross match odds would be 1/14 decimal odds of 1.0714 (to 4 decimal places). Betfair odds move up incrementally in steps of 0.01 from 1.01 to 2.00 so the nearest cross match odds given are 1.07. This is only a slight difference from the true cross match odds of 1.0714 so the cross matcher is only skimming £0.93 on a £50 cross match bet at 15.00
15 x 50 = 1.07x
750 = 1.07x
x = 700.93
At the other end of the spectrum, if decimal odds of 55 were put up it gives true cross match odds of 1.0185 (to 4 decimal places). Interestingly the cross matcher does not round up to 1.02 but rounds down to 1.01. This is a fairly large difference.
55 x 50 = 1.01x
2750 = 1.01x
x = 2722.77
Here the cross matcher is skimming £22.77 on a £50 cross match bet at odds 55.00
If someone bet £2722.77 at 1.01 on that cross matched bet and won they would profit £27.23 and pay £1.36 (5% commission) + an extra £22.77 which they would be oblivious to.
If the bettor puts up decimal odds of 15 (fractional odds 14/1) the true cross match odds would be 1/14 decimal odds of 1.0714 (to 4 decimal places). Betfair odds move up incrementally in steps of 0.01 from 1.01 to 2.00 so the nearest cross match odds given are 1.07. This is only a slight difference from the true cross match odds of 1.0714 so the cross matcher is only skimming £0.93 on a £50 cross match bet at 15.00
15 x 50 = 1.07x
750 = 1.07x
x = 700.93
At the other end of the spectrum, if decimal odds of 55 were put up it gives true cross match odds of 1.0185 (to 4 decimal places). Interestingly the cross matcher does not round up to 1.02 but rounds down to 1.01. This is a fairly large difference.
55 x 50 = 1.01x
2750 = 1.01x
x = 2722.77
Here the cross matcher is skimming £22.77 on a £50 cross match bet at odds 55.00
If someone bet £2722.77 at 1.01 on that cross matched bet and won they would profit £27.23 and pay £1.36 (5% commission) + an extra £22.77 which they would be oblivious to.
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