Best Price Execution

I always thought that also, but if read it correct, it seems to mean that if you've been matched on a back bet at 3.5 & the odds go to 4.3 you'll then be matched at 4.3 instead of 3.5 ??

How would this affect the person on the opposite side who was matched with the lay at 3.5 ?

I'm confused.

I got that message yesterday aswell and I didnt think anything of it, as I thought nothing has changed. But after reading this thread it reminded me of something that happened yesterday in a horse race market which I thought was a bit odd. I was playing the extra place market (using gruss) for a race and its fairly dead but you'll generally take some money on the favs even inrunning. Anyhow race had just started and the fav was like 1.6 in the extra place pre race. Race just starts and I had typed 1.6 in and just about to submit a bet and someone asks for 1.3, so I submit my bet straight away at 1.6, knowing that Im sure to match the offer at 1.3. The 1.3 was there as my bet hit the system so im 99% sure it wasnt cancelled by the backer and then resubmitted. So my lay was settled as a 1.6 lay and not 1.3 which i was sure i matched.

So is this the new example of best price execution? the backer got 1.6 instead of the 1.3 - or am I barking up the wrong tree and maybe he did cancel and my lay hit the system just as the person re submitted theres.???

Interesting!  There were a couple of examples last week on the snooker where I didn't think best execution had been applied on the snooker - only to the tune of 1 tick, but there were times where I thought my bet should have been accommodated prior to someone else's (using the last price matched as the barometer). 

I've not seen an email, though....

Just got a pop-up about it.  So it's on by default, and my bets were already in the system, so what I experienced was not linked....

This change is a regulatory thing that BF are obliged to flag, for the overwhelming majority of people turning off best execution would be nuts.

For clarity in case anyone doesn't understand:

Best price execution hasn't changed and assuming you don't disable it your bets will match exactly as they have for years and years. The only change is that you now have the option to disable it for your account, in which case if you submit a bet and a better price is available when it reaches the exchange then your bet will lapse without ever entering the market. This applies to all your bets and you can't turn it on or off for different bets. If a bet is showing on the exchange and you have best execution turned on then you will get best execution against that bet regardless of whether the person who executed it has it turned on or not and both of you will get the same price - which will be the offer price. For example: assuming you have best execution turned on (which is the default) if you see £5 available to back at 2 and you submit a £5 back bet at 1.5 because you want to make sure you get on it will match at 2 unless someone else got there first.

Thanks Aye Robot.

Presumably the tick in the box applies to API bets as well?

Yes - your preference applies to all your bets however they're placed.

I double checked with BF earlier today.

Cheers

I *think* the UKGC rationale is that if you ask for 10.0 in-running on a horse and actually get 1000, you haven't been done any favours, it just means your horse has fallen.  That's a bit too black-and-white for me, as if some of your 10.0 gets matched at 10.5 that's not a bad thing.

Pesonally I'd like this:

- on a per-bet basis
- with a threshold

So I could submit my back bet at 10.0 and say I was happy with any price up to 12.0, but if I was going to match any longer than that I want my bet lapsed.

Apparently exactly that MIGHT happen in the future - it has been raised as a possibility. It's in the long queue of things that would take time for the over-stretched IT people and it's a question of prioritising the things that add the most value. I think it would need some thinking about though, it's superficially appealing but there may be unintended consequences.

I always put up a price to get out with and only use the cash-out option to level-up.