keep in play

There's this rule:-

•When there is a late withdrawal, Betfair may not have time to remove the non-runner from the market before turning it in-play. In such cases if Betfair deems the late withdrawal to be a material runner (i.e. a selection with a reduction factor of approx 20% or greater in the win market), it reserves the right to cancel ALL lay 'keep' bets (in both the win and ‘to be placed’ markets) before turning the market in-play. If Betfair does not cancel lay 'keep' bets in the case of a late withdrawal, any such bets placed before the off and matched in-play will remain at the original selected price. This means that those lay 'keep' bets will not be subject to any reduction factor which as a result of the late withdrawal, will be applied after the completion of the race to bets matched at or before the 'off'.


Did that apply in your case?

This crops up quite regularly on here.

LAYS are CANCELLED when their is a NON-RUNNER - for obvious reasons ...

It is a SAFEGUARD in YOUR favour.

After all - If you have put in a LAY at, say 3.0 - and the TRUE Price is now 2.0 - following the NON-RUNNER DEDUCTION - then you would be leaving yourself OVER-EXPOSED by a FULL POINT - and in this instance by 100%
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HOWEVER - 'KEEP LAYS' are different - in the LAYER's INTENTION - as you wish to Lay at your Chosen Prce 'In-Running' - irrespective of the number of contestants.[/b]

When there is a LATE WITHRAWAL at the START - and there is INSUFICIENT time to remove that NON-RUNNer FROM THE Market Betting Frame  ....

Then that NON-RUNNER stays 'in' the Market.

The Reduction Factor is applied AFTER the race and Bets settlement takes place.

[b]HOWEVER

There are TWO separate scenarios that govern 'KEEP LAYS' 'In-Running' - dependent upon the REDUCTION FACTOR of the WITHDRAWN Horse


In essence ...

1} - If the NON-RUNNER is early enough in the day - Then...

Your KEEP LAY [b[liability[/b] will be REDUCED by the Reduction Factor ...

So, for example - A KEEP LAY of 2.00 could become a KEEP LAY of only 1.66.

1.66 is THEN the price that becomes ACTIVE at 'In-Play'.

* Very galling when you KEEP LAY on a horse that you have backed at 5.0 pre-race, and KEEP LAID at 2.0 - gets beaten - But actually hits a low of 2.0 - BUT, does NOT get down to your NEW KEEP LAY of 1.66.....

So, your KEEP LAY is NOT Matched.

2} - The WITHDRAWN horse is TOO LATE to be taken out of the Market.

BETFAIR  reserves the right to [b]cancel ALL lay 'keep' bets (in both the win and ‘to be placed’ markets) before turning the market in-play.

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It is a DIFFICULT ONE - Difficult to manage - Difficult to satisfy ALL Parties.
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Rules and Regulations

'Keep' bets option
For markets that are scheduled to be turned in-play at the 'off', a customer can request that an unmatched exchange bet should not be cancelled when the market is turned in-play. This is done by selecting the 'At In-Play: Keep' option in the bet manager (and confirming that request) and means that the unmatched bet persists when other unmatched bets are cancelled at the start of the event.
As described above, when a non-runner is removed from a horseracing market it is Betfair's policy to cancel unmatched offers to lay all other horses in the market if the non-runner has a reduction factor of 2.5% or greater for win markets, or 4.0% or greater for place markets. In these circumstances offers to lay a horse with the 'At In-Play: Keep' option selected will not be cancelled. Instead the lay odds offered in place markets will be reduced in proportion with the reduction factors of any non-runner(s) and the same will apply in win markets providing the relevant non-runner has a reduction factor of at least 2.5%.
When there is a late withdrawal, Betfair may not have time to remove the non-runner from the market before turning it in-play. In such cases if Betfair deems the late withdrawal to be a material runner (i.e. a selection with a reduction factor of approx 20% or greater in the win market), it reserves the right to cancel ALL lay 'keep' bets (in both the win and ‘to be placed’ markets) before turning the market in-play. If Betfair does not cancel lay 'keep' bets in the case of a late withdrawal, any such bets placed before the off and matched in-play will remain at the original selected price. This means that those lay 'keep' bets will not be subject to any reduction factor which as a result of the late withdrawal, will be applied after the completion of the race to bets matched at or before the 'off'.
Otherwise, in exceptional cases Betfair reserves the right to cancel 'keep' bets to protect customers, but the general principle is that at no point will a 'keep' bet be cancelled by Betfair unless it remains unmatched when the market is closed (for the final time) at the end of the event.

yes all lay bets were scrubbed. but all the liquidty taken out of the in running markets this happend twice to me at hamilton wonder if a better mathamitical soloution so when is keep at in play! .not keep in play when a late non runner hhhmmm sucks a bit

so its a safeguard for the big players and traders backing at 3/1 laying at 2/1! but if a punter who can show a profit or break even then the bets should stand  eg bak at 25, rule 4 makes this a 18/1 shot and the pre keep in play is 12/1

NO - not just a, "Protection for Traders,"

You may be wanting to JUST LAY an horse PRE-Race ... at say 3.00 -

- and then be away to watch a Football Match in the afternoon.

You want to LAY at a MAXIMUM of 3.00 - thinking that there are 2 viable opponents capable of winning the race, other than your Lay horse.

So you  Put in your LAY @ 3.00 at 12 noon - BUT their is INSUFFICIENT liquidity in the market - and the Prices are 2.88 to Back and 3.12 to LAY.

Whilst you are at the Football - on of YOUR 2 horses with a winning chance, in YOUR opinion, becomes a NON-RUNNER.

The price on YOUR LAY horse now REDUCES to 1.98 to Back and 2.00 to LAY

[b]Do you still want your LAY at 3.00 to stand -

With one LESS horse 'running for you'?



B

as i saidkeep the bets that can show a profit or break even scrub the rest

LAYS are CANCELLED when their is a NON-RUNNER - for obvious reasons ...

Tanks