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Rick
14 Jan 13 17:11
Joined:
Date Joined: 29 Sep 01
| Topic/replies: 15 | Blogger: Rick's blog
I have about 600 pounds in my account and have been laying selections on the NFL superbowl, reinvesting the same money over and over again. In November/December I evened off the position (greened out) with about 20000 of bets taken in total, leaving a profit of at least 200 pounds, regardless of who wins. Now as teams are being knocked out, I am "collecting" the bets (more than 14000 so far), meaning 700 pounds is blocked on my account for "retained commission" - even though my best case scenario on that market is a profit of about 240 pounds overall. The effect is that my account is not usable, as the retained commission is higher than the balance, even though it is possible to calculate that I will have 800 available to bet from the start of February when the superbowl is played.

I am not really "complaining" as I have known for a while that this is how things work, so this is more of a feature request for your programmers; would it be possible for a future update to look at the "best case scenario" for a particular market (using settled, matched and unmatched bets), and use that to calculate a potentially lower retained commission figure where appropriate, in the same way as you already look at the matched and unmatched bets to find a "worst case scenario" to calculate exposure in a particular market?
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Report Betfair Community Manager 4 January 14, 2013 9:18 PM GMT
I have informed the helpdesk of your issue
Report PeteTheBloke January 14, 2013 9:41 PM GMT
This happens. It's shee-ite when it does. It's supposed to free up your money.... what a bleddy irony.

There's one tiny consolation - in the old site (I don't know about the new one) you can switch the P+L
figures to show your true status by going to 'more options->P+L display' and ticking 'include settled bets'.
You won't get any money but at least your liabilities won't show a load of c0ck.
Report Llamedos January 16, 2013 9:37 AM GMT
If its any help this happened to me a few years ago, to resolve it you need to increase your exposure limit. Betfair will help you do this,I can't tell you where to find what your limits are as since these changes I can't find mine. Perhaps somebody could tell me where they are.
Report Rick January 16, 2013 11:23 AM GMT
Llamedos,

The exposure limit is a separate problem when following a lay-only strategy and markets are early settled. I have previously increased it to 10000, when I went over the 5000 limit earlier. I think I emailed them and called the helpdesk and they did it (not sure which one first). So yes, I would be increasing it again now if I wasn't already stumped by the current problem. My problem is slightly different, I really only have about 600 in the account, but my "win" of 14000 on NFL means that given my exposure of 13800 on NFL (to pay out the eventual winner), (and a small amount of exposure on one or two other markets), the 14600 in my account minus the retained commission can't cover my impending "loss". - Perhaps the retained commission on NFL is right, but then my exposure on NFL shouldn't be 13800, because if I pay out on those selections that out then I win back most of the retained commission (if that makes any sense.

The easiest way for the coders to get round the problem would depend on how their database works. If matched bets are stored separately (i.e. two separate records of the bet for each punter - something like a futures contract where after the deal is made, the exchange steps in as the counter-party to each player) rather than together (i.e. one record of the bet naming both punters), then it would be fairly easy to set it up: there could be an option at the user-options or individual bet level for "no partial settlement". By the way I (and probably most people affected by this regularly) use the API, so if it is at the individual bet level then it needs to be in the API.

This might seem like a problem that affects a relatively small percentage of the punters, but people running the lay books are what keeps the odds on betfair ahead of the competitor sites, and attracts the other punters. I stopped offering NBA odds a week or so ago because I don't want to be back in this situation during their playoffs in April (although also because the profits I was making were too low to justify going back into that situation, its a balance of the two), so it affects the regular back-punters too.

Thanks Betfair3 for passing it on to the helpdesk, but I think there is nothing they can do - will this also be passed on to some kind of new feature request process (and either accepted or rejected)?
Report Betfair Community Manager 2 January 16, 2013 3:23 PM GMT
Rick - a couple of colleagues would like to have a chat with you about this to see if we can improve matters. I'll pass on your contact details to them and hopefully you can have a fruitful discussion.
Report Rick January 16, 2013 4:59 PM GMT
Ok, my phone number in my account details is fine. Any time except evening (CET) is normally good.
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