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Greg has left a message which I dont think he will mind if I pass on.
He said
Betfair have spent 2 years working on this.There will be two markets displayed at the same time and they should stay very close but if the predicted sp varies by more than a fraction of a point from the midpoint of the back/lay prices the weight of money will force it back.
Greg has seen a demo and he’s not 100% sure they have got it straight but
Greg thinks If people can sit down and be making 2% a race they will and it will be difficult for any one individual to stop them.Betfair think it will bring fresh liquidity to the market rather than split what they currently have.
Personally thats what I dont think will happen
Greg is actually a member of this website and may not wish to have his username known…
It’s Madman Marz, isn’t it? The style of writing did seem strangely familiar…
Some more info which make a bit more sense and that some extra liquidity may come from bets that don’t get matched, but can then automatically go onto the SP market and see if that meets their price. Also seems to hope to attract those who just want to end up with a "fair" price for a bet but have not the option or time to spend following a display screen immediately before the event. Not much apparent attraction for professional layers.
"Betfair Starting Price (BSP) for selected markets, (starting with UK & Irish Horse racing), which allows us to reconcile odds for a selection
at the time the event starts.Why BSP?
Unlike other bookmakers’ Starting Price, the Betfair Starting Price will be determined by balancing bets from customers who want to back and lay at Starting Price and matching into the Betfair exchange markets to balance out any residual demand.
The Betfair Starting Price will be calculated exactly to ensure the fairest and most transparent odds possible for both backers and layers.
The BSP does not need to account for a profit margin but instead is calculated at the start of an event by looking at the relationship between the amounts of money requested at SP by opposing betting parties. To give an even more accurate price, we will use money where possible that is trading on the exchange at the start of the event. This gives a true reflection of public opinion on a selection.How is the BSP calculated?
The Near Price is based on money currently on the site at SP as well as unmatched money on the same selection in the exchange.
To understand this properly, you first need to understand the calculation of the Far Price, which only takes into account the SP bets that have been made. The Far Price is not as complicated but not as accurate and only
accounts for money on the site at SP.
Excluding money requested at a fixed price on the exchange, if there are £1000 worth of backers stakes on a selection at SP and £6000
worth of layers liability, we can return an SP at the start of the event of 6/1 (7.0).
If however there were £6000 worth of backers stakes on the selection and £1000 worth of layers liability, we would return an SP of 1/6 (1.17).
These are calculations of the Far Price.Bet Persistence
Previously on Betfair, we would try to subsequently match all bets that were fully or partially unmatched, but these would ‘lapse’ and be cancelled at the start of the event. You can still choose for this to happen if you wish but we are giving that decision to you to make. Alternatively, you can decide to make use of our Bet Persistence functionality and keep the bet once the market turns in play. This allows you more of an opportunity to get your bet on although there is still no guarantee you will get your price if the market goes against you.You can also choose to convert your unmatched exchange bet to an SP bet at the start of the event which will ensure it goes on and gets matched.
Bet Categories
You can specify, for each bet, whether the bet is a regular exchange bet, or a Betfair Market on Close (or Starting Price) bet (with or without a
price limit).
Exchange bets are placed on the market and are matched against bets at the specified or better
price.
Exchange bets are matched on a first in, first matched basis.Market on Close (MOC) bets remain unmatched until the market is reconciled. They are matched and settled at a price that is
representative of the market at the point the market is turned in-play. The market is reconciled to find a starting price and MOC bets are settled at whatever starting price is returned. MOC bets are always matched and
settled, unless a starting price is not available for the selection. Market on Close bets can only be placed before the starting price is determined.Limit on Close (LOC) bets are matched if, and only if, the returned starting price is better than a specified price. In the case of back bets, LOC bets are matched if the calculated starting price is greater than the
specified price. In the case of lay bets, LOC bets are matched if the starting price is less than the specified price. If the specified limit is equal to the starting price, then it may be matched, partially matched, or may not be matched at all, depending on how much is needed to balance all bets against each other (MOC,LOC and normal exchange bets)Bet Persistence Option
You can specify what happens to an Exchange bet that is unmatched when the market is reconciled
and the starting price is calculated.None – The unmatched bet is cancelled when the market is reconciled and turned in-play.
IP – The unmatched bet stays as an unmatched bet when the market is turn in-play.
SP – The unmatched bet becomes a Market on Close bet and is matched at the starting price.
Price
The price (odds) you want to set for the bet. Valid values are 1.01 to 1000.
For a BSP Limit on Close bet, specify the desired price limit. For a Back bet, the minimum price you want. If the Starting Price is lower than this amount, then your bet is not matched. For a Lay bet, the maximum acceptable price. If the Starting Price is higher than this amount, then your bet is not matched. If the specified limit is equal to the starting price, then it may be matched, partially matched, or may not be matched
at all, depending on how much is needed to balance all bets against each other (MOC, LOC and normal exchange bets).Liability
This is the maximum amount of money you want to risk for a BSP bet. The minimum amount for a back bet is £2 (or equivalent).
The minimum amount for a lay bet is £10 (or
For a back bet, this is equivalent to the stake on a normal exchange bet. For a lay bet, this is the equivalent to the liability on a normal exchange bet.
If after the market is reconciled, the actual stake is calculated once the price is known."Is it just me, or is that incomprehensible?
Based on past experience, how much faith would anyone have in the computer software proving robust and accurate when this is launched?
AP
Is it just me, or is that incomprehensible?
Based on past experience, how much faith would anyone have in the computer software proving robust and accurate when this is launched?
AP
Me = Zero
Just looking at how the Betfair “Rule 4“ is manipulated by the robots leaves me questioning integrity……..the latter as killed early liquidity!!
I certainly won`t be taking any SP provided by Betfair or anyone else for that matter,battling it out at fixed odds is the only way i would use such a system!!
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