Trade gone awry - what happened?

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speedtree
Posts: 21
Joined: Fri Apr 28, 2017 1:39 pm

Trade gone awry - what happened?

Postby speedtree » Sat Jun 30, 2018 6:41 pm

Today I decided to trade Scottish Summit as a DOB in the 1605. I took the BSP on the exchange and it quickly DOBBED. These were the only 2 bets I entered into the market, the "take SP" and a corresponding lay. As the race is running I see a level green on every selection. After the race is suspended this suddenly changes to a red on Scottish Summit (60% of my initial stake) and remains the same green on every other selection. A horse had been withdrawn so I assume this is some kind of rule 4 issue. However, upon asking Betfair CS to clarify what happened, they say no rule 4 and no price reduction had occurred. There has to be come explanation, but it's confusing me.

martinkil
Posts: 3417
Joined: Sun Jan 11, 2015 9:55 am

Re: Trade gone awry - what happened?

Postby martinkil » Sun Jul 01, 2018 3:39 pm

What did the My Account/ Account statement - detail

mickyj25
Posts: 43
Joined: Sun Jan 18, 2015 1:10 pm

Re: Trade gone awry - what happened?

Postby mickyj25 » Tue Jul 03, 2018 1:39 pm

Racing Post details as follows: Rampant Lion (withdrawn; unruly in stalls) R4: Rampant Lion was withdrawn. Price at time of withdrawal 11/4. Rule 4 applies to all bets - deduction 25p in the pound.
This has happened to me on a couple of occasions, usually when I am using a bot. Betfair will have reduced their prices by the withdrawal rules they use. Likely they will say they didn't have time to implement the deduction before the race went off. They will then reduce all the remaining horses odds accordingly after the race. (whether they call it rule 4 or not is immaterial) However, as you placed an in play bet, that will remain at the odds you placed it. You are left with the initial BSP being reduced to below the lay bet that you placed and your all green turns all red. Hope that helps but remember not to shoot the messenger!!

martinkil
Posts: 3417
Joined: Sun Jan 11, 2015 9:55 am

Re: Trade gone awry - what happened?

Postby martinkil » Wed Jul 04, 2018 1:59 pm

Withdrawn runners can be a real problem especially when they are favs and are not removed from the market (they make the adjustment after the race is finished). It's why I make sure I'm watching the race so I can make any adjustments myself in real time.

Lemar19
Posts: 1
Joined: Sat Mar 28, 2020 10:02 am

Re: Trade gone awry - what happened?

Postby Lemar19 » Tue Sep 01, 2020 11:13 am

I have had a few similar problems on the exchanges in the last few months.

I use a well known piece of software to place all my trades (BTL). An example where I lost a whole load of money through no fault of my own is when I traded (BTL) on the Fav pretty sure that it would make the running and achieve the 30% I normally look for inplay. I was not watching the event on TV (quite normal) but was just watching the Betfair markets. It appeared that the second fav was still being backed quite strongly before the off. In the event the fav actually won so you can imagine my surprise and horror to find out that I had actually lost approximately 60% of my stake. There was no adjustment of market prices pre-race and it was only afterwards that I found out the 2nd fav had been declared a non-runner some 15 minutes before the scheduled off time. This is happening quite a lot especially with all of the restrictions regarding stall loading so please be careful. I am now really cautious with regards to the timing of my trade. I will only place a trade when the starter raises his flag especially when trading on a front runner. Having said that I had a nightmare yesterday when a heavily backed fav and front runner that I traded on lost his jockey or was it the jockey lost his horse when the stalls opened!!!

Footnote: To be absolutely fair to Betfair, they eventually reimbursed my 'losing stake' for the non-runner admitting they were slow to form a new market.


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