Big difference in accepted price in LAY bets

[Ubaldo]

Hello,
I searched the forums for an answer and could not find any, so I am posting a new thread.
Some of my LAY bets have quite a big difference in between the requested price and the matched price.
IE: requested price is 26, matched price is 5.
IE: requested price is 55, matched price is 10.

All my bets are LIMIT type: limitOrder.
IE:
"orderType":"LIMIT","limitOrder":{"price":"5". ..}

Can anyone help and explain why this is happening?
Thanks in advance

[jabe]

Hello,
I searched the forums for an answer and could not find any, so I am posting a new thread.
Some of my LAY bets have quite a big difference in between the requested price and the matched price.
IE: requested price is 26, matched price is 5.
IE: requested price is 55, matched price is 10.

All my bets are LIMIT type: limitOrder.
IE:
"orderType":"LIMIT","limitOrder":{"price":"5". ..}

Can anyone help and explain why this is happening?
Thanks in advance

It's happening because the system is designed to make matches that are monetarily to your advantage, and it does NOT (and I think this is what you were hoping for) wait until your requested odds can be matched at the price you requested.

So if you place a lay bet and it can be matched fully or partly at lower prices, it will be. Similarly with back bets; if it can be matched fully or partly at higher prices, it will be.

If you want to get the higher prices when they are the current prices, you'll need to get your program to place them later. This is not at all easy in-play. You could use the last matched price value as a guide. You will encounter the in-play delay in placing bets and you'll need to deal with that somehow.

[Ubaldo]

Hello Jabe, thanks for your quick reply.
So can this logic be considered part of the Best Execution of Odds, like in Back bets?

[jabe]

Hello Jabe, thanks for your quick reply.
So can this logic be considered part of the Best Execution of Odds, like in Back bets?

I think it's going to depend on the situation in the event and what your aims and expectations are.

When you go to the Betfair Exchange site and look at prices on a market, it might suit your tactics to ask for a price that is not one of the middle ones. I think of trying to back for a lower price than the middle one as being like a vacuum cleaner or bulldozer, just sweeping up a range of back prices. The same can be done on the lay side. In other situations, you might want to back at a price higher than the current middle one, or lay for a lower price.

I know some ladder programs offer stop-loss options; I can only assume that those constantly monitor the latest matched price and then place your bet as soon as the price reaches the one specified or close to it.

Hope this answers your question.

[olk]

This is a great feature, but also brings some Problems. If you request for example a back @Price: 1.7 on Team 1(leading) and you don't get that Price any more, the bet will be unmatched. Now when team2 makes Goal and it is draw, your bet will be automatically matched with let's say Price 4.0 for Team1. But thats not what you originally wanted. You wanted to bet 1.7 on 1 when team1 is leading not 4 on Team1 when it is draw...so is there any possibility to say the api "match only, and only what i requested?

The thing i'm doing right now is cancel the bet if it is not matched after 10 secs. But in some cases, even in that short time the market can get suspended because of goal.