Can you let an exchange bet become a BSP bet?

[gm11]

Hello ... I'm wondering if this is even possible.

Suppose I want to back a horse at minimum odds of 10. If the bet isn't matched when the race starts, I want to take the BSP, but only at 10 or higher.

Or even better, I would like to be able to place an exchange bet at odds X, and if it isn't matched when the market closes, take the BSP if it's bigger than odds Y.


Is there any way you can do this with the API?

[Franklin1]

I want to take the BSP, but only at 10 or higher.

No.

When entering a BSP bet you cannot specify a price - you are committed to taking BSP, whatever it is.

[gm11]

No.

When entering a BSP bet you cannot specify a price - you are committed to taking BSP, whatever it is.

Does this imply that you can make it become a BSP bet, but that you can't set any BSP odds limit if it does?

[betdynamics]

Correct - you can set a flag when the bet is placed such that the bet is matched at BSP if it is unmatched when the market suspends/goes InPlay.

However, it is not possible to set an odds limit on that bet.

[gm11]

Correct - you can set a flag when the bet is placed such that the bet is matched at BSP if it is unmatched when the market suspends/goes InPlay.

However, it is not possible to set an odds limit on that bet.

That sounds good ... do you remember which flag? Or even better, do you have some code that does this? Thx.

[betdynamics]

Just adjust the PersistenceType in the LimitOrder to be MARKET_ON_CLOSE rather than PERSIST or LAPSE.

[gm11]

Will this do it?

var placeInstruction = new PlaceInstruction();

placeInstruction.Side = Side.BACK;

var limitOrder = new LimitOrder();
limitOrder.PersistenceType = PersistenceType.MARKET_ON_CLOSE;
limitOrder.Price = requiredodds;
limitOrder.Size = betsize;


placeInstruction.LimitOrder = limitOrder;
placeInstruction.SelectionId = selectionid;

return placeInstruction;

Thx.

[gm11]

Will this do it?

var placeInstruction = new PlaceInstruction();

placeInstruction.Side = Side.BACK;

var limitOrder = new LimitOrder();
limitOrder.PersistenceType = PersistenceType.MARKET_ON_CLOSE;
limitOrder.Price = requiredodds;
limitOrder.Size = betsize;


placeInstruction.LimitOrder = limitOrder;
placeInstruction.SelectionId = selectionid;

return placeInstruction;

Thx.

Hmmm ... I tried this, and it got matched at SP which was (much) lower than the Price of the LimitOrder. I was hoping the bet would just get canceled.

[betdynamics]

As I said you cannot set a limit on the BSP portion of the bet.

What you are saying to Betfair when you place the bet is "Place this bet at odds of X. If the bet remains unmatched at the off, match the bet at the BSP odds".

You cannot say "Place this bet at odds of X. If the bet remains unmatched at the off, match the bet at BSP but only if the BSP is Y or above".

[gm11]

As I said you cannot set a limit on the BSP portion of the bet.

What you are saying to Betfair when you place the bet is "Place this bet at odds of X. If the bet remains unmatched at the off, match the bet at the BSP odds".

You cannot say "Place this bet at odds of X. If the bet remains unmatched at the off, match the bet at BSP but only if the BSP is Y or above".

OK understood. They should make it available (if it's even possible, which I'm still not sure about).

Many thanks!

[juk]

I think the reason there isn't a specific "MARKET_LIMIT_ON_CLOSE" option (ie: "Place this bet at odds of X. If the bet remains unmatched at the off, match the bet at BSP but only if the BSP is Y or above"), is because any unfilled limit orders set to "LAPSE" will automatically get reconciled with the SP market anyway:

How is the money matched?

The basic principle of matching bets on the Exchange is maintained for SP bets. Backers are matched against layers. In the case of Starting Price bets, we are matching Starting Price backers (who have specified a stake) and Exchange backers with Starting Price layers (who have specified a liability) and Exchange layers.

Matching takes place between the event being suspended and it being turned in-play using a reconciliation process which determines the SP.

The reconciliation process considers SP bets that have been placed on each selection, taking into account any price limits that have been specified, and unmatched Exchange bets on that selection. The calculation determines the fairest price which will match the largest amount of money risked by backers and layers against each other.

- Betfair SP: Detailed Workings