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LIMIT_ON_CLOSE vs MARKET_ON_CLOSE

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  • LIMIT_ON_CLOSE vs MARKET_ON_CLOSE

    Hi,
    Please could someone explain the difference between limit on close and market on close orders?
    Thank you very much!

  • #2
    From memory........

    If you place a "Market On Close" SP bet before the race starts, you are saying to Betfair I will accept whatever Starting Price this runner resolves to at the point the race goes in play.

    If you place a "Limit On Close" SP bet before the race starts, you are saying to Betfair I want to place an SP bet into the market but I want to impose a limit on what price I am prepared to accept. I.E. If you specify a Back Bet, the SP must be a price greater than X, or conversely if you are laying you are saying I only want the SP bet to be placed if the SP price is less than Y.

    Hope that helps?
    Last edited by geoffw123; 01-09-2021, 08:39 PM.

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    • #3
      Originally posted by geoffw123 View Post
      From memory........

      If you place a "Market On Close" SP bet before the race starts, you are saying to Betfair I will accept whatever Starting Price this runner resolves to at the point the race goes in play.

      If you place a "Limit On Close" SP bet before the race starts, you are saying to Betfair I want to place an SP bet into the market but I want to impose a limit on what price I am prepared to accept. I.E. If you specify a Back Bet, the SP must be a price greater than X, or conversely if you are laying you are saying I only want the SP bet to be placed if the SP price is less than Y.

      Hope that helps?
      Perfect answer, thank you very much!

      If I am LAYING and set a price higher than the SP, just to ensure I am not paying an absurd price, will this negatively impact me if the actual SP is lower than by limit price?

      Example: Currently at $2.00. I set the limit at @ $2.50 just to ensure nothing weird happens like going to $4.00. Come market start, the SP is $1.80. I will get that $1.80?

      Thanks again geoffw123 !

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      • #4
        Hi
        If I am LAYING and set a price higher than the SP, just to ensure I am not paying an absurd price, will this negatively impact me if the actual SP is lower than by limit price?
        If you are laying and set a price limit of X, when the SP is resolved at market start and is less than X, then your lay bet will get matched at that point in time at the actual SP. There is no negative impact to you. (you have a reduced liability compared to what you were prepared to accept)
        If the runners SP resolves to greater than X at market start, then your Limit On Close lay bet is just voided by Betfair, no stake is placed.


        I cant really understand the 2nd part of your question as you are quoting both stake amounts and odds with dollars. Odds dont have any units, so i couldnt figure out which you meant as which.

        Geoff
        Last edited by geoffw123; 08-09-2021, 12:16 AM.

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        • #5
          geoffw123 Makes perfect sense. Thank you!

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