Betfair Exchange Odds

beya2009

Can someone explain to me how the betfair exchange odds and matching work?

I placed €20 on a horse and got it at 4.0 but like €5 was matched immediately and the rest was matched a few minutes later. I logged back in like an hour later and checked my bet and it got matched for €20 at 3.44 but the best current odds for that horse is 3.75. Im like wtf lol

Also I had placed €4 on another horse on a different race at 6.2 and that was matched immediately but later under my bets my odds are showing as 5.62 but the best back for that horse right now is 6.2.

Clearly the exchange must work in a way im not sure about as obviously we all want to get the best odds. Any help would be much appreciated.

Joe_ Public

It's a bit unclear: in the first instance you are saying you placed a €20 bet seeking odds of 4.0. A bet can only be matched at the odds you yourself look for. It's impossible the best was matched at 3.44 (average odds) unless you specified it. (Unless there's some other way of getting a bet matched that I'm unaware of.)

In the second instance, it may be your bet was matched at 6.2, there was a subsequent withdrawal and a reduction and now your nag has begun to drift. You should be able to check if that was the case. Otherwise only thing would be to check with Betfair helpdesk. The first scenario doesn't seem right.

diomed

It is obvious horses were withdrawn from the race after your bet was matched. The odds are reduced because of the reduced number of runners.
Why not put up the name of the horse and the race so we can check it?

diomed

beya2009 wrote: »

I placed €20 on a horse and got it at 4.0 but like €5 was matched immediately and the rest was matched a few minutes later. I logged back in like an hour later and checked my bet and it got matched for €20 at 3.44 but the best current odds for that horse is 3.75. Im like wtf lol

1) Your bet was matched at 4.0.
2) A non-runner was declared and the odds of all runners were automatically reduced to reflect this (in your case to 3.44).
3) The odds of your horse then drifted a little to 3.75. Horse prices rise and fall.

beya2009 wrote: »

Also I had placed €4 on another horse on a different race at 6.2 and that was matched immediately but later under my bets my odds are showing as 5.62 but the best back for that horse right now is 6.2.

Clearly the exchange must work in a way im not sure about as obviously we all want to get the best odds. Any help would be much appreciated.

See my previous explanation. The same thing happened.
It is an exchange with constantly moving prices, unlike a bookmaker who gives you a price, you accept it, and you are locked to that price.

diomed

The other point to remember is that not all bets are matched immediately if the amount of the bet is not available.

If you want to bet €100 on a horse at 10s there might be only €17 available at 10s now.
You will have €17 at 10s, with €83 unmatched.
You may or may not get the €83 matched later.

If the price falls you will not get the €83 matched at 10s.
If the price rises to 14s you certainly will get the €83 matched at 10s, and you might complain that you did not get 14s.
But you asked for 10s.

My suggestion is to always ask for a higher price than is currently available e.g. if the price is 10s ask for 10.5 or 11 or even higher.
There is no point doing this five minutes before the off. Do it hours before the race or even the previous day.

How do you do this? If the price is 10s click the bet 10s button, then on the right hand side change it to 11s, and enter your stake. Then leave it.
Some time later you may find that with the normal fluctuation in prices someone has given you 11s.

I often ask for e.g. 16s and 14s and 12s on a horse trading at 10s. I just split my bet into smaller amounts at bigger prices.

It isn't something for conspiracy theorists, it is how the market works.

beya2009

Thanks for everyone's replies...that was most helpful:) It makes perfect sense now. Here are the 2 bets I placed in the exchange anyways:

€20 on Squire Trelawney @ 3:15 Wincanton.

€4 on Box Office @ 3:00 Aintree.

diomed

A word of warning.

Be very, very, very, very careful when betting early. Some people put up prices of 1.01 and 1000 as soon as the market opens.

You can easily make a big mistake and back a 20/1 horse at 1.01 (i.e. 1/100) or lay a 20/1 horse at 1000 (999/1) and cost yourself a fortune.

I am not too proud to admit that I have clicked a lay when I meant to bet, and also clicked one of these "bait" prices. Before you click the "place bet" stop and have a good long read of what is on the screen. There is no rush.

Joe_ Public

beya2009 wrote: »

Thanks for everyone's replies...that was most helpful:) It makes perfect sense now. Here are the 2 bets I placed in the exchange anyways:

€20 on Squire Trelawney @ 3:15 Wincanton.

€4 on Box Office @ 3:00 Aintree.

Very Noble was withdrawn 10am Wincanton, so there's the reduction factor there. It's the equivalent of the Rule 4 for normal bookmakers, just happens pre-race.

beya2009

diomed wrote: »

A word of warning.

Be very, very, very, very careful when betting early. Some people put up prices of 1.01 and 1000 as soon as the market opens.

You can easily make a big mistake and back a 20/1 horse at 1.01 (i.e. 1/100) or lay a 20/1 horse at 1000 (999/1) and cost yourself a fortune.

I am not too proud to admit that I have clicked a lay when I meant to bet, and also clicked one of these "bait" prices. Before you click the "place bet" stop and have a good long read of what is on the screen. There is no rush.

Okay thanks for the advice. I usually do my bets on the exchange around 8am every morning. Yeah I've heard horror stories of clicking errors on the exchange. I don't lay but obviously costly mistakes can happen backing as well. I do tend to rush sometimes though as I'm worried the best back odds will be taken by someone else. I love the exchange because there's no restrictions and odds are much better.

beya2009

Joe_ Public wrote: »

Very Noble was withdrawn 10am Wincanton, so there's the reduction factor there. It's the equivalent of the Rule 4 for normal bookmakers, just happens pre-race.

Thanks Joe it all makes sense now. I was very confused early this morning lol

Joe_ Public

beya2009 wrote: »

Thanks Joe it all makes sense now. I was very confused early this morning lol

No worries. Hope the bets collect!

beya2009

diomed wrote: »

The other point to remember is that not all bets are matched immediately if the amount of the bet is not available.

If you want to bet €100 on a horse at 10s there might be only €17 available at 10s now.
You will have €17 at 10s, with €83 unmatched.
You may or may not get the €83 matched later.

If the price falls you will not get the €83 matched at 10s.
If the price rises to 14s you certainly will get the €83 matched at 10s, and you might complain that you did not get 14s.
But you asked for 10s.

My suggestion is to always ask for a higher price than is currently available e.g. if the price is 10s ask for 10.5 or 11 or even higher.
There is no point doing this five minutes before the off. Do it hours before the race or even the previous day.

How do you do this? If the price is 10s click the bet 10s button, then on the right hand side change it to 11s, and enter your stake. Then leave it.
Some time later you may find that with the normal fluctuation in prices someone has given you 11s.

I often ask for e.g. 16s and 14s and 12s on a horse trading at 10s. I just split my bet into smaller amounts at bigger prices.

It isn't something for conspiracy theorists, it is how the market works.

That's very interesting and good to know. Like you said it makes sense to do it hours before the event. I'm guessing though even if you select a higher price than the one on offer it ideally has to be lower than the lowest lay odds otherwise it wont get matched right? I'm such a rookie...I have a lot to learn.

I don't put big stakes so I probably will not have any problems getting matched but I'm guessing any stakes over than €100 might not get matched every time depending on the race. Then again it's probably dependent on the odds I would imagine...surely odds no greater than 4.0 or 5.0 get matched much easier than value angles.

lemush

beya2009 wrote: »

Like you said it makes sense to do it hours before the event.

Not on the exchange it doesn't

diomed

You can put up the price you want.
It is good to get into the habit of deciding what price is acceptable to you.
If you do not get that price it costs you nothing.
You do not have to take the prices offered.
You can leave a winner unbacked.