Recent Outages & Take SP option ?

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britguy
Posts: 22
Joined: Fri Dec 08, 2017 4:44 pm

Hi

With all the recent outages I was pondering ways to mitigate ending up with an open position. I have seen mention of using the Take SP option to do this. I am confused by this, could someone clarify how Take SP works please ?

My understanding of an SP bet (as it works on the Betfair site at least) is that for example if you submit an SP bet 30 minutes before the start, that Bet is registered as that time with BF and cannot be cancelled. There is no bet mode that says send this bet as a keep/cancel mode bet, but if it is not matched, then at inplay convert it to an SP bet.

Does Betangel allow me to place a keep/cancel bet that magically converts into an SP mode bet at inplay if not matched ?

If it can do this but it relies on Betangel sending a mode change at inplay then that wouldnt work if the Exchange had gone down before inplay ?

Hope that made sense, with my fuzzy understanding of this it is hard to explain the question.

Thanks
Anbell
Posts: 2004
Joined: Fri Apr 05, 2019 2:31 am

britguy wrote:
Wed May 12, 2021 2:12 am
Hi

With all the recent outages I was pondering ways to mitigate ending up with an open position. I have seen mention of using the Take SP option to do this. I am confused by this, could someone clarify how Take SP works please ?

My understanding of an SP bet (as it works on the Betfair site at least) is that for example if you submit an SP bet 30 minutes before the start, that Bet is registered as that time with BF and cannot be cancelled. There is no bet mode that says send this bet as a keep/cancel mode bet, but if it is not matched, then at inplay convert it to an SP bet.

Does Betangel allow me to place a keep/cancel bet that magically converts into an SP mode bet at inplay if not matched ?

If it can do this but it relies on Betangel sending a mode change at inplay then that wouldnt work if the Exchange had gone down before inplay ?

Hope that made sense, with my fuzzy understanding of this it is hard to explain the question.

Thanks
SP is a different product to TakeSP.

You cant cancel SP because it would be too easy to manipulate.

TakeSP bets are cancellable because they arent visible (and hence no manipulation possibilities)

You can place a TakeSP bet on the website, by submitting a normal bet and then you can choose what to do if it is unmatched at off (cancel, keep, takeSP)

Dallas has an emergency TakeSP bot for you
viewtopic.php?t=15199

The bets are tagged as TakeSP so if the exchange/power/computer crash happens later it doesnt matter because the bet is already tagged.
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napshnap
Posts: 1189
Joined: Thu Jan 12, 2017 6:21 am

As far as I know bf's api provides two ways to place a bet on SP:

1) Cancelable bet (by user/bot or by "heartbeat" feature) without any bet size limit. It's not protected from cancelation and market can see your bet.

2) Uncancellable bet (but I guess you can place opposite same type bet to "cancel" it, didn't try it yet) with min size/liability limit (20 something as far as I remember, there is a table with requirements for different currencies somewhere). This type guarantees matching of your bet. You can get slightly more interesting SP if you place your bet early.

1st type should be sufficient for casual bettor/trader.
britguy
Posts: 22
Joined: Fri Dec 08, 2017 4:44 pm

Thanks for the explanations, I understand it now
Anbell
Posts: 2004
Joined: Fri Apr 05, 2019 2:31 am

napshnap wrote:
Wed May 12, 2021 8:32 am
You can get slightly more interesting SP if you place your bet early.
What does this mean?
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napshnap
Posts: 1189
Joined: Thu Jan 12, 2017 6:21 am

Anbell wrote:
Fri May 14, 2021 4:47 am
napshnap wrote:
Wed May 12, 2021 8:32 am
You can get slightly more interesting SP if you place your bet early.
What does this mean?
Long ago, I read that for this type of bet there is a special mechanic - when you place this bet, it is placed in a queue and first who placed bet in this queue gets better SP.
Anbell
Posts: 2004
Joined: Fri Apr 05, 2019 2:31 am

napshnap wrote:
Fri May 14, 2021 8:12 am
Anbell wrote:
Fri May 14, 2021 4:47 am
napshnap wrote:
Wed May 12, 2021 8:32 am
You can get slightly more interesting SP if you place your bet early.
What does this mean?
Long ago, I read that for this type of bet there is a special mechanic - when you place this bet, it is placed in a queue and first who placed bet in this queue gets better SP.
That's not true.

If you place a pure SP bet you are guaranteed (ish) to get matched at SP. If you place a TakeSP bet or LimitSP bet you are not guaranteed to get matched at all (but if you get matched it will be at SP price.) I think that TakeSP takes priority over LimitSP in terms of queue (which seems weird)
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napshnap
Posts: 1189
Joined: Thu Jan 12, 2017 6:21 am

Anbell wrote:
Fri May 14, 2021 10:34 am
napshnap wrote:
Fri May 14, 2021 8:12 am
Anbell wrote:
Fri May 14, 2021 4:47 am


What does this mean?
Long ago, I read that for this type of bet there is a special mechanic - when you place this bet, it is placed in a queue and first who placed bet in this queue gets better SP.
That's not true.

If you place a pure SP bet you are guaranteed (ish) to get matched at SP. If you place a TakeSP bet or LimitSP bet you are not guaranteed to get matched at all (but if you get matched it will be at SP price.) I think that TakeSP takes priority over LimitSP in terms of queue (which seems weird)
I meant this SP bet with 20 euro min liability limit (it has "MARKET_ON_CLOSE" Order Type in bf's api documentation) and without the need to set its price. I'm not gonna argue, but that's what I heard.
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