Cancelling bet rule/condition?

[Tiggsy]

Hi,

Quick question for those that know. I've got a rule set up to lay horses in-play when certain conditions are met if their price is above a threshold.

I've had a few cases where it's triggered, bets have been placed above the threshold but matched below the threshold indicating the horse is coming in. I'd previously assumed the place bet when price is >X would stop that.

Is there a rule/condition or bet phrasing that can be used to stop this?

[Dallas]

Betfair will always match bets at the best available when they reach the market.

If you tell the rule to place a lay bet if it drifts out to 20.0 or above, thats when it will place the bet
But as soon as it does (and during BF's in-play bet delay) if the price reverses and comes back into 12.0 then why would you want to be matched at the higher price and have a greater liability/loss if it goes on to win

[Tiggsy]

Fair point, I guess it's more if it comes in I want it cancelled rather than I want the longer odds lay.

I probably more need to look at the general setup of the bet so it triggers slightly later.

Thanks, food for thought.

[jamesedwards]

Fair point, I guess it's more if it comes in I want it cancelled rather than I want the longer odds lay.

I probably more need to look at the general setup of the bet so it triggers slightly later.

Thanks, food for thought.

The problem is the 1 second delay. You can only command BA to trigger based on conditions at that moment. Once the bet has been placed you can't do anything to cancel or amend it until after it's hit the market.

[Dallas]

Fair point, I guess it's more if it comes in I want it cancelled rather than I want the longer odds lay.

I probably more need to look at the general setup of the bet so it triggers slightly later.

Thanks, food for thought.

You probably need to consider this carefully before deciding on what you want to do, even laying if it drifts to higher odds it will still frequently shorten again, the chances of catching a price that is drifting and keeps on doing so is near zero

Once you've placed the bet whether it reverses and starts to shorten a 100th of a second or 5 seconds later effectively your asking if it can be cancelled and refunded.

All you can do if a bet/trade does start moving against you and in the case of laying it starts shortening is place a back bet and exit the position (ie, green up) and take a small loss.

You then need to consider what to do if it then drifts again, do you lay again (and possible green up for another small loss if it reverses and shortens a second time) and so on....

[Tiggsy]

Thanks for the help, appreciate it.