Bookmaking exit strategy

[MrJoeBlack]

You have to cancel the unmatched bet first. You can automate that. And then back anything with a net loss at best available. Pretty straightforward

[Goobs]

No, that is not what you want to do when bookmaking, as this will result in a larger loss, because generally speaking, if your last lay bet hasn't matched, that is because it's drifted out, and thus your other lay bets are likely getting backed in.

You need to lay the last unmatched bet with the same stakes as originally planned when the book was set up. You then need to manage that loss made on the drifter to neutralise the book's total loss as much as possible. What you're saying is the same as greening up.

Thanks for your help, but you clearly don't understand the problem.

The closest thing ive found to an answer is what Mugsgame is taking about here >>>>

f you lay the field and one or two runners price is getting out of your book how can you close the book with maximum speed ,

I would use the + button at the side of the price on the unmatched bets tab until the bet is matched. What you have then is a negative position that needs to be adjusted. If you don't do this you may have a large loss on this runner should it win. i.e if your bet was say £25 on a runner priced 20 and it suddenly drifted out to 24 before you got it matched your liability would be 4 (24 - 20) x £25 = £100. If you now go into manual bets tab. Look at the the minus position and then subtract that from where you want to be (say +£10) -100 + 10 = £110. Then insert a minus in front of the amount in the MANUAL GREEN UP box next to the relevant runner. So it looks like this -110. Then hit the green button to the right. This will adjust it back. I find this the best way of "balancing the books"
This sounds complex but it really isn't. If you are struggling get in touch again and I'll make a little video for you showing exactly what I mean.

What you should under no circumstances do is hit the CLOSE BUTTON ON THE UNMATCHED BETS TAB. If the price jumps out you may get matched at 500 instead of the 24 that was on offer.

Hope this all makes sense to you.

posting.php?mode=quote&p=23659

[tico]

Hmmm!
I see what you are getting at ,how can you reduce the losses if not everything is taken.
The fact is you can't really profit from making a book using BF prices via BA or any other software .Like everything else in trading you would have to offset and hope to catch a price that is in your favour and enables you to beat the overound . It's easy for bookies to do this because they have an endless sea of mugsters begging to be ripped off by taking prices where value is just a nasty rumour .
Tico

[to75ne]

you also seem to have (perhaps you have) not taken it account a horse withdrawal - reduction factors will likely demolish your book whether you complete or not.

[Goobs]

Hmmm!
I see what you are getting at ,how can you reduce the losses if not everything is taken.
The fact is you can't really profit from making a book using BF prices via BA or any other software .Like everything else in trading you would have to offset and hope to catch a price that is in your favour and enables you to beat the overound . It's easy for bookies to do this because they have an endless sea of mugsters begging to be ripped off by taking prices where value is just a nasty rumour .
Tico

Thats exatly what im doing, making an overround on the top 3-4 based on liquidity and odds but it doesnt always fill before start time, i'm only targeting a 101% book and seems to fill most of the time, I just need a way to automate balancing the book when it doesnt complete.

[Goobs]

you also seem to have (perhaps you have) not taken it account a horse withdrawal - reduction factors will likely demolish your book whether you complete or not.

I have seen others say that overall, in the long run, withdrawals were a net positive for them, but I'm yet to experiance one myself.

[MrJoeBlack]

No, that is not what you want to do when bookmaking, as this will result in a larger loss, because generally speaking, if your last lay bet hasn't matched, that is because it's drifted out, and thus your other lay bets are likely getting backed in.

You need to lay the last unmatched bet with the same stakes as originally planned when the book was set up. You then need to manage that loss made on the drifter to neutralise the book's total loss as much as possible. What you're saying is the same as greening up.

Thanks for your help, but you clearly don't understand the problem.

The closest thing ive found to an answer is what Mugsgame is taking about here >>>>

f you lay the field and one or two runners price is getting out of your book how can you close the book with maximum speed ,

I would use the + button at the side of the price on the unmatched bets tab until the bet is matched. What you have then is a negative position that needs to be adjusted. If you don't do this you may have a large loss on this runner should it win. i.e if your bet was say £25 on a runner priced 20 and it suddenly drifted out to 24 before you got it matched your liability would be 4 (24 - 20) x £25 = £100. If you now go into manual bets tab. Look at the the minus position and then subtract that from where you want to be (say +£10) -100 + 10 = £110. Then insert a minus in front of the amount in the MANUAL GREEN UP box next to the relevant runner. So it looks like this -110. Then hit the green button to the right. This will adjust it back. I find this the best way of "balancing the books"
This sounds complex but it really isn't. If you are struggling get in touch again and I'll make a little video for you showing exactly what I mean.

What you should under no circumstances do is hit the CLOSE BUTTON ON THE UNMATCHED BETS TAB. If the price jumps out you may get matched at 500 instead of the 24 that was on offer.

Hope this all makes sense to you.

posting.php?mode=quote&p=23659

Yes, my response was for dutching. The opposite would be the case for bookmaking. But you would have to accept the liability as the whole point is you have not achieved what you set out to do. You'll find that you are always on the wrong side of a steamer (dutching) or a drifter (bookmaking).

[Goobs]

Yep, fully appreciate that, but again that's not really what I'm talking about, I'm talking about balancing an incomplete book in the most efficient way possible...

[Goobs]

Another example here, but again I cant get the numbers right to balance perfectly. Greening up would result in a net loss of -£2.21 vs me trying to balance the book, results in maybe a -£25p loss or maybe a +25p win if I get lucky, this in my mind is a much better result....

[MrJoeBlack]

That's because the net result of your bookmaking (assuming that is what you have done here) is that you've got roughly even money about a 7/1 shot. So the best case scenario would be to lay that selection to the liability to which you are in profit - which would mean you end up with roughly -20p on everything.

[Goobs]

But is there not a servant or automation that can balance my book? That's what I keep asking but no one is really answering me....

Trying to figure it all out in the last 5 mins when the odds are flying about is too much, this is realy what Betangel should be for!!!
Its like there needs to be a "balance book" function on the bookmaking tab

[MrJoeBlack]

But is there not a servant or automation that can balance my book? That's what I keep asking but no one is really answering me....

Trying to figure it all out in the last 5 mins when the odds are flying about is too much, this is realy what Betangel should be for!!!
Its like there needs to be a "balance book" function on the bookmaking tab

No that I am aware of but you can just automate it. I would probably do it in Excel. I can create the file for you to automate the whole process if you send me a private message with the details.

[to75ne]

But is there not a servant or automation that can balance my book? That's what I keep asking but no one is really answering me....

Trying to figure it all out in the last 5 mins when the odds are flying about is too much, this is realy what Betangel should be for!!!
Its like there needs to be a "balance book" function on the bookmaking tab

thats really not very realistic, your trying lay a book against all runners in a market with very small over round available to you.

[Goobs]

What use the excel tab in BA? If so how would I set that up?

[MrJoeBlack]

I would do it with visual basic running in the background.