Can Betfair 'move' bets?

[Darron]

Early this morning, I laid every horse running at Newcastle this afternoon at 1.02. The aim was to be first in the queue, which I was.
Returning to my computer three hours later, I found that every bet (all 60 odd of them) had been moved to 1.01.
I contacted Betfair and was told by the 'market operators' that this was because of the non-runners. Now I appreciate that non-runners will affect matched bets by way of Rule 4 deductions. By why they should affect unmatched bets? If my bets had been cancelled and a new market formed, I could understand it.
But is Betfair permitted to move my bets?
Perhaps I'm missing something here.
Be gentle with me - this is my first post after five years of lurking.
Darron

[herbie]

The thing is Betfair can do anything they want to the exchange...and i believe they do whatever suits their needs... There is no regulation, that I know of, to stop them

[hgodden]

I didn't know they could to that tbh

[andyfuller]

This has always been the case.

It is actually in your interest they do this, I will try to explain why:

Say you submit an unmatched lay bet at 5.0 on the second fav who is currently trading at 6.0/6.2 in a race with a fav at 2.0.

If the fav is removed from the market as a non runner the odds of the second fav who you have a lay submitted for will be vastly reduced, lets say to 3.0

So Betfair adjust your lay bet according to the reduction factor of the fav so relatively speaking your bet is still at the same level it was at prior to the fav being withdrawn. Had they left your bet well alone you would have been matched at 5.0 about a horse that is actually price at 3.0. That would be extremely unfair on you so Betfair try to make it fair and mean you don't have to constantly be alert to non runners.

HTH.

[hgodden]

I thought in every case the bets just get void. Like when we're trading just before the start of the race - if a runner is withdrawn late and we have unmatched lay bets in the market they just get cancelled and don't get adjusted and reintroduced into the 'new' market.

[andyfuller]

Now you say that that sounds more correct. I was working from memory so I may well be wrong. I could have been getting mixed up with matched bets as opposed to unmatched bets.

Sure someone will come along and know for sure.

[Euler]

Bets get a reduction factor applied to them in the case of a non runner so I am sure they persist in the market but at a new price based on the RF%

[andyfuller]

Good to know I haven't started losing my memory