Dutching Trap

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chipping
Posts: 67
Joined: Sat Apr 18, 2009 9:13 pm

I have just made an almighty blunder that I thought I should share.

I don't normally bet on the golf, but thought I should have a go with this years Open Championship.

So I decided I would risk a tenner by dutching all the outsiders in the field, hoping that a few of them would make significant moves.

The problem is my £10 dutch has turned into £100. It could have cleared out my entire bank, all due to the way Betangel works.

Betangel needs to modify bets if the stake required is less than the £2 minimum, which is fine unless any of the selections are priced at 1000.

I had just been reading (Elliots Golf Guide) up the open and found out that being priced at 1000 is no barrier to having a good tournament.

With all the fantastic clever things Betangel does, why can't it warn users that an intended Dutch will have unpredictable results if price is 1000 ans stake less £2 on any selections?
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BJGardner
Posts: 312
Joined: Thu Jan 31, 2013 11:09 am

You have to watch out for this when greening up as well , best to do iyt manually if there are 999-1 orders sitting in the market.
LinusP
Posts: 1918
Joined: Mon Jul 02, 2012 10:45 pm

You really can't blame betangel for this, if you are using a sophisticated trading program you should be aware that the minimum bet size for betfair is £2.
chipping
Posts: 67
Joined: Sat Apr 18, 2009 9:13 pm

LinusP

that's the kind of condescending attitude I expect from this forum. I posted this in the newbies section so that other newbies could be warned.
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LeTiss
Posts: 5487
Joined: Fri May 08, 2009 6:04 pm

That's BF not BA

I remember reading something from PW a few years back, and he said BF were adamant they didn't want to change the £2 minimum bet rule, but turned a blind eye to BA placing £2, but then modifying the stake to cancel the original £2

I'm virtually certain there is nothing Peter & his team can do to combat this. As BJG mentioned, you have to be wary of this when greening too - sometimes it's best to let a selection at 1000 to just run, as the greening process will reduce the profits
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Euler
Posts: 26452
Joined: Wed Nov 10, 2010 1:39 pm

It's almost impossible to trap errors that people can make. Say you layed a load of liability but want to reverse it by backing at 1000. It would be incredibly frustrating if Bet Angel wouldn't let you do that or sent you an error.

The software can't possibly understand what you are trying to do or why, so it can't intervene.

Errors can be costly and frustrating, but that why we put practice mode in the product. So you can test all aspects of what you are trying to do without any risk.
Golfer
Posts: 137
Joined: Fri Nov 04, 2011 10:45 pm

...maybe you should do a video 8-) 8-) 8-)
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LeTiss
Posts: 5487
Joined: Fri May 08, 2009 6:04 pm

Early doors, I fell for this

It was some kind of reality show (Dancing on Ice I think), and there was a 95% book during the show on outright prices, so I thought I'd clean up for a nice profit, but I didn't take into account the 95% book included 8 participants at 1000 who had already left the show. BA backed all those selections for £2 and the bet turned into a loss, as that was £16 wasted stakes

It's all part of the learning curve I'm afraid
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gazuty
Posts: 2557
Joined: Sun Jun 26, 2011 11:03 am

chipping wrote:LinusP

that's the kind of condescending attitude I expect from this forum. I posted this in the newbies section so that other newbies could be warned.
I made this mistake once of the US Masters.

The way to approach this is like all mistakes.

1. Recognise you, the user, made the mistake. It is not the fault of BA or any other person, it is yours. (I've made plenty of mistakes, from other accidentally clicking in early markets when every selection is at 1.03 to dropping my ipad in play with the inevitable all green converted to all red outcome. And every time at the end of the day, there was no-one other than me at fault).

2. Learn from your mistake

3. Realise you will make more mistakes. Humans make mistakes.

4. Realise you will incur losses. 20% of what I do ends up in losses.

5. Reduce mistakes and seek to find ways where overall your profits exceed your losses.

6. If you are at any point angry with another person's comment or with BA, refer to point 1 above.
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