Did anyone else get stung today when the fav was withdrawn late on?
I had been trading on the second fav and upon hearing the announcement jumped on the second fav and then hedged-out in-play for a nice greened-up figure of £27!
The horse romped home not surprisingly.
Now whilst I knew there would be some kind of reduction, which I understand I was somewhat shocked to see my P/L for the race was instead -£8!!
That's a reduction of over 100% obviously!
When I checked my matched bets, of which there were three pre-race, I saw each price was 1.01 but against my original stakes. Ok, the price of the second fav was around 2.5 before the withdrawal but 1.01???!!!
That seems a crazy reduction?!
Also, why in those situations do Betfair just simply suspend the market until they have reshaped it and that way everyone can see where they are? I was surprised the market wasn't suspended immediately, as in football when the ball goes remotely near the goal!
I also gather all unmatched lay bets are also cancelled when this happens to prevent people sitting with large liabilities when obviously the chances of all the other runners have somewhat improved which does make sense.
Any comments welcome!
Reduction Factor today - 2.30 Catterick
I dont understand this part:
There was a huge reduction factor (67.1%) but the horse was not removed until the end of the race, this is more common than most people think. Odd that your price was reduced to 1.01 from 2.5. I have a few strategies that try and take advantage of this, however I lost £137 on that market, so -£8 ain't bad
https://www.betfair.com/exchange/plus/# ... .128533355
Do you mean fav?I had been trading on the second fav and upon hearing the announcement jumped on the second fav and then
There was a huge reduction factor (67.1%) but the horse was not removed until the end of the race, this is more common than most people think. Odd that your price was reduced to 1.01 from 2.5. I have a few strategies that try and take advantage of this, however I lost £137 on that market, so -£8 ain't bad
https://www.betfair.com/exchange/plus/# ... .128533355