Betfair now cross matching on Horse Racing

[Bet Angel]

Announcement this morning: -

Improved bet matching algorithm trial on today’s in-running markets at Carlisle and Sedgefield

For the win markets on today’s cards at Carlisle and Sedgefield we will be improving our bet-matching algorithm to include cross-selection matching (‘cross-matching’). Cross-matching will only be activated after the markets are turned in-play. Please note that this is just a trial for these two meetings today.

Cross-matching was introduced on most sports during 2008 and has had a significant, positive impact on liquidity. It has meant that a customer’s bet is more likely to be matched than it would have been without cross-matching. When a bet request cannot be matched by an opposing bet on the same selection, cross-matching will attempt to match the bet request with unmatched liquidity on the remaining selections in the market. Importantly, cross-matching incorporates ‘best execution’ meaning that whenever the algorithm can match you at a better price than you requested then it will do so, resulting in you getting the best possible price.

The potential for non-runners which may require the application of Reduction Factors has prevented us from introducing cross-matching on horseracing to date. For pre-play markets Reduction Factors remain a hurdle. However, Reduction Factors are not applied to bets matched in-play.

We don’t expect customers to notice any material difference in the way the markets operate today. We will assess the results of today’s trial and should a further trial be undertaken or if we seek to apply cross-matching to in-play horseracing markets on a more permanent basis, we will announce that in advance.

[PeterLe]

Hi
Thanks for the heads up..I hadnt seen this...
I'll be trading on both these today...
Past track average records are carling -0.28p/Race and Sedge -0.04p/Race..in other words, I expect to break even normally on these two...
It will be interesting to see if this helps/hinders....I'll let you know if I see any improvement...
Thanks
Peter

[LeTiss]

I was a little apprehensive when they introduced it on sporting events, but it's been brilliant

Not only has there been higher liquidity, but it stops people entering ghost amounts to try and distort the markets, because there's a distinct danger of them getting matched on the other side of the book

The markets are easier to read & take some serious cash out of them

[sweetybt]

no flip flopping

very stable

[sweetybt]

book didn't go below 100% once on the 16:50.

EVEN with Thomo calling the race.

[hgodden]

People with bots who normally do that sort of thing will be tearing their hair out!

[andyfuller]

I think it is great step forward. Should help the evening markets where liquidity inrunning is poor normally.

Anything that damages the bots is a good thing imo

[sweetybt]

a bot is only a bet angel spreadsheet written do something you would do manually otherwise.

It is not Betfair crusading against bots, it is betfair looking to fill their boots.

Everyone has to adhere to the time delay when using in play markets, everyone except Betfair that is.

Slippery slope

[andyfuller]

I appreciate that Betfair will be making a lot of money from this and it will put some bot owners out of business but likewise from my own selfish view point it is much better - I was getting orders matched today that I would never otherwise have got matched. How long that edge lasts is open to question. But the sooner it is rolled out the better if today was anything to go by.

[sweetybt]

ok,

Well make sure you don't automate your new found edge.

You don't want to be labelled a bot

[andyfuller]

I'd be interested to hear more about the negatives of the x matching, from my view point it was a big positive today as I was getting orders matched I normally wouldn't.

Not seen people complaining about it really so would be good to hear the pro's and con's people have found?

[enzabella2009]

I have noticed sometimes on football markets below 100K, 23k going in and out on the draw 5 minutes b4 the kick off, on the back side, 1-2 ticks above the back prize..IS THAT A GHOST AMMOUNTs lETISS4pm is talking about? its not me but, its very annoying..

[blueport]

I cant quite get my head around this cross matching.

Can someone please explain in layman terms exactly how its supposed to work?

Cheers,
Simon

[gutuami]

blueport imagine a horse race with only 2 horses to run. Let's suppose that in that race you are backing the first horse. That also means laying the second one. Now it all comes down to betfair to properly calculate the odds and stake that would appear as an offer on the second one.

As for the todays markets it was easier to get your orders filled at odds between 2 and 4.

[LeTiss]

I cant quite get my head around this cross matching.

Can someone please explain in layman terms exactly how its supposed to work?

Cheers,
Simon

Good example on an earlier Tennis match between Almagro & Schwank

Almagro was 1.40 & Schwank was 3.45 - Book = 100.4%

There was £1100 available on Almagro at 1.40, but there was also £242 being asked for 3.50 on Schwank

The £1100 was taken in one hit, but the remainder of the bet wasn't just left at 1.40. Laying 3.50 is the same as backing 1.40, so the remainder of 1.40 back bet took out 3.50 as a lay bet too

Hope this makes some kind of sense!!