Betfair Starting Prices (BSP): On every Event or Single Tracker there is now a new BSP tab:
The Tab is Enabled for every Market where Betfair Starting Prices are available, currently (16 March 2008) UK, Irish and UAE Horse Racing Win and Place markets.
If there is currently no BSP for a market, the Tab is disabled:
As Betfair roll out BSPs for other markets the Tabs will be enabled for then automatically.
Types of BSP:
There are two types of BSP Bets: Market on Close (MOC) and Limit On Close (LOC), and for all BSP Bets, the Stake that you enter is your Liability .... this is in Line with the Betfair website.
Obviously, for Back bets Stake = Liability.
For Lay Bets using MTPro, if you you have 'Liability' selected as your Stake Mode (see Stake / Liability Chooser ) then your BSP Lay bet will be at your currently selected Liability. If you have Stake selected then your Stake will be regarded as your Liability for BSP Bets (this s to prevent you from inadvertently incurring a greater Liability than you intended).
Market on Close BSP bets are true SP bets - i.e. your bet will be placed and settled at the Betfair Starting Price, which is declared just after the 'Off' of the race (or event).
Limit on Close bets are conditional ... you select a Minimum Back Price or Maximum Lay Price, and you bet is only matched and settled if the Betfair SP is Greater than or Equal to your stipulated Minimum Back Price or Lower than or Equal to your stipulated Lay Price. (this is a slight simplification for cases where the BSP is exactly the same as your stipulated Price - Full details of BSP conditions are available on the Betfair BSP mini-site).
Market On Close Bet: On MTPro your Bet will be submitted as a BSP Market On Close bet if it is submitted from the BSP Tab via the' BSP Back ' button or the 'BSP Lay' button and the corresponding Min Back Odds or Max Lay Odds box is empty:
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| Market On Close Back Bet - the Stake (and Liability)
is £5.00, and the Min Back Odds Box is empty. Because BSP Bets cannot be cancelled, you are reminded of this via a popup. If you press 'No' in the popup the transaction bet placement will be cancelled. If you hit 'Yes' it will proceed. Please remember that, because BSP bets cannot be cancelled, Fill or Kill settings are ignored for BSP purposes. |
The BSP Market on Close Back Bet has been
accepted, so it is listed on the BSP Panel. Once the Actual BSP is determined (usually less than 1 second after the Off) the display will show the correct BSP. |
Limit On Close Bet: Your Bet will be submitted as a BSP Limit On Close bet if it is submitted from the BSP Tab via the 'BSP Back' button or the 'BSP Lay' button and the corresponding Min Back Odds or Max Lay Odds box has a value :
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| Here we are submitting a Limit On Close Lay with
a Limit of 2.2 (set in the Max Lay Odds Box). Please remember that, because BSP bets cannot be cancelled, Fill or Kill settings are ignored for BSP purposes. |
And here we have changed or Maximum Lay price (to 2.5)
and submitted the bet ... note that although we were in Stake Mode,
because this is a BSP bet our Stake has been converted into Liability. NB Our Lay will only be Matched if the BSP is 2.5 or less i.e. even if the price drops to 2.2 in the Exchange Market before the 'Off', our Lay will be matched only at the BSP, and then only if it is 2.5 or less. For a less restrictive option, 'Keep' Bets (below). |
Because their Price has yet to be determined, BSP bets are not shown on MTPro's Bets Tab until the BSP Actual Price has been determined and unless they have been matched at the BSP Price.
As soon as BSP bets have been matched, then they are listed, as Matched Bets on the Bets Tab, and their Profit/Loss and Liability are include in 'If Wins' / 'If Loses' calculations.
Also, as soon as they have been Matched, BSP bets are included on the Greening Tab, so that their values are taken into account for Greening / Hedging calculations.
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One other change to MTPro consequent upon the BSP is that, for BSP markets,
the 'Price@InPlay' display has been replaced by a display of the BSP.
The display shows the 'Near BSP' until displaying the 'Actual BSP' as soon
as it is determined.
Bet Persistence - 'Keep' Bets: For most Betfair Markets
that turn InPlay, (currently - 16 December 2007 - excepting Greyhound Racing
and Australian events ) you now have the opportunity to Keep your UnMatched
bets after the Market goes InPlay.
There are two kinds of 'Keep' bets: InPlay (IP) Keep Bets and Starting Price
(SP) Keep Bets. Both are featured on MTPro.
Betfair information about 'Keep' Bets is at :
http://promo.betfair.com/betfairsp/FAQs_changesToExchange.html
On opening any Event or Single Tracker, default MTPro default choice for
Keep Bets is 'None', which means that bets are simply handled as normal
Exchange bets,
| SP Keep Bets: These are available only on Markets where there is a Betfair Starting Price. Basically your UnMatched Exchange Bet is converted at InPlay into a BSP Market On Close bet and matched at the Betfair Starting Price. An SP Keep Bet behaves similarly to a normal Exchange bet ... i.e. you can place it via the Ladder or Traditional Interface, apply a Fill or Kill limit, and Cancel it at any time up to the 'Off)', But if it is still UnMatched when the market turns InPlay then it is Matched at the BSP, so obviously cannot be cancelled after that point. On MTPro, you can choose to submit an ordinary Exchange Bet as an SP Keep Bet by Selecting 'BSP' from the 'Keep' dropdown before submitting your bet. The BSP option only shows on the dropdown if this is a BSP market): |
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| IP Keep Bets: IP Keep Bets are
simply normal Exchange Bets, except that they 'Persist' (i.e.
the don't lapse) when the Market goes InPlay. Even when the Market
goes InPlay, you can still cancel them unless they have been matched. To make your Bet an IP Keep Bet, simply select 'Odds' from the Keep dropdown before placing your bet via the Ladder or Traditional Interface: |
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Keep Bets show in the Bets Tab and (when matched) in the Greening Tab just like normal Exchange Bets.