Trading software

Friday, September 17, 2010

Annoying quirk on Betfair

I was trying some ideas out today and was a small bit ahead when something odd happened costing me nearly 25 quid.

Basically, I had two lay orders on the 5.30 at Newbury and was planning on trying to trade for a one tick profit should any of them get matched.

The next minute, the market was suspended so a horse could be withdrawn - but instead of removing my lay orders, it turned them into SP bets!

Now, I do admit that I had the ‘SP in play’ boxed ticked but the race had not gone in-play, it was just suspended. The reason I had that box ticked was because I had no TV pics today and I find it useful sometimes to close off an open trade at the off rather than going in-running.
Anyway, the point is, they put my bet in as an SP bet when the market was suspended rather than cancelling my bet. I’m a bit pissed off about this as it meant I had two unwanted SP lays:

The problem here is that I couldn’t place a counter back bet to get out until the SP was finalised (in other words, when the market actually went in play for real).
So I waited on the market to go in-play but almost immediately, the prices went against me and I had to get out for a loss of nearly €25.

I guess it’s something to be aware of and it could have been worse but it’s bloody annoying that my bets went to SP when the market was suspended and not when it went in-play (as I had requested).

I’m off out for the night to go to the afters of a wedding so I’m calling it a day. A small loss is shown because of this quirk. Has anyone else seen this happen before?


The Challenge: to increase my trading bank by 5% per month.

The story so far...

Starting bank: €1,000 (beginning of May 2010)
Target for end September: €1,276.28
Today’s opening bank: €1,445.14
Today’s closing bank: €1,426.75
Today's profit/loss: -€18.39
Today's turnover: €4,116.2

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