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What are the new options I have available to me when I place a non SP bet that is unmatched?
What is Bet Persistence? (The 'Keep' option)
Can I cancel or amend bets which I have chosen to 'Keep'?

  What are the new options I have available to me when I place a non SP bet that is unmatched?  

For non SP bets you always have the option of cancelling a bet whenever you want, as long as it is still unmatched.

Previously on Betfair there was only one possibility when a market was suspended at the start of the event: bets would ‘lapse’ and would be cancelled to protect customers from unforeseen circumstances during an event. You can still choose for this to happen if you want. This is the default option and will show as “At In-Play: Cancel” (if unmatched at the price requested.)

However we have added two new alternative options:

  1. You can choose to “keep” the bet once the market turns in-play if it is not matched prior to the off. This provides another opportunity to get your bet matched, although there is still no guarantee you will be matched as the price may never reach the level you have requested.
  2. You can also choose to convert your unmatched Exchange bet to an SP bet if it remains unmatched at the off by selecting the “Take SP” option.

If you choose one of these alternative options then you will need to click “Save Changes” for the change to be processed.


What is Bet Persistence? (The ‘Keep’ option)

On markets that will go in-running, you can now decide to make use of our Bet Persistence facility and ‘Keep’ the bet, even once the market turns in-play. This provides another opportunity to get the bet on, although there is still no guarantee you will be matched at your requested price as the market may never reach that level.

The market will suspend as normal once the event starts, but when it turned in-play all bets which had the “Keep” option selected will remain and be available for other customers to match. Bets which are kept in this way retain their original place in the queue to be matched.

Note that during a football match for example, your bet will continue to ‘persist’ even after the market is suspended for a goal, penalty or a red card.


Can I cancel or amend bets which I have chosen to ‘Keep’?

Yes. You can cancel “Keep” bets at any time, amend odds or stake, or select one of the alternative “At In-Play” options.

If I change my unmatched Exchange bet to ‘keep’ will it always do this for unmatched bets?

No – the default will always be to cancel the bet when the event starts. You will have to set it to ‘keep’ every time you place the bet.

What happens if I choose the “Keep” option on an unmatched lay bet and there is a subsequent non-runner?

 When a non-runner is removed from a horseracing market it is Betfair’s policy to cancel unmatched offers to lay all other horses in the market if the non-runner has a reduction factor of 2.5% or greater for win markets, or 4.0% or greater for place markets. In these circumstances offers to lay a horse with the ‘At In-Play: Keep’ option selected will not be cancelled. Instead the lay odds offered or requested in place markets will be reduced in proportion with the reduction factors of any non-runner(s) and the same will apply in win markets providing the relevant non-runner has a reduction factor of at least 2.5%.

Will Australian customers be able to place “Keep” bets that might match in-play?

Yes. Australian customers will be able to keep unmatched bets in-play although they still cannot place bets in-running. They can cancel them in-play, but they will not be able to edit them in any other way.


What is the ‘Take SP’ option?

You can choose to convert your unmatched Exchange bet to an SP bet at the start of the event if you have not already been matched by then at your specified odds.


Can I cancel or amend Exchange bets where I have chosen to ‘Take SP’?

Yes. If you choose this option your bet only becomes an SP bet to be matched in the SP reconciliation once the market suspends at the start of the event. Until then (and with the exception of cases where a material non-runner has caused a lay ‘take SP’ bet to convert to an SP bet, which cannot be cancelled or amended) you are free to cancel or amend the bet as usual, or to choose an alternative option (“Keep” or “Cancel”) for the bet should it remain unmatched at the off.


If I choose the ‘Take SP’ option can I specify an SP price limit?

No. If you choose the “Take SP” option and your bet is unmatched at the off then it will be included in the SP reconciliation without a price limit.


How does an unmatched Exchange lay bet convert to SP at the off?

When you place a normal lay bet on the Exchange (not an SP bet) you risk a liability, which is the backer’s stake times the price minus one. If you choose the “Take SP” option at in-play then if the bet is still unmatched at the start of the event we convert it to an SP lay bet with the same liability. The amount of backers’ stakes you stand to win if the selection loses could be less than or greater than the original stake you specified, depending on the SP price calculated.

E.g. – You request a lay bet for £10 @ 11.0. Your liability on this bet (how much you lose if the selection wins) would be £100. You then choose the “Take SP” option and the SP is calculated to be 6.0. If the selection wins you still lose the £100 you risked, but now you can win £20 (as it is a 5/1 shot) rather than the £10 you originally could have won. If on the other hand the SP is 21.0 you still risk £100 but your potential win is now £5.


On an Exchange bet, what happens to the order of my bet if I edit it?

If you simply change the option to cancel/keep/take SP at the start of the event, the bet will retain its place in the queue. Otherwise the same rules apply as now. The first bet placed will be matched first – whenever it was placed. The order of bets is maintained as a market turns in-play.


Can I request to ‘Take SP’ on an unmatched Lay bet if my liability is less than £10? (Minimum liability)

You can, but when the market is suspended at the start of the event any bet with “Take SP” chosen but a liability of less than £10 will lapse unmatched and will not be included in the SP reconciliation.

E.g. – As an Exchange layer I decide to lay a horse for £5 @ 2.0. It is unmatched and has a liability of £5. I then request to ‘Take SP’ at the off if my bet is still unmatched at 2.0. The system will allow this request but if unmatched at the start of the event the bet will lapse unmatched. Also , if a customer for example asks to lay £50 at 1.5, convert to SP if unmatched, and £40 gets taken leaving £10 lay at 1.5, the balance will lapse unmatched at the start of the event. It will not convert into an SP lay bet as the revised balance at the off was less than the minimum £10 liability allowed for SP bets. Customers will be made aware of this at the off.


Will the new system  affect Multiples / Coupons / Line / Range or Asian Handicap betting?

No. Due to the structure of these markets you will see no changes to the market views at all and will still see the old Express & Full Views where relevant.

What does the functionality under “Coupon pages” in More Options allow me to do?

These options will not appear in More Options unless a Coupon is selected on screen. These are the options:

Display stake selector = Displays a stake selector in the market header.
Display best prices only = Displays the best prices for each selection.
Display averaged odds = Displays prices averaged around the values specified by the customer in the stake selector.

 


 
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