|What is Betfair Horse Racing Multiples?
Betfair Horse Racing Multiples enable you to place accumulator type bets on Horse Racing markets. You can combine up to eight legs into a single accumulator.
You can also place Each Way bet where you are placing a separate win and place Multiple on your selections.
Which markets can I bet on?
You can bet on day-of-the-race win markets for GB and Irish racing. For large international meetings such as the Arc, Breeders’ Cup and racing at Meydan we shall offer Racing Multiples
We do also plan to offer place market and each-way betting in the future.
What price will I get?
The price for each leg of your Multiple will be based on the Betfair SP (BSP) in the Win or Place market with a 5% margin applied.
For example, where the BSP returned for a horse is 2.0 the price for Multiples would be 1.95.
The average BSP book for each horse race is around the 100 per cent mark, and we are confident that our Horse Racing Multiples product will provide better value than that which is available elsewhere in the market.
Will I pay commission on winnings?
No, commission will not be charged on winning Horse Racing Multiples bets.
Can I combine Horse Racing Markets with other sports in the same multiple?
Not yet. If your Multiple contains a bet on a Horse Racing market then it can only contain Horse Racing markets.
What is the minimum stake?
The minimum total stake for Horse Racing Multiples is £2, or the equivalent in other currencies. For example a £2 Win Only Multiple or £1 Each Way Multiple.
How much can I win?
The maximum win is limited to £1,000,000 in a single day per customer, from all Betfair multiple bets.
Can I select more than one runner in a race?
Yes for a win Multiple but you can’t for an Each Way Multiple . Having more than one selection in a race is commonly known as "dutching". For example, if you back two horses in the same race, both at odds of 4.0, this is the equivalent of backing the pair combined at 2.0.
Can I lay a horse?
Although there is no lay option, you can effectively lay a selection simply by dutching all the other horses in a race. This is only possible for a win Multiple.
What happens if one of my selections is a non-runner?
If you have only one selection in a leg that is subsequently a non-runner, that leg becomes void. For example, a treble would become a double and a double would become a single.
Where you have dutched more than one selection in a leg and one of those selections is subsequently a non-runner, the leg will still stand and the leg price will be calculated based on the odds of the remaining selection(s).
When can I place Racing Multiples bets?
We accept Multiples bets on Horse Racing markets up to 30 seconds before the scheduled off time of a race - for example, we will stop taking bets at 2:29:30 on a race set to go off at 2.30pm. However, we may look to change this if and when racing is delayed during meetings.
We will still accept BSP and Exchange bets right up until the off as normal.
What is the Projected SP in Racing Multiples?
The projected SP shown on the multiples interface is the price that would be returned for each selection, including the 5% margin, if the race were to be turned in-play at that point in time
This projected SP will only be displayed once our markets are reasonably formed.
Can I place bets such as a Patent or a Yankee?
Yes. There are specific inputs for accumulator bets. You can also add singles to these bets as well. For example, you can have three singles, three doubles and a treble (i.e. a Patent).
Who will I be betting against?
Betfair will be taking the other side of Horse Racing Multiples bets. This is the same as with our current sports Multiples product.
Will Betfair be hedging?
Yes, as we do already with our current sports Multiples product.
We intend to hedge a proportion of the risk associated with Horse Racing Multiples bets. This will be done via an automated process that will consider the total risk on a particular horse and place hedge bets at the BSP. These bets will be placed as we become aware of our liabilities and our aim is to put them into the market as early as possible to make Exchange and SP layers aware of their existence.
The identity of which customers are backing or laying which horses (whether through the Multiples product or on the Exchange) will not be a factor in the automated hedging process.
The hedging by Betfair of its Multiples liabilities will provide new liquidity to the horse racing Exchange markets, which should be of benefit to those customers already active in the Exchange markets.
Will Betfair's hedging be visible on the site, and can I see how much has been placed at Betfair SP at any given time?
Yes, Betfair's hedging will be totally transparent.
Any hedging bets placed by Betfair will appear as normal BSP bets on the site. All Betfair bets will be placed as no limit BSP bets, like any other customer, and will be visible via the runner info pop-up.
The total amount of backers' stakes asking for Betfair SP, and without a limit, for each horse, are shown in the runner info pop-up in the column headed Betfair Starting Price - Backers' Stake, in the 1.01 row.
So can I be confident that I will get a fair price when placing a bet on the Betfair Horse Racing Multiples?
Yes, we believe you can.
There may be occasions when the Betfair SP is less than the industry SP and we have experienced rare situations, such as with Comply Or Die in the 2008 Grand National, where the returned BSP was considerably less than the industry SP.
With increased amounts of money being placed at BSP in most races, we are confident that customers will find it increasingly worthwhile to consider laying bets at the off. This will ensure that fair and representative prices are determined. In the rare event of a significant imbalance between backers and layers in the BSP process, Betfair will add enough layers' liabilities to ensure that the BSP fairly reflects the market at the time.
What if I have any more questions or feedback about the Racing Multiples?
We have attempted to answer the most obvious questions, but if there is anything further you'd like to ask or feedback you'd like to offer then please email firstname.lastname@example.org