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birchy

Betfair Elite

Posts: 593 Member Since: May 11, 2008

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March 10, 2015 21:10:45

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I've recently placed some M.O.C. bets at BSP to a liability of £10 (Betfair's minimum stake for LAY bets), but have noticed quite a few of the losing bets are being settled at stakes greater than the true liability. For example:

Bet Id: 00001
£2.48 x (5.02 - 1) = £9.97 liability (£10 was deducted)

Bet Id: 00002
£3.29 x (4.03 - 1) = £9.97 liability (£10 was deducted)

Bet Id: 00003
£1.13 x (9.8 - 1) = £9.94 liability (£10 was deducted)

I am fully aware that BSP prices are often numbers like 5.021396544334, so some rounding errors are to be expected. Betfair tell me that because minimum liability is £10, £10 will be deducted even if our REAL liability is less than this. So I increased my bet liabilities to £15....and nothing has changed. I am still seeing £15 deducted on all losing bets, including one where my true liability was only £14.59!

Feels like daylight robbery. It will be interesting to see how they explain this "rounding algorithm" and/or where I'VE gone wrong.

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"This time next year Rodney, we'll be millionaires!"

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birchy

Betfair Elite

Posts: 593 Member Since:May 11, 2008

#1 [url]

March 13, 2015 20:49:15

Basically, bet stakes get rounded DOWN to the nearest £0.01 that creates a liability less than or equal to your requested liability, BUT the full liability is deducted if the bet loses. Apparently, this is to honour the the payout to the person taking your bet. So for example:

A BSP lay bet with liability set at £15 would yield the following if the BSP was 6.4:

£2.78 @ 6.4 = £15.01 liability, which exceeds our £15 limit, so the stake is rounded DOWN to £2.77.
This gives us a liability of £2.77 x (6.4 - 1) = £14.96
In order to guarantee the other person's back bet is fully matched, our liability is fixed at £15.
So if our bet loses, we lose £15 instead of £14.96.

I still don't understand what happens to the "missing" £0.04 because the backer should get paid £14.96 and NOT £15. I can only assume that Betfair pocket the difference?

www.bespokebots.com

"This time next year Rodney, we'll be millionaires!"

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