Betfair is the largest international betting
exchange of the globe with hundreds of markets open every day.
Ipposnif can place bets only on Betfair markets.
Betfair Markets work in a similar way to the
stock exchange markets: some people place requests to buy the
object of the market, other people place requests to sell the same
thing. When two requests match, the exchange occurs. Betfair
markets are normally linked to a sport event (like for ex. a horse
race ) and the objects exchanged are the chance to win of each
Selection(runner) of this event. A market can have a minimum of two
selections (like the market 'Match Odds' of a Tennis match)
or more selections (like the market 'Win' of a Horse Race). A sport
event can have more than one market linked to it, for example a
soccer match can have the market “Match Odds”, the
market “Correct Score” and many others. A market, when
the event is finished, can have one winning selection (like for
example in the WIN market of an horse race) or more winning
selections (like in the PLACE market of a horse races).
Bet is a transaction on a Betfair market; every bet is defined by five elements:
The Selection(runner) and the Market where to place the bet.
The Type Back(buy) or Lay(sell). If the type is back you act
as a punter: if the horse wins you win the amount of your bet
multiplied by the odd of the horse, if it loses you pay the
amount of the bet. If the type is lay you act as a bookmaker:
if the horse wins you pay the amount of your bet multiplied by
the odd of the horse, if it loses you win the amount of the
The Price(odd) of the horse defines the odd at which the
transaction must be made. When in a market, two bets of
opposite type have the same price, the exchange takes place for
the amount of money that both players can afford. The bet now
is called “matched bet”.
Betfair prices go from 1.01 to 1000, but not all decimals are represented with a price. The prices have increments that start with 0.01 for the lower odds, and it arrives at 10 for the higher odds. There are 350 available prices in Betfair:
The Size(amount) of the bet defines the maximum amount of
money that you wish to exchange. Betfair takes care of
accumulating bets from different bidders in order to exchange
the maximum amount of money possible.This is done in a
completely transparent and anonymous way.
The Persistence of the bet defines the behaviour of the bet
when the event starts:
Lapse: the unmatched bet will be voided.
Persist: if the market goes in play, the unmatched bet
will be kept in play, otherwise the bet will be voided.
Market_on_close: bet will be matched by Betfair using the
Trade is the container for bets used by Ipposnif.
A bet is always contained in a trade. Every trade contains at least one bet, but it can contain more bets
of the same or different type. Trades are produced by Ipposnif
strategies; each trade is technically an instance of the
Strategy is a set of criteria that defines which
runners, when and how much to bet on them. Each strategy produces
trades, and depending by the configuration it can have one trade
open at one time or more trades open at the same time on more
markets an runners.
Hedge also called "greening up" is the operation
of counterbalancing a bet with another of the opposite type. The scope is to shorten
the loss or to cash out the profit.
Overround: is a index showing how much the odds
of a Betfair market (back or lay) are fair. More this is index is
close to 100 and more the market is fair. For example a Back
Overround of 110 means that if the player bets all the runners
(with a size inversely proportional to the price) he will lose 10%
of the investment.
Ticks: Increments between two prices. For example between 1.50 and 1.51 there is 1 tick of distance, between 990 and 1000 there is also 1 tick of distance. Ticks can be negative, for example between 2.2 and 2.16 there is -2 ticks of distance.