Introduction to Ipposnif
Ipposnif is an application for betting on Betfair markets.
Placement of the bets is controlled by strategies triggered by user manual input or by conditions checked automatically.
Ipposnif can run several strategies simultaneously. The maximum number is given by the hardware capacity and by the complexity of strategies. Every strategy has its own capital and its own profit&loss accounting.
The second important duty of Ipposnif is to continuously refresh the odds of all the downloaded markets from Betfair.
In the default configuration the refresh is balanced to update all the open markets giving priority to the closer markets. This configuration is valid for most of the strategies. However you can customize the refresh parameters as you wish.
What is Betfair
Betfair is the largest international betting exchange of the globe with hundreds of markets open every day. 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.
In Betfair a market is for example a race and the objects exchanged are the chance to win of the horses running in that race.
Each Betfair bet is defined by four parameters:
- The horse selected for the bet.
- The type of bet: buy or sell, in Betfair it is back or lay.
If the type is back you act as a punter: if the horse wins you win the amount of your bet multipled 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 multipled by the odd of the horse, if it loses you win the amount of the bet.
- The odd of the horse, called price in Betfair, defines the odd at which the request must be exchanged.
- The amount of the bet, called size in Betfair, defines the maximum amount of money that you wish to exchange.
When two requests of opposite types have the same bid level the exchange take place for the amount of money that both bidders can afford.
Betfair takes care of accumulating bid requests from different bidders in order to exchange the maximum amount of money possible.
All the requests that have a bid level that do not match the bid level of an opposite type request, remain in a pending status until this event occurs. They are called unmatched bets.