If there is one piece of advice that is worth heeding when you start betting or trading on Betfair, it’s read the rules!
Market settlement on Betfair is determined by the rules as so to be fair to backers and layers.
But you also find that in each underlying sport there are a set of rules that govern how they are run and settled.
Most of the time things go as planned and nothing special happens, but every now and again the market throws you a curveball and if you are ready for it, you can take advantage.
That is what one Bet Angel customer did when they were doing some in-play Betfair trading on horse racing.
What looked like a normal horse race was transformed by an incident early on in the race at Fontwell.
From that point, chaos ensued and at the end of the race, you could still back the eventual winner way above the traditional 1.01 that a winner of a horse race trades at, when it crosses the line.
Other markets I’ve covered where the rules played a part: –
Next US President market –
Worst football trade ever –
#horseracing #fontwell #betfairtrading
Link do palpite
![5 Palpites de Futebol Hoje 19/04/2021 [GRÁTIS]](https://palpites.net/wp-content/themes/sociallyviral/images/nothumb-sociallyviral_related.png)
Hey Peter. I have a question about betting on horse racing. How do I know if a horse has been backed in or weather the price has shortened due to scratchings in the race? Thanks mate.
Brave man I would have definitely greened up … nerves of steel
I think it's fair to say that this betangel customer has balls of steel.
I only spotted it because of the commentator, and also backed it, but not near with as much confidence as that guy!
I know that I will never trade the horses but still I watch all of your videos. Great and interesting stuff, as always.
A remarkable story! Would be interesting to see more examples of this type of confusion in the market.
great video peter the only problem i would be crapping myself if that horse fell all my moneys on one horse big gamble ? nice one
Incidents like this are why I avoid horseracing by and large now and generally stick to football. Having said that,this VAR stupidity is causing a lot of confusion and Betfair are often not suspending some markets anywhere long enough. Am I right in saying that bookies and Betfair are having to rely on the same updates as traders and bettors due to not being permitted into many european stadiums?
It must take some nerve to use £14k to match these bets given the circumstances. The rules were not 100% clear. As an alternative title for this video you could say…..
How In-play confusion lost Betfair traders £10,000 in one race!
Confused, if the race is running how could you back/lay a horse when surely the markets don’t accept any bets when the race is in progress?
I remember trading this one live.
I had to give my kudos to the commentator after the race in the Horse Racing thread (otherwise I would've been clueless!)
I just watched the recording and somewhat hilariously there were a couple unfortunate guys who layed the winner on reaction for -£5,000+ liability each from its odds at that time of ~8 up to 20. (So much for wisdom of the crowd!!)
Strangely I can't spot the backing activity of the customer in question anywhere. It would have had to have been regular icebergs at different odds, but even then the volume is very tight to produce the result posted.
Was the result ever verified (not practice mode) ?
Either way it was certainly a moment to remember. All things considered the market was much to my surprise pretty spot on with it all and not very erratic at all given the craziness of what happened!
Would it not have been less risk just to back the "winner"?
A quick question Peter….if you had laid the entire field and the rightful winner had not finished say it fell then would that of meant you could have the entire runners all laid and would it be an all red screen??
Technically there would have been no winner surely?
great story Peter
Very well picked up and he deserves his 10k profit…however I think I would be hedging the position out at £1600 as rules can be over ruled especially when the whole pack of horses bar 1 made the mistake…it would certainly be a 'twitchy' moment to say the least, to have a15k liability to lose if they over ruled the decision to have the majority of the runners disqualified and let it stand…
GO STRAIGHT TO 5:23 OR YOU MAY FALL ASLEEP BEFORE THE INTERESTING STUFF STARTS.
Well spotted – good spot. Dont know when he backed Dharma Rain, but of course it could have fallen and there would have been no winner. Unless you layer the other runners…..
I was working on this race live. Even understanding both market and sport rules I felt safer for not getting involved with high stakes. I had no way to confirm if they actually had to jump that hurdle or not. Comentator was saying so but they are wrong sometimes and as a rule of thumb I usually play safe (privileging long term health).
Fair play to him. 👍👍👍
I took them to ibaf..and they said “it was unmanaged odds” Betfair idiots
Interesting video Peter. One thing I’d slightly warn against is when the betting exchange’s rules are open to interpretation. Take for example, the ‘When will Theresa May resign’ market. There was all sorts of confusion when the exchanges kept the market open even after she had announced the date that she would step down. Eventually it went to IBAS and they ruled against the exchange’s interpretation of the rules. People who were told (by the exchange) that they were losers were eventually paid out!