GHB SP function
Many lay systems around report to make a profit but often this is based on Bookies SP rather than Betfair odds, which can be a lot different.
After talking to many users of GHB about this problem, we decided to at least try to give our users a better chance of getting near the bookies SP.
Most people agree (although not totally) that Betfair’s lay prices are generally 20% higher than bookies SP, so reversing that in order to get close to bookies SP we need to get 20% off the Betfair price.
Now because we are unlikely to get a match at 20% below the price before the off we decided that we should look at the in-running market, where prices can certainly be volatile and so give you a better chance of getting the better price that you want.
We decided that the best price to use was Betfair’s SP because although it is hard to tell whether it is better or worse than normal bookies SP, we do know it is the final price available before in running. Don’t forget that we are never sure when the Horse Racing “off” is, so it is tricky to know when to take a price before this time. At least using Betfair’s SP it is consistent if nothing else!
Once we established our price point, it was only a matter of putting a control in that allowed users to take ask for a % difference based on this start point.
GHB SP% option allows you to choose the % change of price you want and then immediately it receives the in-running flag from Betfair, it will place a bet into the market at SP -% (+% if you are backing). This gives you the best chance of getting a bet but of course you can still tell GHB to cancel the bet after a certain amount of in-running time.
It really is easy to set up and works in Manual (you select the runners) or Auto (runners are selected by price and other criteria) and it is a simple case of activating the control and then entering the % difference that you want. As this is only for in-running you also have to switch on “bet only in-running” under the “in play” options tab.
Of course the amount of matched bets you get, at the lower price you have asked for are going to be lower than if you had take a normal price before the off, but we found it work quite well and we matched a lot more often that we were expecting.
Experimenting with different % is worth doing as well because even 5% better than bookies SP could make all the difference.
This is only one of many unique features that GHB has, further information can be obtained at the website.
Best Regards
Malcolm
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