Auto mode bet settings

Description

This is the type of bet you wish to place

Back = You are betting on something to happen so for example: I want to bet on the favorite to win the race

Lay = You are betting on something not to happen So for example : I want to bet on the favourite not to win the race

Auto select mode has the back and lay options on separate tabs, this is because you can now set the GHB to back and lay independently on the same market based on specific odds trigger ranges
Here is an example of how this can work
Lets say that you want to back and lay on the same market
Back a selection if it falls into odds range 5.00 – 10.00
And lay a selection if it falls into odds range 1.02 – 4.99
GHB can now place bets in this way governed by your odds trigger ranges.
So if we receive a match on a runner at 2.5 GHB will lay that runner or runners, it will then continue to scan the back side of the market for a match at 6.5 (or whatever is within your odds range) – However this function will not back and lay the same runner on that market



Here you can choose the type of stake you wish to use for your bets these are

Stake = This is the amount you want to bet no matter what odds.If you put £5 in the box and the odds were 2.95 (lay), your liability would be: (2.95 -1) X 5 = 9.75

Liability = Your stake is worked out on the odds on offer If you put in the box that your maximum liability is £10, and the odds on offer were 2.95, then your stake would be 10 / (2.95 -1) = £5.12.

Liability_PercentOfBank = This function has been included for our users who like to place lay bets and gives you the ability to restrict your liability to a percentage of your current bank. This equation is worked out in the same way as the stake percent of bank

Stake_PercentOfBank = GHB will take your current bank and divide it by the % you have used. Please remember that we advise that you stick to the minimum bet rule of £2.00 however you can now place bets at your own choice of value, we do recommend that you try to keep this to at least 0.10p at the minimum level.

TargetProfit = This setting allows to to set a target profit figure and the bot will calculate your stake based on the figure entered. This works in 2 different ways depending on weather you are backing or laying

LadderStake = For those of you that prefer to stake according to the odds you now can. This option is pretty limitless and will allow you to have a stake for just about as many odds ranges as you like.

This is the stake amount or percentage figure that accompanies your stake type as shown above

This is the range for which you want the GHB to trigger a bet into the market. You can set a low (left hand box) and high (right hand box) odds range. This means the Grey Horse Bot will only try to place a bet/lay when one of the runners is between these prices. Make sure you have the Best Odds box ticked for this to

Best.
This instructs the GHB to use the best odds available within your odds trigger range

Custom
This is different to the trigger range. If "Best odds" is un-ticked, then the bot will only place a back/lay to those exact odds.

Reverse
Ask for the odds on the opposite side of you bet. So if you are backing you will be asking for the odds available on the lay side.

SP
This is to be used with In-play betting only and tells the GHB to bet based on a percentage increase/decrease of betfairs new SP function

How does SP work?

Most people believe that betfair's price before the off is very good indication of a runners chance. This means as far as value goes then there isnt much if you take into account their commission.

The way around this is to try and get a better price than SP which is often possible if you are betting in running.

This option allows you to ask for a % price better than SP.

If you are backing the % is always higher than SP if you are laying then it is always lower than SP.

If you are using the Betalay system then you could ask for SP + 20% which could bring you nearer to the bookies price if you get matched

This feature allows you to ask for a percentage increase OR decrease to the SP price in running for both backing and laying as opposed to increase for backing and decrease for laying

This feature allows you to restrict the GHB from placing bets unless the sum total of the odds on your selected runners are over or under a certain figure.

How can i work out sum of odds?

>= Greater than or equal to
<= Less than or equal to

so for example:

I want to bet on the 1st and 2nd favourites but only if both of their combined odds are under 7.0 so i set the sum of odds to <=7.00

Fav = 2.5
+
2nd fav = 5.0

Total odds = 7.5 so I would get no bet because it is outside my range.

Further Information

Auto mode bet settings tab FAQ