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by evandijk70 1349 days ago
Betfair works like a market - you are not betting against the house, but rather against other bettors. Betfair takes a commission from each matched bet. They would probably allow it - More matched bets means more profit for them.
2 comments
traceroute66 1349 days ago
> Betfair ... They would probably allow it

I'm not a lawyer, but out of curiosity I did a quick search through their T&Cs.

It seems to be a bit of a grey area.

Section 3 ("APIs") sort of allows it in a half-assed wording kind of way:

     - *"Other than your permitted use of Betfair's endorsed API service (referred to above), the use of programmes or software designed to automatically place bets within certain parameters (i.e., "robot" players) is not permitted on any Games"*
Section 18 ("Bots") certainly seems to allow it:

     - *"18.10 Some customers make use of programs designed to automatically place bets within certain parameters set by them (e.g., to back or lay at a certain price) ("bots"). These bots may be active in any or all Markets at any time and you should not assume that you can place bets on quiet Markets that will not be automatically matched simply because the Market otherwise appears quiet. Additionally, bot users should be aware that bots might be prone to exploitation by other customers. Users of these programs do so entirely at their own risk."*
Meanwhile, section 12 ("suspicious betting") seems to be very much against the idea:

     - 12.1 For the purpose of this clause 12, "suspicious betting" refers to where we have reasonable grounds to believe that a Bet or a number of Bet have been placed in suspicious circumstances. Suspicious betting shall include, but not be limited to:
     - 12.1.4 where we have reasonable grounds to suspect that a Bet or a string of connected Bets were placed robotically, by automated means, or otherwise than through the Account holder placing each Bet manually via their Account;
     - 12.1.5 where we reasonably believe that you have used unfair external factors or influences connected with the event(s) the subject of any Bet(s);
     - 12.2 If we discover or have reason to believe that you have participated in any of the activities described in clause 12.1 (which, as stated in clause 11.2, constitute "Prohibited Activities"), we shall have the rights set out in clause 13.
"Rights as set out in clause 13" being "Suspension or Termination of Your Account by Us".

Clear as mud, really.

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cwilkes 1349 days ago
That’s interesting. Do they publish the history of what it costs to place a bet?

There’s quite a few variables that go into the pricing: how much you think a team will win by and the payout if you win the bet. So there can be multiple tracks for “I think my team will win by 7 points” and there might be someone willing to pay 2 to one odds on that while another is 3 to 1.

Maybe betfair sets the rate? This number has to change over time though, can purchasers of a contract sell that contract later on if the odds or payout changes dramatically?

It would also be interesting to see where the “knee” is in those bets. For example winning by at least 7 or at least 8 points in American football should have about the same odds due to the point scheme that has a touchdown plus the extra point at 7 points. Course you could also try and go for two so maybe there is a price difference. Anyway it would be interesting to examine.

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