In this article I’ll attempt to answer some of the questions that newcomers to the betting exchanges often ask. If you have a question that isn’t covered below, please leave a comment at the bottom. I’ll update the article with new answers whenever a new question is received.
What happens if I accidentally submit an order for a worse price than the one that is currently available?
Betfair know that sometimes people make mistakes. The system is designed to protect you against this and they will always match your order at the best available price.
So for example let’s look at the screenshot above. In this instance, if I had tried to back Atletico Madrid and accidentally entered odds of 2.0, Betfair would have matched my order at the current best price of 2.5.
Why does my account balance reduce when I place a bet even though the event hasn’t finished?
Betfair requires you to have enough money in your account to cover your maximum liability on all the orders you have placed..
When you place an order, Betfair will remove your liability (i.e. the amount you could lose on the market as a result of that order) from your available balance and hold it until the result is known.
If you place more than one bet on the same market, the second bet you place could result in your liability on the market increasing or decreasing, depending on what you have done. Therefore you could find your balance changing as a result.
When will my profits be paid into my account?
Both Betfair and Betdaq will hold all money based on the bets you have matched until the final result of the market is known. They will then settle the markets and pay any profits due into your account.
This normally happens within a few minutes of the result being known, but it can vary based on how many events are finishing at around the same time.
Is there a limit to the number of orders I can place on one market?
No, you can place as many orders as you like providing you have the funds in your account to cover your liability on all the orders you place.
Why do your examples on Manny Betting use Betfair rather than Betdaq?
Betfair is the largest and most popular betting exchange, and it is the one that I and most others use most frequently. This results in there being more liquidity (money) in the markets on Betfair, which gives us a better chance of making more profits.
If I submit an order asking for a better price, can I still change or cancel it if it has not been matched?
Yes, if you have asked for a better price you can change the price or stake of any unmatched orders or even cancel them altogether. It is only when an order has been matched that it cannot be changed.
Therefore if it appears that an order you have placed will not be matched, you can either cancel it or simply adjust the price to be equal to the current best available price in order to get it matched instantly.