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omruds

Betfair outages protection

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Hello,

I've recently lost out when pre race trading due to Betfair outage,

I'm covered in case my internet fails but is there a simple way I can minimise such losses when trading and Betfair goes down?

I've heard about 'Take SP' but don't quite understand how this works.

I also understand that an opposing bet can be placed on Betdaq, but with low liquidity, wouldn't this be difficult to get matched?

I don't have a large bank so would like to think there is some way of protecting against these frequent outages.

Thank you.

 

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Hi Omruds

I think the short answer is no - we have to accept that Betfair will crash, and we will lose money. Steve Howe/Mug's Game has a video on this. I haven't watched it recently, so I can't remember all the advice he gives, but maybe it will answer your questions:

https://youtu.be/fm-bf93UtzY

I understand some traders always have a smart phone or tablet handy, so if they lose the internet, they can still connect to the Betfair or Betdaq website via mobile connection. If/when  Betfair has an outage, your options are limited. Betfair has a status page that may give warning of problems:

https://status.developer.betfair.com/

Some experienced traders advise using the Take SP option - this means setting your software to place all bets/trades as Take SP. If betfair goes down, any unmatched bets should be matched at the Betfair Starting Price when the market goes In Play (there are conditions, minimum bet sizes that will be matched at SP... details somewhere on the Betfair website). Others will place closing Take SP trades well away from the current price, as a sort of insurance. If there are no problems, they cancel these orders when hedging. If there are problems, hopefully those closing bets get taken at SP, and it will reduce any losses or liability.

Betdaq is a good backup option if you are using small or modest stakes. As you probably noticed, liquidity on some markets is very poor, though. Again, I think most serious traders recommend having Betdaq as a backup.

Like you, I don't have a large bank, but I've avoided losses so far... If there is even a hiccup with Betfair streaming, I take some time off, or use Betdaq

Cheers, and happy trading!

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Hi SomeBloke,

Really appreciate those tips having lost £66 on a recent outage.

I like the idea of placing my own out of range trades on SP : probably better when swing trading as I'm guessing this would be tricky when scalping. I may try this live with minimal stakes just to see if it works as it should, ie place a back bet and leave the SP lay bet well out of range.

A funded Betdaq account too sounds good if there's enough liquidity, though I doubt this would be a problem with my small bank.

Thanks again for the links and taking the time to reply.

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On 8/30/2019 at 12:11 AM, omruds said:

Hello,

I've recently lost out when pre race trading due to Betfair outage,

I'm covered in case my internet fails but is there a simple way I can minimise such losses when trading and Betfair goes down?

I've heard about 'Take SP' but don't quite understand how this works.

I also understand that an opposing bet can be placed on Betdaq, but with low liquidity, wouldn't this be difficult to get matched?

I don't have a large bank so would like to think there is some way of protecting against these frequent outages.

Thank you.

 

Actually, Betdaq is not that bad. An average market can absorb hundreds of pounds easily. If you offer a good price (which may be quite a good idea to do in emergency), the market should take it. Except for closing your position with another exchange, I don't see any other back up plan against Betfair outage.

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