BlogRead the Latest News


Bet Angel – Cash-out at much better Prices

Betfair Cash out, only better!

Hegding, Greening, Cash-out, whatever you want to call the process of spreading a profit across a market is great. But lets make it better, let’s squeeze additional profit out of the market.

If you are familiar with the cash out button on Betfair you will know that if your cash out is successful it will magically spread your profit across the field regardless of the result. One click of that cash out icon and you can lock in a profit.

Cash out was actually an invention of the Betfair trading community back in the really early days when nobody even knew about exchanges. Hedging your position was a simple calculation and process and was later adopted by Betfair and other bookmakers.

Originally we called it ‘greening up’ as this adjective describe what you would see on your Betfair screen. Rather than a profit or loss, you would see a whole P&L of green. But now people recognise it as the process of deciding to cash out your bet. For this reason, you will see it referred to as ‘greening up’.

If you use the Betfair one-click trading screen a big limitation, you’ll notice on both the Betfair website and in other trading software is only having the ability to see and green up your trade at the current price.

With Bet Angel that’s not a problem, it gives you all the tools and options you need to create your own unique custom columns on the one-click screen to do practically anything you want and this includes creating your own custom columns to display both your closing trade and greening profit (or loss) at any price for individual selections or the whole market.

Setting up on Bet Angel

Let’s walk you through how to create and set up custom columns to both display the Reverse Green All Profit, the Reverse Green Profit for individual selections, and Reverse Green Price 10 ticks away for individual selections. But before going any further if you are unsure what ‘Reverse Greening’ and what the benefits are please see this post on the Bet Angel Forum for a detailed explanation.

Once you are familiar with this very straight forward process there is nothing to stop you creating custom columns to display and close/green up your trades at several prices. In effect, if you had the screen space, you could create a horizontal ladder giving you a major advantage over others using the one-click interface needing to wait for the odds trade at a price before submitting the order and then hoping they are quick enough to still get matched.

Example Trade

As you can see in the image below i’ve already opened a position on the top two runners in this market and could now click the figure shown in the regular ‘Trade Profit’ column to green all open trades by taking the profit at the current price of £5.47

However, thanks to the ability to create my own custom columns. I now have the option of greening all trades using the reverse prices by clicking on any of the figures displayed in the ‘Reverse Green All’ column and offering my bets to the market.

If both orders get matched I’ll secure a profit of £9.55 (nearly double that of just taking the current green up/trade profit price), and it will almost always be much more when doing this during in-play markets where there is often several ticks and more between the current and reverse prices.

Another option I have is to I just exit one of my trades by greening up at the reverse greening price ie, to green up the trade on just the second runner I could click the ‘Reverse Green Selection’ button and that will submit my green up bet at the reverse price on only that selection which as you can see in the image below if matched will secure a £5.71p profit.

For illustration purposes i’ve also included an image of the ladders for these two selections just so you can see how the reverse green bet on the second selection would appear.

Reverse Green at ANY Price

As I indicated at the start of this blog, you can go even further than that with Bet Angels fully customisable One-Click trading screen and create custom columns to display your P/L and place reverse greening bets at any price you want.

You might want to add a column to place reverse greening bets at a specific percentage or number of ticks away from the current price, allowing you to get your bets in the market ready and waiting to be matched ahead of others just as you can do on the ladder screen.

In the image below I’ve now added a custom column to place ‘Reverse Green’ bets at 10 ticks outside the current price, this is currently showing i’d make £23.44 if I were to click it now and submit the bet and the price then moves out to 6.4 and gets matched. Again I’ve used a ladder on the right for illustation purposes so you can see how/where this bet would appear on the ladder.

NB, this allows in-play traders using the one-click trading screen to increase thier chances of being matched by having thier greening bets already in the market waiting, rather than clicking the ‘trade profit’ button to submit the bet once the price you want is reached only to find that price no longer exsists by the time the in-play bet delay has passed and your order actually reaches the market.

Setting up ‘Reverse Greening Columns’

Setting this type of custom column up requires the combining of three of Bet Angel features,

  1. A rules file to continually store the value of your P/L’s in real time at your desired prices (ie, 10 ticks, 15 ticks or 20%, 50% etc)
  2. A servant to submit the bets
  3. The custom column/s to display the stored values of your P/L and submit the bet when clicked.
    Don’t worry if it sounds complicated, everything you need has already been set-up and created for you, all you need to do is follow the instructions below and download the files and import them into your Bet Angel – you can then edit, tweak and duplicate them any way you want if you want something slightly different to exactly what you see in this example.

Creating a Rules File

The first thing you need is a rules file to look up and store your P/L continually. This file then needs to be applied to the markets in Guardian each day.

For this example I’ve created a rules file that will store the value of the Reverse Green price for the market, the Reverse Green price for each selection and the Reverse Green price +10 ticks for each selection into Stored Value History Lists (Later the custom columns will look up the P/L stored values held in these three history lists and display them to you).

You can download this ready-made ‘Reverse Green History List.baf’ rules file from midway down the following post on the Bet Angel Forum, once you have downloaded and imported the file into your Bet Angel feel free to edit and make any changes you might want.

The ability to Store Values in History Lists were added to Bet Angel in V1.55, for more details on them please see this post from the Bet Angel forum.

Then all you need to do then is add your markets to Guardian each day and apply that rules file to them. If you are already using automation then there is nothing to stop you adding the rules to your exsisting file, you can use Bet Angels rule copy tool to do this quickly and easily with just a few clicks, this blog explains how to use it if you’ve never used it before.


To submit the greening orders you’ll need to create a basic servant to place the bet, the servant/s can then be assigned to a custom column on your one-click screen so that when you to click that column/button it will start the servant and place the reverse greening bet.

For a detailed post on how to assign a Servant to a custom column on your one-click trading screen please see this post

To replicate all the ‘Reverse Greening’ custom columns you see in the image at the top of this post you will need three servants, these have all been created for you and can be downloaded from midway down the same forum post as the rules file above. I’ve named the servants ‘Reverse Green All.baf’, ‘ASC Reverse Green Selection.baf’ and ‘ASC Reverse Gren Sel +10 Ticks.baf’.

Once you have downloaded the servant/s you want to udse just click on the ‘Bellboy’ icon on your main Bet Angel screen and import them into your servant manager.

Creating the Custom Columns

Now it’s time to create your custom columns, these need to do a duel job of displaying the P/L from the rules file and also start the servants to submit the bets when clicked. To create your custom columns go to your one click screen and click ‘settings’ and then ‘Edit Custom’ columns.

When the custom colum editor window opens select ‘Custom Column 1’, as your ‘column to edit’ or whatever your first spare column is if you’ve already made some columns previoustly. Then enter the information as shown below, this first column will start the ‘Reverse Green All’ servant and display the Stored Value name ‘reversegreenmarket’ (ie, your reverse green p/l value)

Once you’ve done that click ‘Save’ at the bottom and then select another column to edit and this time enter the following information to create a column to start the ‘Reverse Green Selection’ servant and display the stored value named ‘reversegreenselection’ (ie, your reverse green p/l for each individual selection).

Then click ‘Save’ again and if you want to add the reverse green +10 ticks select another column to edit and enter the following information.

Once you’ve finished creating your columns and closed the ‘custom column editor’ window the next step is select those columns to display on your one-click screen. To do this while still on your one-click screen click the icon which looks like a calandar.

and select your newly created custom columns.

You are now ready to go, the last thing to do is click the Disc+ icon on your one-click screen as highlighted in the image below and save your grid layout.

All you need to do now is add your markets to Guardian each day and apply the reverse green history lists.baf rules file you downloaded from above.
Then whenever you open a trade you’ll see your ‘Reverse Greening’ profits/losses and be able to click them to exit and green up your trades in your newly created columns.

The post Bet Angel – Cash-out at much better Prices appeared first on Betfair trading blog | Expert advice from Professional Betfair trade.

Betfair trading on a VPS – Virtual private server

What is a VPS?

VPS stands for ‘Virtual Private Server’, a VPS is a computer located in a remote datacentre that you can access from almost any internet-enabled device.

The ‘Virtual’ part relates to the way many servers are provisioned from a single host. We shouldn’t get too technical, but shared hosting is why software performance can be stellar, while costs can be kept down and it’s much more cost-effective than spending a lot of money on a dedicated server.

Generally speaking, you sit on one main server within a rack and share part of that server, but you benefit from being in a secure, fast, datacentre which is connected to the internet 24×7. You have full control on the VPS hosted on a Windows server that is a physical server in a state of the art datacentre, sat right on the major backbone to the internet.

Traditionally, a server in a datacentre is used for some sort of a hosting solution for multiple websites. But on this occasion, we install Windows on it instead and then you can run any Windows software on it, such as Bet Angel. You can use it just like a normal Windows PC.

When you log into your VPS it will look very familiar, just like your windows desktop! You wont know that you are connected to Bet Angel remotely. Your own computer screen will be replaced by the screen output of the remote server when you connect to the VPS.

As far as you are concerned you it looks and feels just like you are using Bet Angel locally, but in fact you are using a server in a high-tech state of the art datacentre.

Key benefits of using a VPS

Super fast connection with low latency

Your server sits inside a state of the art datacentre which is located right on a key internet backbone. This means you get to share the incredibly fast connection and routing that the datacentre can provide. It is much faster and the route more direct than using a traditional home broadband connection.

When orders are placed via a VPS there are already originating from a major internet hub. This means your internet traffic has less ‘hops’ to reach Betfair. Far fewer than if you use a standard internet connection.

Trade using any internet enabled device

When you connect to a VPS you do so with a peice of a software than simply looks at your server to display what is happening on it and allows you to remotely control it. As a consequence you can connect to it using any internet enabled device. An Android or Apple smartphone, a chromebook, any type of Apple computer or tablet, just about any device.

Run your automated Betfair trading strategies 24×7

Your VPS is always connected to the internet and running your automation day and night 24×7. It will dramatically expand the scope and scale of your trading and can even work hard for you while you are asleep.

Want to quickly check quickly on how a strategy is progressing? Running Bet Angel fully automatically via the VPS means you can free up your PC to do other things and leave the VPS to run reliably remotely. You can check into it periodically to check it’s progress or, for example, remove or add markets as required.

You can also do other useful things like isolate an automated Betfair trading strategy to a different account and run it via the VPS in the background.

Access from anywhere in the world with a UK based IP address

There may be occasions where you are abroad on holiday or business. Because the VPS is based in the UK with a UK IP address, your connection to Betfair from Bet Angel is made in the UK. When you access it from a local device or computer, it simply allows you to remotely view and instruct Bet Angel via the VPS. All of which is happening in the UK.

You may also find yourself in a situation where access to gambling sites is blocked or their use prohibited. Or perhaps you are at a location where logging in and monitoring or placing a trade or bet is inappropiate. With a VPS you can connect regardless of this as you are only remote viewing and this makes it easy to access, even from a smartphone if necessary.

Low bandwidth

Running Betfair trading software like Bet Angel can use up an enormous amount of data. But on a VPS the datacentre takes care of that for you and the only bandwidth you use is for connecting via a remote desktop to the server. This significantly reduces the stress on your local computer or connection and it also makes it perfect for connecting via smartphones over a cellular network, or where you don’t have a great internet connection.

Perfect back up solution

There is nothing worse than the electricity cutting out or your cat clawing out your ethernet cable mid-trade. With a VPS you can run a remote session to allow you quick access in an emergency or use it to run some automation as a safety option, regardless of what you are doing locally.

It’s very useful to have a set up easily available at a moments notice wherever you are.

Incredible reliability

When you run your software on a remote server in a datacentre, you get to share the benefits of all other servers in that datacentre.

You will get state of the art security, reliability and constant monitoring. A team of highly qualified engineers ensure your server is up and running all the time. Huge power generators provide backup in the event of an electricity outage at the datacentre. Using a VPS gives you access to all this.

Unique IP (internet) address

Most popular VPN providers route traffic through dedicated IP addresses and these IP’s are often blackedlisted by various entities seeking meaning access to their sites are restricted.

When you use a VPS you will be assigned an dedicated IP address unique to your server. Nobody will know the origin of that IP address and that means it will not be blocked.

Use your VPS for anything

The VPS is simply a computer like the one you are sitting in front of at the moment. So it’s perfectly possible to use it in exactly the same way.

You can browse the internet, install additional software, read your emails and everything. So as well as all the above benefits, it’s like having an extra computer to hand. Just one you can access from everywhere on anything. I use my iPad while I am on the train to do PC based work using the VPS.

How a Bet Angel VPS is unique

Like many things with Bet Angel, we started using VPS’s to solve a problem. Back in 2004, fed up with slow and unreliable internet connections, Peter needed to trade some high profile racing but didn’t know if that was going to be possible while at different locations.

Using the knowledge he acquired while working for an Internet service provider. He bought a dedicated server, installed windows on it and then ran Bet Angel on that server. It worked a treat, so many problems were solved and trading from a remote server was born.

From that simple starting point we started offering the same service to customers and at the same time expanding the scope and technical capacity required to bring the service up to another level.

In the interveneing years we have worked closley with a number of different service providers, then eventually datacentres directly to custom specify installations to optimise the experience you get when using a VPS. Bet Angel now includes a specially optimised server edition built for increased tolerance in high speed, low latency trading.

To learn more about Bet Angel VPS solutions, visit our web page.

The post Betfair trading on a VPS – Virtual private server appeared first on Betfair trading blog | Expert advice from Professional Betfair trade.

Betfair Cross Matching (XM) – Explained

Nobody will remember now, but a very long time ago in a galaxy far far away.

Well the first big was accurate at least, but there was a time when Cross matching on Betfair didn’t exist.

Betfair introduced cross matching in 2008. I remember it very well because, overnight, a number of Bet Angel users started reporting that some of their strategies had started to perform badly and they wondered why. So a bit of detective work led us to the reason and soon after Betfair formally announced the change.

So what is cross matching, what is the background to it and what impact does it have on a betting market?

What is Cross Matching?

When this concept was introduced on the Betfair exchange it wasn’t available via the API. So at Bet Angel we had to work it all out and put it in Bet Angel as an option. That option still exists.

So if you want to understand the concept and see it in action, you access the Virtual Bet Display via the settings menu. You can toggle it on and off while looking at a ladder, for example, to understand its impact.

How to switch cross matching on and off in Bet Angel

Cross matching, or virtual bets as they are often described on the Betfair API documentation, are odds on offer in the market that were not offered by any particular individual.

If you are new to this concept, you may wonder who is actually offering these bets into the Betfair betting exchange, the answer is the Betfair cross matcher. Betfair themselves are putting these offers into the market.

The concept is that if you offer a bet on one side or one selection within a market then the same bet gets offered at reciprocal odds by Betfair elsewhere. If there was a two runner horse race with both horses at decimal odds of 2.00 then backing one runner at these odds is effectively the same as laying the other runner with the at the same odds.

So what the Betfair cross matcher does, in essence. Is look at what bet you have placed on the Betfair betting exchange and then take that unmatched bet and place it at reciprocal points elsewhere in the market. In layman’s terms, it duplicates your bet and puts it elsewhere. You are probably not even aware that it is happening.

I explained the concept about cross matching in a video here, but more specifically you can see it live on a Tennis match on this video. In the illustration you see below all the unmatched bets on the right ladder in this Tennis match, are completely virtual, they don’t exist. Watch the video if you want to see that for yourself.

Why was it introduced?

The concept that Betfair posited was that it would help increase liquidity. But I’ve always been pretty suspicious of it. You will learn why in a bit, but fundamentally speaking there was nothing wrong with the way the market was working before it was introduced.

Sometimes a large order would hit the market and send a price way off its touch price, but the market would eventually soak it up that order and find it’s correct price. After cross matching the market always ‘hugged’ a 100% book and therefore a large order wouldn’t move the price, just spike in the direction of the order and send everything else out in the opposite direction. Not a true reflection of the market at all.

However, I knew from Betfair’s conference calls that creating a more competitive market where neither side on the exchage dominates each other leads to a higher gross yield for Betfair. If nobody wins too much, then Betfair wins more. I always felt this was a stronger case for implementation.

Cross matching controvesy

Shortly after cross-matching was introduced it hit some controversy. Of course, a lot of people are upset at the fact that the strategies didn’t seem to work the way that they should do. But the key issue surrounding its controversy was that while it was positioned that it would be beneficial to liquidity, I noticed that the fill rate had changed on quite a few markets, I wasn’t getting my orders matched as frequently as I used to.

That was nothing however compared to the fury that enveloped various communities when it turned out that Betfair was not calculating reciprocal stakes in the same manner that you would expect given reciprocal odds. This meant that there was a small rounding error, in Betfair’s favour of course. That meant for each bit of cross-matching that they did, they were getting a small amount of margin.

It was tricky to quantify exactly how much was being taken off the table, but obviously wasn’t something that was expected or wanted. I’ve gathered some additional information on this to add to this blog post. But I ran out of time on this occasion to squeeze it in. I’ll add it soon.

But to round off here is a detailed description of exactly how cross matching works: –

A detailed description of the cross matching process

Betfair kindly wrote to me recently to clarify some key points around cross matching. This explains how cross matching works in general, but also how orders are specifically matched .

It’s easier to focus on a two runner market to explain cross matching as it gets more complicated when you go above this value.

Two runner cross matching

Conceptually cross matching is very simple. If you want to back a selection in a 2-runner market, there are two ways that we can get your bet matched: against a layer of that same selection, or with a backer of the other selection. For example backing Djokovic at 1.5 is identical to laying Murray at 3.0.

When you place a bet, instead of considering just one of the sets of unmatched bets with which Betfair could match you, we consider both. If you place a bet that isn’t immediately matched, we advertise it to other customers both ways that we could match it.

There are two ways we could match you, so we display both on the site to give you the best chance of getting matched. These bets can be matched in exactly the same way as any other bet.

How bets are matched

Betfair confirmed to me that when bets arrive on the exchange they will be matched in the following manner: –

(1) Price
(2) Where prices are the same, lay bets against back bets in preference to cross matches
(3) By Bet ID (i.e. in time order)

In other words every time you place a bet we look at the regular match (back vs. lay), and cross matching only comes into play if that would get you a better price than a regular match (or if it matches a bet that would otherwise remain unmatched).

Reciprocal pricing

To answer what happens at odds which don’t have a direct reciprocal on the odds ladder, an example would be useful.

If you attempt to back Djokovic at 1.98 for £50 and your bet is initially unmatched, then we can show that to other customers in two different ways: £50 available to lay Djokovic at 1.98 of course, but we could also show it as available for Murray backers.

2.02 is the best price on our ladder that we could offer, for a stake of £49.01. So we could match a Djokovic backer for £50 at 1.98 with a Djokovic layer for £50 at 1.98, or we could match a Djokovic backer for £50 at 1.98 with a Murray backer for £49.01 at 2.02.

If you go back to the matching order answer above, you’ll see that matching lay bets against back bets in preference to cross matches means that if we have the choice of a cross match that makes us a penny or a regular match that doesn’t, we always do the latter.

The post Betfair Cross Matching (XM) – Explained appeared first on Betfair trading blog | Expert advice from Professional Betfair trade.

Bet Angel Markers – Custom volume indicators

Betfair trading on a traditional ladder interface

When using Betfair trading software like Bet Angel the Ladder trading screen is the one interface that gives you the full depth view of the market, by full depth I mean you can scroll up and down to see all the price points from 1.01 up to 1000.0

This will allow you to see the activity thats occured by looking at the amounts traded at each set of odds. You can also see all the money currently waiting on both the back and lay sides.

While it’s nice to be able to see and get an overview of all the money waiting to be matched at all the prices on either side of the book, what really matters is the money waiting to be matched at nearest prices to the current odds being traded. In particular, you probably want to give the most focus to the best three prices on either side of the book.

When a market is liquid and fully formed there will be no gaps between these prices, but in earlier markets, you will often find gaps between prices of where the money is waiting (being offered), so the 2nd and 3rd best prices could be several ticks away from the best price.

When a market is fully formed it’s the money waiting at these three prices that will have the biggest influence on the direction a price is likely to move in the short term, especially when trading horse racing pre-off.

Finding opportunties using Bet Angel ‘Markers’

Most decent Betfair trading software will give you the option of highlighting the front three prices with money waiting, but using Bet Angel’s innovative ‘Marker’s you can not only highlight these prices to make them more easily visible. You can also configure them so they are only highlighted when an amount greater (or less than) your specified amount is waiting.

For example, you might want them highlighting if there is more than £250 waiting to be matched at the best three prices on one or both sides of the book, or perhaps you want to highlight just the best price either side but only if there is less than £100 waiting to be matched on both sides. This would allow you to quickly spot opportunities to nip in and out to get a quick scalp without needing to wait behind hundreds already waiting to be matched before your orders get near the front of the queue.

Or perhaps you could do a combination of both? For example, highlight the prices if the money waiting at the best back and lay prices is less than £200 and the 2nd and 3rd prices both have greater than £500 waiting. This would indicate you could jump in front to grab a quick scalp with the re-assurance there are decent amounts supporting both sides behind therefore the price is less likely to suddenly shot off one way after only getting one side of your bets matched.

Take a look at the image below, I’ve configured some markers to highlight the best three prices were there is greater than £100 waiting to be matched, notice how easy it is to spot very quickly which selections and which sides have £100 or more waiting at all three prices

How to import this marker into Bet Angel

If you think something like this would be useful for your Betfair trading and are interested in setting something like this up on your ladder screen, you don’t need to do much. The settings have already been created and saved for you to import into Bet Angel.

All you need to do is download them from the following page on the Bet Angel forum and then import them directly into your Bet Angel and your ready to go.

Of course you might not want them to show when there is more than £100 waiting to be matched, if so its just a simple case of editing the values to whatever you want, and setting it to greater or less than that amount – everything else has been done for you.

Or you might not like the ladder design and layout above and have a prefered one of your own, thats no problem after downloading and importing the settings file you can just copy them into your exsisting ladder file, or edit any part you don’t like – the choice is totally yours.

For more examples on ways you can customize and display your Bet Angel ladder trading screen please see this blog

Or for more examples on how ‘Marker’s can assist you when using the ladder trading screen please see this blog

The post Bet Angel Markers – Custom volume indicators appeared first on Betfair trading blog | Expert advice from Professional Betfair trade.