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Betfair Arbitrage Application |
| Status |
Closed |
| Budget |
$100-300 |
| Posted |
04 May 2008 11:06 PM |
| Expires |
19 May 2008 11:06 PM |
| Posted By |
marcemirian |
| Service buyer Rating |
 |
| Description |
Hi,
I'm a long term betfair user and I would like to have my own arbitrage application.
What I'm looking seems to be very simple compared to other projects, so I hope someone will be able to answer exactly to my request.
I have spent a lot of time on Betfair, but now I can't anymore, so I need an automatic application which would work for me all day long.
A lot of softwares can be found out here, for different types of betting methods, but none that i've found suit the kind of betting i would like to try out.
Its really about arbitrage, taking advantage of the betting book on an event sometimes being higher than 100% on the LAY side and below 100% on the BACK side.
The other projects i have seen listed on here have been focussing on backing a bet on one exchange and laying at another and so creating a situation where whoever wins, there is a small profit.
However this means that a lot of money will be lost on one account and a lot of money won on the other, and one has to fill the losing account up with new funds all the time.
If one concentrates on Betfair only, one can bet on ALL outcomes at that exchange if the BACK side of a market i below 100%, and get a profit from that. Same with LAYING all outcomes with proportionate amounts if the LAY side of the market is higher than 100%. Then all bets are working against the same account, and the only change to that acconut on Betfair will be that the net win will be added to the account when the market is suspended. Also, since the bets work against the same account, and “even eachother out”, its possible to spend the very same money you just spent creating an arb, to create another one, instead of having to wait for the games/race you already created an arb on to end. Why? Because since the arb bets even eachother out, creating a small profit whoever wins, the net risk to the account is ZERO. And so the funds can be “put to work” again immediately.
The last very big advantage of doing the arbing on JUST Betfair is that on betting exchages you only pay commission on NET WINNINGS on your account.
If a stake of 1000 units gives a 1% arb, that is 10 units, and THATS what you have to pay commission for. In the variant were arbs are created involving many exchages/bookies on has to pay much more commision, since on only has a bet on one side of the market at each exchange.
So what do i want then:
Core function:
A program or similar that easily and continoussly scans as MANY markets as possible on betfair as OFTEN as possible, searching for situations where the BACK side of the market is BELOW 100% or the LAY side of the market is ABOVE 100%.
When such a situation occurs, the program must instantly place bets on each of the outcomes , dividing the stake in such a way that no matter outcome of the event , a small profit will be made. Then move on to the search again, and so on and so on.
An important point is that bets must be placed only if a profit can be locked for 100% sure.
An email alert service would be a plus to notify me when there's a problem on my account.
That's exactly what I want.
Of course there are several additions that could enhance such a “basic package” but that could be discussed.
Some main functions that have to be in place to be able to execute the core function are:
Log in to the useraccount on Betfair must be done through this application.
Steady and reliable running is vital.
Fast scanning of as many markets as possible, as often as possible (very important).
Very fast execution is primordial.
Possibility to choose whichs sports the application should scan.
Possibility to choose the level of amount I want to bet, and the level of trigger for Back/Lay.
The program must be able to distinct between “in play” events and events not yet started.
Once logged on, one must be able to enter which sports one wishes to scan (better to just say “scan all soccermatches and basketballmatches” in stead of selecting each market specifically, if that is possible)
Some kind of log of which bets are placed would be nice but not at all a must.
Its vital that bets can be executed right away and fully automatic.
You must understand both the Betfair-site and the concept of arbitrage to be able to program this.
A program that is ALMOST like what I want is ArbBroker, a link to this can be found at www.marketfeeder.com
This program scanned many betting exchanges but as mentioned i only want it to scan for Arbitrage situations at Betfair, working against that one account. Arbs here often occur just before the start of events.
I hope this explanation is comprehendable, and look forward to some feedback.
Payment upon delivery of satisfactory product.
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