Betfair BSP Settings
This screen allows us to set how BSP bets are handled in Betfair. This compliments the BSP setting each systems Bet Placement Screen. At default when BSP is ticked on the System's Bet Placement the bet is placed so that it switches to BSP automatically by Betfair when the market goes in play. The main advantages with this are -
- We can place back BSP bets below the min stake.
- Both Back and Lay Bets can be cancelled right up until the market goes in play.
On this screen we have the option of placing our bets directly into the BSP market. This means -
- Both Back Stake and Lay Liability thresholds have to be met for the bet to be accepted into the BSP Market.
- The bet cannot be cancelled after it has been placed.
The minimum back stake and minimum lay liability depends on your Betfair Account Currency. A breakdown is shown below.
In the screenshot below I have switched on TRUE BSP and my account currency is set for UK Sterling. This means my minimum stake for back BSP bets has to be greater than or equal to £2. My minimum Liability for lay BSP bets has to be greater than or equal to £10.
If True BSP is ticked then a check is completed at the time of bet placement. If the stake/liability has reached the threshold then a True BSP bet is placed directly into the BSP Market. If the stake/liability is NOT reached then the default method is used to ensure the bet is matched.
As explained in the Bet Placement Topic, at default all back BSP bets are placed at odds of 1000 and automatically switched by Betfair to BSP bets when the market goes in play. All Lay BSP bets are placed at market odds at the time of bet placement. Any unmatched Lay bets are then switched to BSP by Betfair when the market goes in play. Any bets including partial bets below the Minimum Stake/Liability are allowed to Lapse by Betfair.
When TRUE BSP is ticked, all bets above the minimum back stake/lay liability are placed as True BSP Bets straight into the BSP Market. Any bets below the minimum threshold are placed using the default method. Bets placed as True BSP bets can NOT be cancelled. There is no guarantee that True BSP bets are matched. Any bets that are not matched or partially matched bets that are below the Minimum Liability are allowed to Lapse by Betfair.
Note - True BSP for Lay bets uses liability and not stake. If the odds change, you may end up with a different stake compared to what you requested. However the liability will remain the same. This should therefore only be used with Liability based staking plans.
For a reminder on Bet Placement see - Bet Placement Screen