Cross-matching on Exchange Markets

Author

Betfair

What is Cross-Matching?

Cross-matching is a more efficient method of matching bets on Betfair’s Exchange. Before Cross-matching, bets would only attempt to match other bet requests against unmatched bets of the opposing bet type (backs vs. lays) on the same runner in the same market.

On markets where cross-matching is offered, bet matching will attempt to match the bet request against opposing bets on the same selection and unmatched bets on other runners e.g. in a soccer match odds market the bet matching algorithm will attempt to match a back bet placed on the home team against unmatched lay bets on the home team or unmatched back bets on the away team and the draw. Customers will receive the best price available on the exchange at the time of bet placement.

What is the benefit for customers?

The effect of this is that customer bet requests will stand a greater chance of being matched and the markets will be correspondingly more efficient.

Will I still get “best execution”?

Yes. Cross-matching will occur whenever it represents better value than matching on the single selection which means that customers will receive the best value price available.

Is Betfair “active” in these markets/are Betfair running a bot?

Matching customers bets is what Betfair does. When there is a bet request with Cross-matching, Betfair looks at all the customer bet requests it could be matched against, not just opposing bets on the same selection.

As part of the cross-matching process, Betfair uses an internal account which acts as a counterparty to the bets being cross-matched.

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