The main purpose of using the multi back/lay bot as a trading tool is that we can utilise user bets and countertrade those same bets with the main bot itself.
So having the idea and working it until we start producing results is always a challenge especially in horse racing markets.
The idea behind this set up is basic but can produce some good results if used as a template to expand on the original idea. With this set up i am going to Lay certain selections at the top of the market with the user bet window and then place back bets on the same selections to Betfair SP.
The reason i am laying first is simply because there is a £2 limit or minimum bet on back betfair sp bets. If i backed selections first with user bets then each lay bet countertrade would have to have a minimum £20 liability in order to obtain betfair sp at lay price. You could of course choose to back first and not use betfair sp. But for the purposes of this article i will lay first.
The first screenshot we see above shows us three sets of pictures. Options for setting up user bets is shown and set to a £2 stake with Maximum and Minimum prices set to 1.01-1000.0. Time to set or place user bets is timed in this instance at 60secs before our start time. All other settings on this first screenshot are self explanatory.
The second screenshot shows us the race itself. In this case its a 5 runner maiden at Brighton. Note i have ticked each horse i want to Lay at the top end of the market. I do this because i feel these horses have a better chance of winning. I have also ticked each selection in the favourite column at the same time. This is vital as you will see later on with main bot set up.
The third screenshot in the background is our main window set up and is basic enough here to understand.
The key setting here is the time when to place Back bets. In this case its set to 7secs and the stake is the exact same as our user bet lay stakes of £2. The main idea here is to basically lay certain horses at a certain time and hope some drift out in price when they jump off and go on and win. We can then win the difference in the two prices. If the horse shortens in price and wins then we lose the difference.
This strategy can be used on other sports if so desired without betfair sp. You may also choose a back to lay approach.
Figure 2 shows us our multi favourite settings form in main window of bot. As you can see straight away i have ticked Place only Bot Bets on runners that i picked using fav column. This guarantees that we back the same horses we lay with user bets. Hence the ticked selections in fav column in user bet window.
The main setting ticked here is place BSP bets. You may choose not to. Some races can be delayed which is common in the Uk and Ireland everyday. Horses prices can shorten or lengthen within this delayed period. So be wary of this.
Another option her would be to place Keep bets and ask bot to place unmatched bets at X ticks. You could then hope that these bets will get matched in running and horses go on to win for guaranteed profit.
Another strategy can be used with price directional tool. For instance you could also ask bot to place back bet only if a selections goes down in price X%. The selection may never hit that percentage and you could win the full stake. If the bot strikes the back bet at set percentage downwards then you still have a chance of breaking even if theselection loses. If it wins then you do lose the difference in both lay and back prices. As suggested earlier this basic set up could spark many other ideas into play.
Figure 3 just shows our favourite selections settings which has only one tick box with any favourite in price range. This is all thats needed here.
Figure 4 shows us our market grid options set up. This again is basic and can be set up to your own preferences. Because bets are placed before start time there is no need to go in running unless implementing an in running strategy. Monitoring markets up to start time will suffice here also.
So this is how to utilise the back/lay multi bot as a trading tool. Before anyone asks there is no need to record prices before play, so settings for Bf Bot Manager within Tools are not shown as they are not relevant here.
Please note again this set up is just an example to stimulate peoples minds and is not guaranteed to produce profit. I take no responsibility for losses incurred. Any questions can be directed at me in members forum. Best Of Luck.