Hi,
Today was supposed to see a return to betting for Exponential Bet members, however Betfair scuppered our plans with what they call, a 'Retrospective - API Release To Prevent Minimum Bet Abuse'.
In simple terms this was introduced to stop people profiting from percentage of book loopholes with a penny profit per sporting event, and zero risk, but as an unwanted side effect it meant that the ability to trade off, Dutch trade, and place bets below minimum bet amounts caused errors and unplaced bets.
This has affected thousands of members that have been unable to close trades with a hedge, and subsequently lost money when this was introduced without warning yesterday.
A lot of people who trade and run betting software programs with automation have been hit by this, with betting software misfiring and rejecting bets or trades which could be the difference between greening up for a profit, or making a loss.
The Betfair update directly affects both downloadable and online platforms, Cloud Bet Bot and Hedger Pro included.
As a provider of automated betting services, and a platform to place betting and trading manually, this is obviously a gigantic pain in the arse.
This update from Betfair is here to stay that's a fact, but we are working on a fix for this with our platforms to ensure our members continue to place lower stake bets and trade without any problems.
With Betfair introducing this yesterday it meant we've been unable to restart automated betting for Remote Daily Betting and JV MK2 Betting System, and will obviously need some time next week to apply the fix and see it working properly with various staking amounts.
As we understand some members like to use smaller stakes, and our services need to accommodate this if possible. We also have plans to introduce a trading service soon, so this directly affects that given some green ups require below minimum stakes.
As stated, Betfair have introduced this to stop abuse whereby people are making a penny with no risk across all sporting events, not to stop us hedging for a profit with below minimum stakes, or placing these smaller bets.
I'm hopeful we'll have a solution in a day or two, then after run tests for this to check we're back on track, and will keep the blog and members updated.
As you can imagine there was little else we could do regarding today's expected restart, and will do our best to work around this Betfair update.
To end this post on a positive note, take a look at where we left off pre lockdown and how RDB and JV MK2 performed in the 30 days pre UK racing suspension: https://www.exponentialbet.co.uk/post/expo-news-update-16th-march
I'll write again early next week when I've more news.
Ryan
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