Tutorial 2 – Trading on Betfair with BetMarket Trader

Here we will explain some elements of the BetMarket Trader interface and how you can use them for trading. We will try to demonstrate in details all steps.

To start, run BetMarket Trader. Bellow you can see the screenshot of the main window.

Lets start from the top-left corner. You can see two fields there: Back Stake and Lay Stake. They are drop-down lists with preset back and lay stakes. The software will use the selected amount as a stake for bets when you click on one of the grid’s cells. Take a look at ‘As Stake’ box. When it is enabled the amount in the Lay Stake field will be used as actual amount of the stake. However if it is disabled, it forces the software to use amount in the Lay Stake as a stake liability. In other words, before placing a bet, application will automatically calculate a stake from the liability using formula stake = liability / (price – 1). This gives you an option to choose an amount which you are willing to risk laying a selection.

The next fields are ‘Enable trading’ and ‘Offset’. These two elements are used in ‘Trading mode’ of the software. When the application is in the Trading mode, it automatically offers a trading bet (also called arbitrage bet). It means that two bets will be placed – Back and Lay to make a trade. Offset is used to calculate the trading bet price. Offset specifies the difference between prices of the first bet and trading bet in ticks. To make it all clear lets look at the next example. Say, you have Trading mode enabled, Offset is 3 and you want to trade on some selection. You are backing it at 1.80 clicking on the respective cell of the grid. Once your bet at 1.80 is matched, the application automatically offers a trading Lay bet for you at 1.80 – 3 ticks, i.e. at 1.77. You are making profit from the difference in prices (of course if both bets are matched). The more difference, the higher is your profit.

There are two options for trading bets. The trading bet can be offered either after the first bet was matched or immediately after you’ve placed the first bet. You can control this option using ‘Consequent bets’ box. When it is enabled the application waits until the first bet is fully matched before offering the trading bet. Which option you should use? Well, in most cases you will want to leave ‘Consequent bets’ box enabled. We would recommend leaving it enabled for beginners. However if you want to trade regardless from which bet (Back or Lay) is matched first, you can disable ‘Consequent bets’ box.

The final thing we would like to demonstrate is the bets confirmation option. You can control it by ‘Confirm Bets’ box. By default it is enabled and we recommend leaving it enabled until you feel yourself familiar with BetMarket Trader. Every time you are placing a bet you will see the bets confirmation dialog which is illustrated bellow. It displays all bet details including a stake amount, price, profit and liability. You are able to adjust your stake and price before confirming the bet. Also you can cancel the bet simply clicking ‘Cancel’ button.

You can download all our software for free here: Download. Happy betting!

Next tutorial: Smart Bets and Swap Back & Lay feature