Betfair Exchange - Introduction & General Rules

Introduction

Use and interpretation

The Betfair Exchange Rules and Regulations ("Exchange Rules") are part of Betfair's terms and conditions.

The Exchange Rules apply to all bets placed on Betfair's Exchange markets. The Exchange Rules also apply to Betfair's Exchange 'Multiples' product (see the Multiples section below for further details). The Exchange Rules do not apply to markets offered or bets placed on the Betfair Sportsbook or on Betfair's 'Fixed Odds' product. The Exchange Rules consist of the following:

This INTRODUCTION section (Part A);
The GENERAL RULES (set out in Part B below);
The SPECIFIC SPORTS RULES (set out in Part C below - these apply to certain sports and to financial markets); and
The MARKET INFORMATION (located on every Betfair market either under the tab entitled "Rules" or under the 'Rules' or 'i' button).

The General Rules apply to all bets unless stated otherwise in the Market Information or the Specific Sports Rules. If there is any inconsistency between the Specific Sports Rules and the General Rules, the Specific Sports Rules shall prevail. If there is any inconsistency between the Market Information and either the General Rules or the Specific Sports Rules, the Market Information shall prevail, except where the General Rules or Specific Sports Rules use the phrase 'regardless of what it says in the Market Information' or similar wording.

For any category or market not referred to in the Specific Sports Rules (e.g. 'Special Bets' or beach volleyball), the General Rules and Market Information will apply.

Please note that there are separate Rules and Regulations for each of our Exchange and Sportsbook products. The rules governing how markets are offered, managed and/or settled are not the same for every market on each product. In certain circumstances, a bet that is settled as a winner on one product may be settled as a loser on the other product (and vice versa). Additionally, different settlement rules may apply so that, for example, bets that are a winner on one product may be settled as a dead heat or be voided on the other product. Customers must ensure that they familiarise themselves with the relevant rules that apply to the bets that they place on Betfair's products.

Market information

The Market Information is provided for information purposes as an at-a-glance guide on how Betfair intends to manage the market. The Market Information may also contain rules on market settlement, however it must always be read in conjunction with the General Rules and the relevant Specific Sports Rules and a link to this Rules and Regulations page will usually be provided in the Market Information for each market.

Whilst the Market Information may give a guide to how markets will be managed, regardless of what it says in the Market Information, Betfair reserves the right to suspend any market at any time at its sole discretion, including in order to carry out necessary administration and/or to take any necessary action to protect Betfair customers.

Betfair shall not amend the Market Information after a market has been loaded except to correct obvious errors and/or to add wording to clarify the Market Information where appropriate.

Customer responsibility

Betfair customers should make themselves aware of all of the Exchange Rules affecting any market on which they wish to place a bet. Customers should not simply rely on the Market Information as the Market Information is unlikely to contain all of the applicable rules relating to a market.

By their nature 'Special Bets' markets are unpredictable so should be treated with particular caution. Customers are responsible for managing their own positions at all times in such markets. Customers should pay particular attention to the Market Information on 'Special Bets' markets to ensure they understand the basis on which the market will be administered and settled.

Customer betting disputes & IBAS

Any customer disputes regarding any bet or market settlement will be resolved in accordance with the Betfair Dispute Resolution Policy, see here. Following an IBAS (or equivalent) ruling Betfair reserves the right at its discretion to take appropriate action which may include, amongst other things, the following options: (a) reversing settlement for all bets placed on the relevant market, including making adjustments to customers' accounts where necessary; or (b) paying out any customer who placed a bet on the market their 'net position' if that customer would have been in a better position had the market been settled as IBAS recommended (for example, if a customer would have won more money had the market been settled in that way, that customer will be paid the difference between what they originally received when the market was settled and the amount they would have won had the market been settled as IBAS recommended).

Specific Conditions relating to betting on the Exchange

Best Price Execution

The Best Price Execution feature enables customers to get matched at the best available odds on the Exchange.

With the Best Price Execution feature switched on, if better odds are available, or become available, after you have placed your bet request, your bet will automatically be matched at the improved odds.

However, if the Best Price Execution feature is switched off, your bet will not be matched if better odds are available, or become available, after you have placed your bet request. Instead your bet request will lapse and you will be required to resubmit your bet at the improved odds.

The Best Price Execution feature is switched on by default for all customers and this is Betfair's recommended setting. By using the Exchange, you agree that the Best Price Execution feature will be switched on by default. However, if you are resident in the UK and would like to disable the Best Price Execution feature, there is a toggle that allows you to switch it off at any time.

You can find out more about the Best Price Execution feature and how to turn it off here.

Match Me

Match Me is a feature which makes it easier to get your bet matched on the Exchange.

With MatchMe switched on you can be matched at a pre-determined range of prices if the odds worsen, which will allow you to achieve a more successful matching rate on the Exchange.

The MatchMe feature is switched off by default for all customers. However, you can turn it on and off at bet level on the betslip or by going to price options in settings.

If MatchMe is unable to assist with your bet, it will place it unmatched at the original price requested.

You can find out more about the MatchMe feature and how to turn it on here.

Cross-matching

In addition to only matching back bets against lay bets on the same selection, many markets on Betfair benefit from a process called 'cross-selection matching' and 'cross-market matching' to match bets (referred to collectively as 'cross-matching'):

Cross-selection matching: by using cross-selection matching, it may be possible for a bet request to be matched at a better price than could be achieved only by considering back bets and lay bets on the same selection, by also considering unmatched liquidity on the remaining selections in a market.
Cross-market matching: some selections in a particular market are equivalent to one or more combinations of bets in other markets on the same event (for example, Match Odds, Asian Handicap, Over/Under and Total Goals markets). When using cross-market matching, it may be possible for a bet request to be matched at a better price than could be achieved only by considering back bets and lay bets on the same selection, by also considering unmatched liquidity on selections in other markets on the same event.

With the exception of bets placed at the 'Betfair Starting Price', bets on the Exchange can only be matched at prices that are a valid increment on Betfair's odds ladder. This is the case whether it is simply a back bet matched against a lay bet or a bet that is matched by cross-matching. Where the bet is matched using cross-matching, the process will match the customer's bet at the best price that is a valid increment on Betfair's odds ladder.

In certain circumstances, because the cross-matching process can only match at prices that are a valid increment on Betfair's odds ladder, this will result in Betfair generating a small amount of additional revenue from the cross-matched bet.

Bets will only be matched using the cross-matching process if that would result in a better price for the customer than matching their bet against an opposing bet on the same selection.

Regardless of whether or not a bet is matched by cross-matching, where more than one unmatched bet at the same price could be used to match an incoming customer bet request, bets are always matched in the order in which they were received (i.e. first come, first served).

General rules

Managing markets In-Play

General

For everything other than horseracing and greyhound racing, if a market is not scheduled to be turned in-play but Betfair fails to suspend the market at the relevant time, then:
if the event has a scheduled 'off' time, all bets matched after that scheduled off time will be void; and
if the event does not have a scheduled 'off' time, Betfair will use its reasonable endeavours to ascertain the time of the actual 'off' and all bets after the time of the 'off' determined by Betfair will be void.
For horseracing and greyhound racing, if a market is not scheduled to be turned in-play but Betfair fails to suspend the market at the relevant time, then all bets matched after the official 'off' time will be void.
In the market rules we may state that the relevant market will not be 'actively managed' by Betfair. Where this is applicable, Betfair aims to use its reasonable endeavours to suspend in-play markets at the start of and at the end of the event, however, Betfair cannot guarantee that such markets will be suspended at the relevant time.
Betfair will not part-suspend outcomes/selections in an Exchange market that has been turned in-play (although it may do so in Sportsbook or Fixed Odds markets).
Betfair customers are responsible for managing their in-play bets at all times.
For the purposes of in-play betting, customers should be aware that transmissions described as "live" by some broadcasters may actually be delayed or pre-recorded. The extent of any delay may vary depending on the set-up through which they are receiving pictures or data.
The availability of an in-play market on our Exchange product for a particular event does not necessarily mean that there will be an equivalent in-play market for the same event on our Sportsbook or Fixed Odds products.

All markets other than horseracing and greyhound racing markets - not suspending at the time of the 'off'

In relation to markets which are scheduled to be turned in-play, Betfair aims to use its reasonable endeavours to turn such markets in-play at the time of the 'off'. The time of the 'off' for such markets should be set out in the Market Information. However, regardless of what it says in the Market Information, Betfair does not guarantee that such markets will be suspended and turned in-play at the time of the 'off'.
If a market is scheduled to be turned in-play but Betfair does not, at the time of the "off", either (i) intentionally turn such market in-play or (ii) suspend the market and cancel unmatched bets, all bets matched after the time of the "off" (and before the market is intentionally turned in-play if scheduled to go in-play) will be void. Betfair will use its reasonable endeavours to ascertain the time of the actual "off" (or will otherwise rely on the scheduled "off time) and all bets after the time of the "off" as determined by Betfair will be void. If the event is still on-going Betfair will use its reasonable endeavours to re-open the market for in-play betting.

Soccer markets - not suspending on the occurrence of a Material Event and rules relating to VAR

Not suspending on the occurrence of a Material Event and cancellations of Material Events due to VAR

If Betfair does not suspend a market on time for the occurrence of a Material Event, Betfair reserves the right to void bets matched after the Material Event has occurred. Voiding of these bets may take place during the event or retrospectively once a game is completed.
Where a Material Event is cancelled due to a determination made via a video assistant referee (VAR), Betfair will void bets as follows for such Material Event and the cancellation of it:

Goals

If a goal is scored and subsequently cancelled in a game using VAR technology, we will void all bets between the goal being scored and the goal being cancelled by VAR.
If a goal is scored and then confirmed after a VAR review, no voiding will take place.
For the avoidance of doubt on the above, Betfair deem every goal to be reviewed by VAR.

Red Cards and Penalties

For the cancellation of a red card, due to VAR, bets matched after the Possible VAR will be voided.
The voiding of any such bets may take place during the event or retrospectively once a game is completed.
Where a video assistant referee ruling results in the award of a red card or penalty, such Material Event will be deemed to have occurred at the time at which the Possible VAR was indicated to us by our feed provider. In such circumstances, bets matched prior to the Possible VAR will not be voided.

Definition of "Material Event in a match with VAR technology"

For the purpose of these Exchange Rules, a "Material Event" shall mean a goal being scored, a penalty being awarded or a player being sent off.

Definition of "Possible VAR"

For the purpose of these Exchange Rules, a "Possible VAR" is the point at which an on-field action is deemed at risk of VAR review, according to information from our feed provider.

Horseracing and greyhound racing markets - not suspending at the time of the 'off'

In relation to markets which are scheduled to be turned in-play, Betfair aims to use its reasonable endeavours to turn such markets in-play at the time of the 'off'. The time of the 'off' for such markets should be set out in the Market Information. However, regardless of what it says in the Market Information, Betfair does not guarantee that such markets will be suspended and turned in-play at the time of the 'off'.
If a market is scheduled to be turned in-play but Betfair does not, at the official time of the "off", either (i) turn such market in-play or (ii) suspend the market and cancel unmatched bets, all bets matched after the official time of the "off" will be void.
If a market is scheduled to be turned in-play but Betfair does not suspend the market at the time of the "off" (so unmatched bets are not cancelled at that time), but the market is intentionally turned in-play at a later time during the event, all bets matched after the official time of the "off" will stand, except for Australian Horse Racing, where all bets matched after the "off" but before the point in time that Betfair turns the market in-play, will be void.

Results and market settlement

General

Markets will be settled as set out in the Market Information and/or the Specific Sports Rules.
Where the Market Information or Specific Sports Rules do not specify how and on what basis a market will be settled, markets will be settled on the official result of the relevant governing body regardless of any subsequent disqualification or amendment to the result (except if an amendment is announced within 24 hours of the initial settlement of the relevant market in order to correct an error in reporting the result).
If no official result of a relevant governing body is available, the result will be determined by Betfair (acting reasonably) using information from independent sources. In such cases, if any new information comes into the public domain within 48 hours of settlement, then Betfair shall (acting reasonably) determine either: (i) whether the market should be reinstated or resettled in light of this new information; or (ii) whether or not to wait for further information before deciding whether to reinstate or resettle the market. Except where Betfair has announced that it is waiting for further information, any information that comes into the public domain more than 48 hours after a market has been settled shall not be considered by Betfair (regardless of whether or not such information may have led to a different result).
In the event of any uncertainty about any result or potential result, Betfair reserves the right to suspend settlement of any market for an unlimited period until the uncertainty can be resolved to the reasonable satisfaction of Betfair. Betfair reserves the right to void any market if the uncertainty regarding settlement cannot be resolved to Betfair's reasonable satisfaction.

Resettlements

Markets are generally settled shortly after the end of the event in question. Betfair may settle (or part-settle) some markets before the official result is declared (or may increase a customer's 'available to bet' balance by the minimum potential winnings of that customer on a given market) purely as a customer service benefit. However, Betfair reserves the right to amend the settlement of the market if: (i) the official result is different to the result on which Betfair initially settled the market (for example, a horseracing result being changed by the relevant governing body shortly after a race, but before the result is official); or (ii) if the whole market is eventually voided (e.g. for an abandoned event).
Betfair reserves the right to reverse the settlement of a market if a market is settled in error (for example, a human or technical error).
If Betfair resettles a market, this may lead to amendments being made to a customer's balance to reflect changes in market settlement.

Non-runners, withdrawals and disqualifications

Subject always to Betfair's right to void bets under its terms and conditions or for any exception under the Exchange Rules, if a market contains a statement that says "All bets stand, run or not" (or something similar) in the Market Information, then all bets on a team or competitor will stand regardless of whether or not the team or competitor starts the event or takes any part in the event.
Where the Market Information does not stipulate that all bets will stand regardless of participation, customers should refer to the relevant Specific Sports Rules.
If a team or competitor is disqualified, withdraws or forfeits after starting an event they will be deemed a loser providing at least one other team or competitor completes the event. If no team or competitor completes an event (having started) then all bets will be void except for bets on any markets which have been unconditionally determined.

'Winner with [named selection]' markets

Betfair may from time to time offer markets that are dependant on the participation of a particular competitor. If the competitor named either in a 'Winner with...' market title or in the Market Information does not participate in the tournament or event then all bets on the market will be void. For example, if there was a "Winner with Federer" tennis market, all bets on the market would be void if Federer did not participate in the tournament. However, if any other competitor did not participate, then bets would stand.
A team or competitor will be deemed to have participated if they have taken part to the extent necessary to record an official result or classification (including any disqualification but excluding any "did not start" or equivalent classification).

Abandonments, Cancellations, Postponements

Some markets have different rules and these are listed in the Specific Sports Rules and/or the Market Information. However, where a market has no rules in the Specific Sports Rules or the Market Information in relation to an abandonment, cancellation and/or postponement the following shall apply.
In relation to any match, fixture, game, individual event, race or similar: If the event is not completed within three days after the originally scheduled completion date, then all bets on markets for this event will be void, except for bets on any markets that have been unconditionally determined.
In relation to any tournament, competition or similar: If the event is not completed within three days after the originally scheduled completion date, then any markets relating to the event will be settled in accordance with the official ruling of the relevant governing body, providing such a decision is given within 90 days after the scheduled completion date. If no official ruling is announced in this 90 day period, then bets on any market relating to this event will be void, except for bets on any markets which have been unconditionally determined. If a market is to be voided but has been part-settled as a courtesy to Betfair customers, then such part-settled bets will be reversed and all bets on the market will be void.
Betfair will decide (acting reasonably) whether a market relates to a match (or similar) or a tournament (or similar). However, by way of example, the following shall apply: (i) Europa League outright = tournament; (ii) Champions League Group outright = tournament; (iii) Top Premiership goalscorer = tournament; (iv) 72-hole Golf Match bet = match; (v) Ryder Cup outright = tournament; (vi) Golf tournament outright = tournament; (vii) Tennis Tournament outright = tournament;(viii) 5-day Cricket Test Match = match; (ix) Ashes Series outright winner = tournament; (x) Motor Race (e.g. Grand Prix) = match.

Change of venue

Some markets have different rules and these are listed in the Specific Sports Rules and/or the Market Information. However, if change of venue is not dealt with in the Specific Sports Rules and/or the Market Information then the following shall apply:

For any team sport: if the scheduled venue is changed after the market is loaded by Betfair, all bets will be void only if the new venue is a home ground of the original away team
For all categories or markets other than team sports: if the scheduled venue is changed after the market is loaded by Betfair, all bets will stand.
If there is a change in the type of scheduled surface (e.g. a hockey match switching from grass to astro-turf) after the market has been loaded, all bets will stand.

Periods of time

Some markets have different rules and these are listed in the Specific Sports Rules and/or the Market Information. However, if not dealt with in the Specific Sports Rules or the Market Information then the following shall apply.
Unless otherwise stated, all bets on soccer markets apply to 90 minutes of play according to the match officials, plus any added injury or stoppage time. However extra-time and penalty shoot-outs are not included. The only exceptions are for: matches that are scheduled for a duration other than the standard 90 minutes (e.g. 60, 70, 80 or 120 minutes) as agreed by the laws of the competition in which they are competing or agreed by both sides prior to kick-off. In such cases, if the match is played in the traditional format of two halves, all bets will be settled at the end of the agreed game length which includes time added on by the referee for stoppages (whether the game length is advertised by Betfair or not). If the game is played in an unusual format (e.g. 3 or 4 periods) then all half-time markets will be voided but all other markets will be settled on the basis of the score at the end of the match (including any time added on by the referee for stoppages).
Some markets refer to the length of time until an occurrence in the event (e.g. time of first goal). If an event happens in stoppage or injury time after any regular time period then it will be deemed to have occurred at the end of the regular time period. For example, if a goal is scored in first half stoppage-time in a soccer match it will be deemed to have occurred on 45 minutes.
All bets apply to the relevant full 'regular time' period including stoppage time. Any extra-time and/or penalty shoot-out is not included.
References within these Rules and Regulations to a particular number of 'days' shall mean the end of the day local time after the expiry of the specified number of days. For example, if a rugby match is originally scheduled for the 1st of December, then the rule that allows the match to be completed within three days after the originally scheduled completion date (see Paragraph 3 above) would mean that the deadline for completion of that match would be 23.59:59 on the 4th of December.

Match bets

Some markets have different rules and these are listed in the Specific Sports Rules and/or the Market Information. For example, for match bets on Golf markets the rules are set out in the Specific Sports Rules. However, if not dealt with in the Specific Sports Rules or the Market Information then the following shall apply.
'Match Bets' for one-off events are determined by the competitor or team with the best score, time or finishing position in the event. If none of the competitors or teams involved in the match bet complete the event or register a score, time or finishing position then bets are void unless specified otherwise in the Specific Sports Rules and/or the Market Information. Any competitor or team not completing an event or registering a score, time or finishing position having taken part in the match bet event will be settled as a loser providing at least one other team or competitor completes that event or registers a score, time or finishing position.
'Match Bets' for progress in a competition or event with multiple heats or rounds are determined by the competitor or team which qualifies to the furthest round (whether it takes part in the further round or not) or with the best score, time or finishing position in the final or same heat of that competition or event. If the relevant competitors or teams fail to qualify in the same round of the competition but in different heats then dead-heat rules will apply, irrespective of the finishing positions in their respective heats. Markets will be part-settled after the end of each round and any subsequent disqualifications, penalties or amendments to results or qualifications will not have any effect on the market. Where one or more of the competitors or teams are disqualified, for the purposes of settlement, the disqualified competitor or team will be deemed to have progressed further in the competition or event than all those eliminated from the competition or event prior to the disqualification, and will be deemed to have finished last (or joint last if there is more than one disqualification) of those still competing in the competition or event. Disqualification will be considered to have taken place at the time of the competitor's or team's removal from the competition or event by the relevant governing body, rather than at the time of the event which caused disqualification.
If one of the competitors or teams does not take any part in the event, then all relevant match bets will be void.
If an event or tournament is abandoned or reduced in duration such that any competitor or team fails to complete the match bet, event or tournament for any reason other than withdrawal or disqualification then all bets will be void except for those on markets which have been unconditionally determined.

"To qualify" markets

Some markets have different rules and these are listed in the Specific Sports Rules and/or the Market Information. However, if not dealt with in the Specific Sports Rules or the Market Information then the following shall apply.
Any 'to qualify' market (e.g. "to reach the final" markets) will be determined by the competitor or team that qualifies under the terms set out in Market Information, whether or not they take part in the next round or event for which they have qualified. Markets will be settled after the qualifying stage and any subsequent disqualification or amendment to the result will not count.

Dead heats

Unless stated otherwise in the Specific Sports Rules and/or the Market Information the Dead Heat Rule applies to bets on a market where there are more winners than expected (as set out in the Market Information).
For each bet matched on a relevant winning selection, the stake money is first reduced in proportion by multiplying it by the sum of the number of winners expected (as set out in the Market Information), divided by the number of actual winners (i.e. stake multiplied by (number of winners expected/number of actual winners)). The winnings are then paid to the successful backers on this 'reduced stake' (reduced stake multiplied by traded price) and the remaining stake money is paid to the appropriate layers.
For example, assume there is a dead heat for first place between three horses. 'Client A' has backed one of the winners for a stake of 300 at the traded price of 4.0 and 'Client B' has taken the other side of this bet. When the event is settled, the stake (300) is multiplied by 1/3 (i.e. the number of expected winners (1) divided by the number of actual winners (3)) to calculate the reduced stake (100) and the remainder given to the layer (200). The backer then receives the traded price matched (4.0) multiplied by the reduced stake (4 x 100 = 400). In this example, Client A's net winnings are 100 (400 payout minus the original 300 stake), and Client B's net losses are 100. Alternatively, this can be viewed as the full amount paid to the traded price divided by the number of dead-heaters. In the above example this would be 300 at the traded price of 4.0 (1200) divided by 3; making 400 payout and 100 net winnings.
By way of another example, assume there is an outright winner in a golf tournament but 7 players tie for 2nd place. In the "top 5 finish" market, after settling on the outright winner in the top 5 market there would be 4 other designated winners places available. 'Client A' has backed one of the winners for 300 at the traded price of 4.0 and 'Client B' has taken the other side of this bet. When the event is settled, the stake (300) is multiplied by 4/7 (i.e. the number of expected winners (4) divided by the number of actual winners (7)) to calculate the reduced stake (171.43) and the remainder given to the layer (128.57). The backer then receives the traded price matched (4.0) multiplied by the reduced stake (4 x 171.43 = 685.72). In this example, Client A's net winnings are 385.72 (685.72 payout minus the original 300 stake), and Client B's net losses are 385.72.
In relation to customers whose betting counterparty is Betfair, for the purposes of this section of the Exchange Rules dealing with dead heats, the terms 'Client A', 'Client B' and 'appropriate layers' should, where relevant, be read as 'Betfair'.

Rules for Betfair Starting Price

Betfair's Starting Price ('SP' or 'Betfair SP') is available on the Exchange. Exchange SP bets ('SP bets') are therefore a type of Exchange bet. The Betfair SP is calculated by Betfair, by balancing all SP bets and other Exchange bets when the market is suspended at the 'off' of the relevant event. The details of this calculation are provided directly below.
Please note that for all Betfair customers, an SP bet cannot be cancelled once it has been placed.
A bet at Betfair SP is a fixed odds bet, with the odds on each selection being calculated and bets matched when the event starts. The odds are calculated by matching SP backers and other Exchange backers against SP layers and other Exchange layers. The inclusion of other Exchange bets in the SP reconciliation is necessary to ensure that: SP backers get the benefit of unmatched Exchange offers to lay if those offers could increase the SP; and SP layers get the benefit of unmatched Exchange offers to back if those offers could reduce the SP. Including unmatched other Exchange in the SP reconciliation also ensures that the bets of other Exchange backers and layers, which would otherwise lapse, are matched where possible.
The minimum liability for a bet placed at Betfair SP is £10 for a lay bet and £1 for a back bet (or the currency equivalent in each case).
Example 1: on selection A there is £1,000 of backers' stakes and £6,000 of layers' liabilities at Betfair SP and there are £500 of unmatched other Exchange back bets available to lay at an average of 5.0. If we ignored the Exchange market in this case the SP would be 7.0. However this would leave other Exchange back bets, that could also have been matched at their requested price against SP layers, unmatched. Therefore the Betfair SP will be 5.0 and all SP backers and SP layers will be matched at that price. The £500 of Exchange backers' stakes will also be matched at their requested price of 5.0 against the SP layers.
Example 2: on selection B there are £831 of backers' stakes and £4,428 of layers' liabilities at Betfair SP and the following unmatched other Exchange lay bets, available to back: £20 at 6.8, £31.13 at 6.6 and £100 at 6.4. In this case the Betfair SP will be 6.68. This is calculated by including the £20 available to back at 6.8 and the £31.13 available to back at 6.6 and balancing those amounts against the SP backers' stakes and SP layers' liabilities. The £100 available to back on the Exchange at 6.4 remains unmatched as to include any of this amount would lead to an imbalance between SP backers and SP layers.
For more details on how Betfair undertakes the SP reconciliation process, please see the FAQ section of the Betfair SP microsite which is located at the following URL: www.betfair.com/betfairsp.
The SP is calculated to six decimal places for each selection, though it may be displayed in the relevant market view (or in any form/results data provided by Betfair) to two decimal places, rounded up or down as applicable. After reconciliation, the full SP on each selection is available by clicking on the relevant individual runner graph.
If for whatever reason the site is unavailable when an event starts or the SP cannot otherwise be reconciled at the 'off', Betfair will determine the SP using all available information. For the avoidance of doubt this information will not be limited to betting activity on the relevant Betfair market(s). Also in these circumstances, a licensed betting operator within the Betfair group may act as risk counterparty to SP bets if necessary to ensure a fair SP. The Betfair personnel involved in determining the SP in such circumstances will have no undeclared personal or other interest in the SP in question.
If the SP reconciliation process is undertaken prematurely (for example if a horserace is turned in-play in error), then Betfair will endeavour to reverse the reconciliation so that the SP is determined when the event actually starts. There may however be circumstances in which this is not possible, in which case the SP will be based on the initial reconciliation.
In cases where an SP reconciliation is reversed: SP bets (including SP limit bets), 'At In-play: Take SP' bets and 'At In-play: Keep' bets will all revert to their status before the reconciliation; and 'At In-play: Cancel' bets will either remain cancelled if not matched as part of the reconciliation process, or if matched as part of the reconciliation process, will revert to their unmatched status before the reconciliation.
If the SP reconciliation process is undertaken later than scheduled (i.e. after the event has started) and Betfair determines that a material event has occurred (this will generally mean that the event is not turned in-play), the SP will be determined based solely on SP bets (and 'At In-play: Take SP' bets which are unmatched when Betfair suspends the relevant market), placed before the 'off'. This means that 'At In-play: Take SP' bets matched after the off, will be made void and not included in the reconciliation process. In addition SP bets placed after the 'off' will be voided. However, if the SP reconciliation process is undertaken later than scheduled but Betfair determines that no material event has occurred, all bets will stand.
If a Betfair SP 'each way' option is offered this will be processed as two separate bets: a win bet at SP and a 'to be placed' bet at SP.
If for any reason unmatched bets are cancelled prior to a market going in-play, then any unmatched bets that have been selected to 'At In-play: Take SP' will be converted to Betfair SP bets. Once those bets are converted, they cannot be cancelled.

Party against whom you are betting at Betfair SP

When you place a bet at SP you are betting against other Betfair customers. However during the reconciliation of the Betfair SP, Betfair acts as counterparty in order to balance liabilities between Betfair SP bets and other Exchange bets.

Placing a Betfair SP bet

Selecting the 'SP' button in the market view gives customers two different ways to request an SP bet. These are as follows:

The first way to request a bet at SP is by leaving the 'Set SP odds limit' box unticked at the top right of the bet manager. For a back bet you are required to enter the stake you wish to bet on the selection. For a lay bet you are required to enter the liability you are prepared to risk against the selection - in other words the amount that you are prepared to lose, should the selection win (or be placed as applicable).
The second way to request a bet at SP is to select the 'Set SP odds limit' option. Using this you can request a bet at SP conditional upon minimum SP odds in the case of a back bet, or maximum SP odds in the case of a lay bet. If Betfair's SP is shorter than the minimum price requested by a backer or is longer than the maximum price requested by a layer, then the relevant bet will lapse when the event starts. If Betfair's SP is longer than the minimum price requested by a backer or is shorter than the maximum price requested by a layer, the bet will be matched at the SP. Where an SP is equal to the price limit specified by customers, those bets will be included based on the time they were submitted, on a first come, first served basis as is the existing convention for other Exchange bets. This means that such bets may be unmatched or partially matched.
Please note that if a non-runner cannot be removed by Betfair from the relevant market until after the completion of the event, the application to all bets matched at or before the "off" (including SP bets) of any reduction factor, may mean that the matched price for an SP back bet with an odds limit requested, is adjusted to a price below the lower limit requested. It may also mean that an SP lay bet request with maximum odds requested, may not be matched even though the odds on the selection, after any post-race adjustment for the late non-runner, is below the maximum odds requested.
If an SP bet with an odds limit is requested, the minimum/maximum odds requested can be shortened in the case of a back bet or a lengthened in the case of a lay bet at any time before the event starts. However, as mentioned above, an SP bet request cannot actually be cancelled by a customer once it has been placed. Details of the impact of non-runners on the Betfair SP are provided below.

Exchange bets which are unmatched at the 'off'

A normal Exchange bet is placed by choosing the odds of your selection from the market view (as opposed to clicking on the 'SP' of your selection). When such an Exchange bet is fully or partially unmatched it can be adjusted and cancelled in the normal course. Previously, unmatched bets were automatically cancelled when a market was suspended at the 'off' of the relevant event. You can now choose to either have your unmatched Exchange bet convert to an SP bet when the market suspends at the start of the event, or to have the bet 'persist' when the event goes in-play (see the 'keep' option below).
In order to convert your unmatched Exchange bet to an SP bet when the market suspends you should select the 'At In-Play: Take SP' option in the bet manager. If there is a non-runner in a win market with a reduction factor of at least 2.5%, or a non-runner in a place market with a reduction factor of at least 4%, it is Betfair's policy to cancel unmatched lay bets on all other runners in the market. In the case of any such non-runner, instead of being cancelled a lay bet for which the 'At In-Play: Take SP' option has been selected, will automatically convert to an SP bet. After this conversion the bet cannot be cancelled. Otherwise, unlike an SP bet, you can choose to cancel an Exchange bet once it has been placed, even if you have chosen for the bet to persist or to convert to an SP bet at the start of the event.
If you choose to convert an unmatched Exchange lay bet to an SP bet, the liability of your Exchange lay bet will be converted into a liability for the SP bet. Your liability for that SP bet will never be more than the liability for the Exchange bet you had specified. However, the amount you can win on the SP lay bet may differ from the amount you would have won had the Exchange bet been matched, depending on the final SP.

Adjustments to SP bets for non-runners

For SP back bets, Betfair will at no point amend either the stake or the odds requested by a customer, despite any non-runners or withdrawals. However customers who have selected the SP limit option can reduce the minimum SP odds they are prepared to accept on a selection.
If you place a Betfair Starting Price (BSP) bet and we are unable to remove a non-runner until after the race has completed, the BSP Price that is calculated at the race start may change after the non-runner has been removed. The Reduction Factor of the non-runner will be applied to the original BSP odds generated, which will return a revised price for your bet.
For SP lay bets on win markets, Betfair will reduce a customer's liability based on the reduction factor(s) of any non-runner(s) and the reduction factor of the runner on which the customer's bet has been placed. This is to ensure that the balance between the backers' stakes and the layers' liability reflects the revised market after the runner has been removed. For example if a horse with a 50% reduction factor becomes a non-runner, then another horse in the same market priced at about 5 (i.e. a reduction factor of 20%) will change to a price of about 2.5. Therefore the liability on a £200 lay bet on that runner will need to change to a liability of about £75 to ensure that a balancing back bet will have the same £50 stake. This is done by multiplying the liability by 37.5% (i.e. 100%-(50%/(100%-20%))).
Where an SP lay bet in a win market has a maximum odds limit specified, this limit will be reduced by the reduction factor of any non-runner, if the non-runner has a reduction factor of at least 2.5%.
For SP lay bets on place markets, Betfair will still reduce a customer's liability based on the reduction factor(s) of any non-runner(s) but the calculation will be slightly different, in line with the application of place market reduction factors. The liability will be reduced by the reduction factor of the removed runner. Where the lay bet on a place market has a maximum odds limit specified, the potential winnings on the bet (i.e. the odds - 1) will be reduced by the reduction factor of the removed runner.
Where an SP lay bet in a place market has a maximum odds limit specified, this limit will be reduced by the reduction factor of any non-runner.
SP lay bets will not be cancelled when there is a non-runner.

Specific conditions for SP bets for non-runners in greyhound racing markets

ALL SP bets will stand so long as your trap selection is not vacant or after your bet placement a reserve runner is not subsequently entered to run from your trap selection.
ALL unmatched 'Convert to SP' bets will be cancelled when a reserve is added or a vacant trap removed.

'Keep' bets option

For markets that are scheduled to be turned in-play at the 'off', a customer can request that an unmatched Exchange bet should not be cancelled when the market is turned in-play. This is done by selecting the 'At In-Play: Keep' option in the bet manager (and confirming that request) and means that the unmatched bet persists when other unmatched bets are cancelled at the start of the event.
As described above, when a non-runner is removed from a horseracing market (apart for late withdrawals as described in the next bullet point below), it is Betfair's policy to cancel unmatched offers to lay all other horses in the market if the non-runner has a reduction factor of 2.5% or greater for win markets, or 4.0% or greater for place markets. In these circumstances offers to lay a horse with the 'At In-Play: Keep' option selected will not be cancelled. Instead the lay odds offered in place markets will be reduced in proportion with the reduction factors of any non-runner(s) and the same will apply in win markets providing the relevant non-runner has a reduction factor of at least 2.5%.
When there is a late withdrawal, Betfair may not have time to remove the non-runner from the market before turning it in-play. In such cases if Betfair is able to determine that the late withdrawal is a material runner (i.e. a selection with a reduction factor of approx 20% or greater in the win market), it reserves the right to cancel ALL lay 'keep' bets (in both the win and 'to be placed' markets) before turning the market in-play. If Betfair does not cancel lay 'keep' bets in the case of a late withdrawal (for example, it may not be possible to know which horse is withdrawn, at the time of the off), any such bets placed before the off and matched in-play will remain at the original selected price. This means that those lay 'keep' bets will not be subject to any reduction factor which as a result of the late withdrawal, will be applied after the completion of the race to bets matched at or before the 'off'.
Otherwise, in exceptional cases Betfair reserves the right to cancel 'keep' bets to protect customers but, unless stipulated in the market rules or the market information, the general principle is that at no point will a 'keep' bet be cancelled by Betfair unless it remains unmatched when the market is closed (for the final time) at the end of the event.
For the avoidance of doubt this means that (for example) when a Material Event occurs in a soccer match and other unmatched bets are cancelled before the market is reopened, a keep bet will not be cancelled.

Rules for Tote betting

When you place a Tote bet on the Betfair platform (for example a UK or South African Tote bet), you are betting against Betfair as counterparty to your bet. Betfair will then strike a corresponding bet into the relevant Tote pool as applicable.
A link to the rules which apply to Tote bets struck with Betfair as counterparty is provided within each of the relevant Tote betting pages on the Betfair website. If there is any conflict between those rules and either: the equivalent rules available on the relevant Tote website (for example on the UK Tote website in the case of UK Tote bets); or the equivalent rules applied by the relevant host racetrack, the rules on the relevant Tote website or applied by the relevant host racetrack, will prevail.

Rules for Cash Out and Auto Cash Out

Cash Out

Cash Out is a feature which is offered on various betting markets on the Betfair Exchange.
Cash Out is an easy way to lock in a profit, or cut your losses, without having to wait for the event to finish. If you decide to Cash Out, Betfair will automatically place further bets on the Betfair market to lock in your position. Customers should be aware that, if a selection is removed from a market, this may impact Cash Outs that were implemented prior to the removal of the selection and customers may receive a lesser amount than was displayed on the Cash Out button.
If you make a Cash Out request, you will be notified whether or not your request has been successful. Your request to Cash Out is not guaranteed to be accepted and may be unsuccessful if, for example, the market suspends or the odds move before your request has been processed.
If your Cash Out request is successful, a 'success' message will be shown and your bet(s) (or the relevant portion of your bet(s)) will be settled at the time on which all other bets on the same market are settled (at which time any winnings will be returned to your account).
Any attempted cash out will be reversed (and your stake returned to you) where: (i) you cash out of a bet in respect of which the market is later voided (e.g. due to abandonment of the applicable event) or (ii) you cash out of a bet which was placed on a "draw no bet" (or similar) basis and the relevant event subsequently event ends in a draw.
If your Cash Out request is unsuccessful, a message will be shown which gives the reason why and a new Cash Out offer may be offered to you.
Cash Out requests made in-play may take longer to process because of the in-play bet delay.
Cash Out may not be available at times where there is low liquidity in a market.
Cash Out is not currently available on all Betfair Exchange markets - a Cash Out icon will be displayed for the markets that support Cash Out. See the Help page for more details on when Cash Out may not be available.
Cash Out on the Betfair Exchange applies on a "per-market" rather than a "per-bet" basis. Accordingly, if you have placed two separate bets on the same outcome, you may cash out of both bets or neither bet (i.e. you will not be able to cash out of one of the bets only).
Using Cash Out may mean you will opt out of and no longer be eligible for a particular promotion. See the terms and conditions of the promotion for further details.
Betfair reserves the right to reverse the settlement of a Cash Out if the bet or a market is settled in error (for example, due to a human or technical error) or if the bet or a market is subsequently declared void. If Betfair resettles a bet, this may lead to amendments being made to a customer's balance to reflect changes in bet settlement.
Betfair reserves the right to suspend or disable the Cash Out feature at any time.
Please be aware that if you place a bet with the intention of subsequently using the Cash Out function, there can never be a guarantee that Cash Out will be available at the point you wish to place the subsequent bet (this is the case regardless of whether or not the unavailability of the Cash Out service is due to a matter beyond our reasonable control).

Auto Cash Out

Auto Cash Out is a product which is offered on a range of markets for which Cash Out is available on the Betfair Exchange.
Auto Cash Out allows you to set the profit level at which you would like to be automatically cashed out of your bets on a given market (for further details of the standard Cash Out product which is offered on the Betfair Exchange, see the sub-section above).
Simply set your auto cash out level and, should the winnings which you would achieve by cashing out reach that level at any time, Betfair will attempt to automatically cash out the bets which you have placed on the relevant market. This means that, if your Auto Cash Out is successful, you will receive the amount at which you pre-set your Auto Cash Out (i.e. your original stake and the specified profit). However, as with Betfair's standard Cash Out product, you will not be able to win the same amount as if your bet had been settled successfully.
Should your Auto Cash Out be successful, a message will appear on your screen to confirm this.
You will not be able to see when the Auto Cash Out service is attempting to cash you out.
Please note that Auto Cash Out is not guaranteed. In some circumstances, Betfair may be unable to automatically cash out your bet(s) despite this appearing to be possible on the relevant sections of Betfair's website/app.
Once an Auto Cash Out has successfully occurred, your My Bets page will list the betting transactions which occurred in order to effect the Auto Cash Out.
Where you have selected Auto Cash Out for a given market and that Cash Out has successfully occurred, any and all unmatched bets that you have placed on the same market will be automatically cancelled.
Where you have placed bets on a number of selections in the same market and one or more of those selections is settled as a losing bet before the market is fully settled (e.g. because it is no longer possible for the selection(s) in question to be successful), any auto cash out rule which you have applied to your other selections on that market will automatically be cancelled.
Betfair reserves the right to suspend or disable the Auto Cash Out feature at any time.

Miscellaneous

All references to time periods in the Exchange Rules relate to the time zone in which the event takes place. For example, a reference to the start time of a football match, relates to the local kick-off time.
All information supplied by Betfair is done so in good faith. However, Betfair cannot accept liability for any errors or omissions in respect of any information, such as the posting of prices, runners, times, scores, results or general statistics.
Betfair reserves the right to correct any obvious errors and shall take all reasonable steps to ensure markets are administered with integrity and transparency.
If an incorrect team or competitor name is displayed (excluding minor spelling mistakes) or the incorrect number of teams, competitors or outcomes is displayed in any complete market or a market is otherwise loaded using incorrect information (for example the application of an incorrect exposure algorithm or a cross matching tool utilising an incorrect algorithm) or includes any obvious error such as the incorrect deployment of the cross matching tool, then Betfair reserves the right to suspend the market and (providing it acts reasonably) to void all bets matched on the market.
Customers are responsible for ensuring that they satisfy themselves that the selection on which they place a bet is their intended selection. For example, in the case of a competitor bearing the same name as another individual not competing in the relevant event, the onus is on the customer to ensure that they know which competitor Betfair has loaded into the relevant market and to ensure that they are placing their bet on their chosen competitor.
Betfair reserves the right at any time in its sole and absolute discretion to suspend an Exchange market without suspending any corresponding or related Sportsbook or Fixed Odds market, or to suspend or stop offering a Sportsbook or Fixed Odds market without suspending any corresponding or related Exchange market.
Betfair may, in its sole and absolute discretion, decide to suspend betting on a market at any time (even if such suspension is earlier than anticipated by the Exchange Rules). In the interests of maintaining integrity and fairness in the markets, Betfair may also void certain bets in a market or void a whole market in its entirety.
Please be aware that if you place related or corresponding bets on a combination of Betfair's Exchange, Sportsbook, Fixed Odds and/or Multiples products (and/ or the betting products of other third parties), it is possible for bets on one product to be voided in accordance with Betfair's terms and conditions, while bets on another product may stand. You should note that Betfair will have no liability to you in the event that one or more of your bets on Betfair's products are amended or voided in accordance with Betfair's terms and conditions, even if your other related bets stand (and even if you have specifically relied on bets you have placed on one product in order to place related bets on another product).
Betfair reserves the right to amend the Exchange Rules at any time. Any such revision will be binding and effective immediately on the posting of such rule changes on betfair.com and any markets loaded after the new Exchange Rules have been posted shall be governed by the new Exchange Rules.
Betfair reserves the right to cancel unmatched bets to protect customers at any time.
On the settlement of any market, amounts relating to:
winnings/losses on bets; and
commission charges

will be rounded up or down to the nearest two decimal places (with the exception that rounding will always be down (and never up) in respect of amounts relating to winnings/losses in respect of BSP bets). By way of example, £3.333, will be settled as £3.33, whereas £3.335, will be settled as £3.34 (except that it will be settled as £3.33 in respect of an amount relating to winnings/losses in respect of BSP bets).

The Exchange Rules have been prepared in various languages other than English for translation purposes. In the event of any differences between the English version and (if applicable) the translated version in the local language of your country of residence, the version most beneficial to the customer shall prevail.