General Rules

• All individual race markets will be determined according to the official result at the time of the 'weigh-in' announcement (or equivalent). Subsequent disqualifications, appeals or amendments to the result will be disregarded.
• If a race is abandoned or otherwise declared void, or in the event of a walkover, all bets on that race will be void.
• If the scheduled venue is changed after the market has been loaded by Betfair, all bets will be void.
• Where a race does not take part on its scheduled day, all bets will be void.
• If a scheduled surface type is changed (e.g. turf to dirt) all bets will stand.

Ante-Post

• Subject to the points below, in ante-post markets, all bets on an individual horse stand whether the horse runs or not.
• For GB and Irish racing: if a horse is balloted out, all bets on that horse will be void.
• If a horse listed in an ante-post market dies, Betfair will use the available information to determine the time of the horse's death. Betfair will then, acting reasonably, determine whether the horse was a 'material runner' in the market. Betfair will undertake a similar determination in cases where it is advised through official channels that a runner has been formally scratched from an ante-post race. In determining whether a horse is a material runner, Betfair will consider the general price of the horse immediately before the horse's death (or immediately before being advised it has been scratched), in the Betfair market and in the wider betting market. Broadly, Betfair will consider a horse to be a material runner if it is deemed to have an approximate chance of winning of 8-10 per cent or better.
• If Betfair determines that the horse was a 'material runner', then all bets struck in the market (on all selections) between the time of death (or the time that the formal scratching notification was created) and the suspension of the market will be void and all unmatched bets will be cancelled before the market is reopened.
• If Betfair determines that the horse was not a 'material runner', then just bets struck on the horse in question between the time of death (or the time that the formal scratching notification was created) and the suspension of the market will be void and unmatched bets will not be cancelled before the market is reopened.
• Bets matched on horses after they have forfeited their entry at a particular entry stage or where they have not qualified by the applicable qualifying date will be voided unless the race in question has a subsequent supplementary entry stage.
• Please be aware that runners who have not been entered at the various entry stages may be removed from relevant race markets and all matched customer bet prices set to 1.0 even if there are later supplementary stages. Should it appear likely that a specific runner may actually be supplemented into the race this runner will be reinstated with all matched customer bets set back to the original prices.
• No 'Betfair Non-Runner Rule' reductions are made to ante-post bets.
• All relevant bets will be void where an event is: abandoned and not rescheduled; or postponed and rescheduled to another venue; or postponed and rescheduled to another day at the same venue with entries for the race being reopened or reverting back to a previous entry or declaration stage provided any additional horses are entered or re-entered and such entries or declarations are considered, in Betfair's absolute discretion, material to the betting on the race. For the avoidance of doubt, where a race is postponed and rescheduled to another day at the same venue, relevant bets will stand where entries/declarations at the time of postponement remain unaltered or include any non-material addition(s) prior to the rescheduled race.

Place Terms For Exchange Markets

• The number of winners in 'to be placed' markets is as set out in the Market Information and is determined with reference to the number of runners known to Betfair when the market is loaded.
• Once opened, the number of winners in 'to be placed' markets will not be affected by further non-runners.
• If the number of winners stated in the Market Information is equal to or is greater than the number of runners, all bets in this market will be void.
• If the number of placed horses is less than the number of potential winners listed in the Market Information, the winners will only be the placed horse or horses.

Each Way Markets

• The place portion of any "Each Way" bet will be settled according to the number of 'places' and at the fraction of the win portion profit stated in the market information.
• For example: ''EW Terms: 1/5th odds, 3 places''. That ''1/5th'' is applied to the traditional or fractional odds, which are 1 less than decimal odds, so the calculation of the Place odds corresponding to Win odds of 8.0 in this market is ((8.0 - 1) / 5) + 1 = 2.4.
• Once opened, the number of places in 'EW' markets will not be affected by further non-runners unless the number of 'places' which are offered on the 'Each Way' market is equal to or exceeds the number of runners in which case, the place portion of any EW bet will be voided at settlement.

Winning Distance Bets

• Unless stated otherwise in the Market Information, winning distances' bets are on the sum of the winning distances from each race on one particular day at a race meeting.
• The winning distance in a race will be the officially declared distance between the first two horses past the post. However if either the first or second horse past the post is disqualified because: (i) of an incorrect weight carried; (ii) they have taken the wrong course; (iii) the jockey of either horse fails to weigh in, or weighs in light after the race; then in each case the winning distance shall be that between the first and second horse under the official result.
• For the purpose of this bet, the maximum distance on any individual race will be 12 lengths for Flat races and 30 lengths for National Hunt races (which includes National Hunt Flat Races) and these distances will be applied where only one horse finishes a race. For distances below half a length, the following scale will be applied:

-Nose: 0.05 length

-Short-head: 0.1

-Head: 0.2

-Short-neck: 0.25

-Neck: 0.3

• If a meeting has three or more races abandoned or declared void, then all 'winning distance' bets will be void, unless the entire market has been unconditionally determined.
• When only one or two races are abandoned or declared void, then 'winning distance' bets will be settled with a default distance used for each abandoned or void race. The default distances are 2 lengths for Flat races and 10 lengths for National Hunt races.
• Where a walkover is announced after a particular ''Winning Distance'' market is first offered on the Betfair Exchange, the following winning distances will be deemed to have applied to the race which is the subject of the walkover:

-Flat: 5 lengths

-National Hunt: 12 lengths

• Where a walkover is announced prior to a particular ''Winning Distance'' market being offered on the Betfair Exchange, for the purposes of such market (once offered), the race which is the subject of the walkover will be disregarded and the ''Winning Distance'' total will be determined according to the remaining races (i.e. all races excluding the race which is the subject of the walkover).

Betfair Non-Runner Rule

• Betfair's non-runner rule relates to the adjustment of odds on bets already matched when a horse in a race is declared a non-runner. In order to make the adjustment Betfair applies a reduction factor to the remaining runners. The reduction factor allocated to a non-runner is a calculation (the details of which are described below) of that horse's chances of winning (or being placed, etc as appropriate) and is applied to bets already matched on the other runners in the relevant market or markets.
• Any horse listed when the relevant market is loaded which does not subsequently come under starter's orders is deemed to be a non-runner.
• When the market is loaded each horse is given a 'reduction factor', based on a forecast price, which is expressed as a percentage. These reduction factors may be updated periodically at the discretion of Betfair based on trading in the market, but after approximately 15 minutes (approximately 5 minutes for Australian and US markets) from the scheduled 'off' time of a given race, they will be updated only in exceptional circumstances. The current reduction factor percentage for each horse can be viewed on the 'info' page on the Betfair website or by asking the Helpdesk.
• Accurate reduction factors will only be applied to selections in the event of a non-runner. Once a non-runner is declared each selection in the market will be given an appropriate reduction factor. Reduction factors can be amended at Betfair's discretion at any time throughout the market life cycle (including post-race).
• For Australian racing, reduction factors may be updated periodically at the discretion of Betfair based on trading in the market, but after approximately five minutes from the scheduled off time of a given race they will be updated only in exceptional circumstances.
• Reductions will be made to both win and place markets but applied differently (as described below), and horses will have a different reduction factor for each market.
• As soon as Betfair becomes aware that a horse is an official non-runner or a highly likely non-runner, following a statement to the press from connections, the following will happen:
• All matched bets on that horse will be void and the horse will be removed from the market.
• In the win market: if the reduction factor of the non-runner is 2.5% or greater, the traded price of all the matched bets on the remaining horses will be reduced by an amount equal to the non-runner's final reduction factor and all the unmatched offers to lay will be cancelled. If the non-runner's reduction factor is less than 2.5%, reductions will not be applied and unmatched bets will not be cancelled.
• In the place market the reduction factor of all non-runners will be applied (even if less than 2.5%) and the potential winnings in relation to matched bets on the remaining horses will be reduced by an amount equal to the non-runner's final reduction factor. Only if the non-runner's reduction factor is 4.0% or greater will all the unmatched offers to lay be cancelled.
• All the reduction factors on the remaining horses will be adjusted to reflect their improved chance of winning.
• Reduction factors are not applied to bets which are struck in-play. However, if a market is turned in-play prematurely by error (or, for example, there is a false start), all bets matched during this time will be subject to any later reduction factor, provided the market is turned out of play before the race commences. In the event of a late withdrawal, Betfair reserves the right to remove the runner after completion of the race. In this case only those bets matched prior to the off will be affected by a reduction factor.
• In the event of a non-runner being removed from a race in error or following incorrect information regarding a runner's participation, Betfair will reinstate both the runner and all previously matched bets associated with that runner. All bets made between the time of withdrawal and reinstatement will be void in both the place market and the win market. The reduction factor applied to matched bets at the time of withdrawal will be reversed and the original prices will become valid.
• Any non-runners will be removed from the relevant markets in the order in which they are brought to Betfair's attention. If Betfair becomes aware of more than one non-runner at the same time, it will remove the non-runners from the relevant markets in racecard order.
• If a runner is not included in a market because of an error or because of incorrect information regarding a runner's participation, Betfair reserve the right to introduce the missing runner into the market at any time prior to settlement (even after the race has been run), provided that Betfair has determined that the missing runner is not a material runner (i.e. a selection with a reduction factor of approx. 2.5% or less in the win market). In such circumstances, all pre-play unmatched and matched bets will stand, however if the runner is not introduced before the start of the race, all in-play bets will be void. However, if the missing runner is deemed to be a material runner, then the malformed market will be void and a new market will be loaded where possible.

How The Reductions Are Applied For Exchange Markets

• In the win market, reductions will be made on the traded price.
• For example: if the non-runner's final reduction factor is 25% the traded price on all previously matched bets on other horses will be reduced by 25% - traded price of 8.0 would become 6.0 etc. And these might be further reduced if another horse is subsequently declared a non-runner.
• In the EW Market, reductions will be made on the traded win price. The advertised place terms will then apply to the revised win prices.
• For example: if the non-runner's final reduction factor is 25% the traded price on all previously matched bets on other horses will be reduced by 25% - - traded price of 8.0 would become 6.0. If the each Way terms were 1/5th odds for 3 places, the corresponding price for the Place portion of the bet would reduce from 2.4 to 2.0.
• In the place market, reductions will be made to the potential winnings on the bet only, and not the traded price.
• For example: if the non-runner's final reduction factor is 25% the potential winnings on all previously matched bets on the other horses will be reduced by 25% - a traded price of 8.0 would become 6.25. For example a £10 bet on a horse to be placed at a traded price of 8.0 would provide winnings of £70. If there is a non-runner with a reduction factor of 25% in the race, that factor will be applied to the £70 of potential winnings leaving potential winnings of £52.50. Therefore the revised traded price will be 6.25.
• The traded price may be further reduced if any other horse(s) is subsequently declared a non-runner, however odds cannot be reduced below 1.01.
• Reserves: A reserve runner may appear in the relevant markets but will have a non-applicable reduction factor until Betfair has received confirmation that it is a confirmed runner, in which case an applicable reduction factor may apply to it.
• For the avoidance of doubt, any reduction factor applicable to a non-runner replaced by a reserve, will be applied to all bets struck on the relevant markets, prior to the removal from those markets of such non-runner by Betfair. Likewise, should a reserve runner become a confirmed runner but subsequently become a non-runner, any reduction factor applicable to such non-runner will be applied to all bets struck on the relevant markets, prior to the removal from those markets of such non-runner by Betfair.

Additional Rules

• Card numbers are posted as a guide only: bets are placed on a named horse.
• Horses will not be coupled.
• Where any horse(s) runs for purse money only it is deemed a non-runner for betting purposes. Should this result in the number of possible winners stated in the relevant Market Information being equal to or greater than the number of runners in the relevant Betfair market, all bets in the market will be void.