Keep Bets
06 Advanced techniques and terminology 
/ Betfair Education / 20 March 2008 / Leave a comment
What is the new 'Keep Bet' option? Customers have consistently told us that they would like to be able to choose for unmatched bets not to be cancelled when an event goes in-play. To meet this demand we introduced the 'Keep Bet' option in December 2007.
How does the option work?
You fancy a horse at a decent price today. You are confident the horse will look like a winning chance with a furlong to go and it's price will trade much shorter, but aren't so sure the horse will go on and win.
You place your back bet as normal to give you an initial position in the race. Previously if you wanted to get your stake back or lock in a profit on the same horse, you would have to playing the market when the race was running. Now you have the option of placing the counter-trade, the lay bet, in the system, ready to get matched if the price ever goes so low in-running.
Use the What If function to do the maths and work out the price and stake for your lay bet. As you will be asking for well under the existing price, your bet offer will come back unmatched. You will be given the option to 'Keep' your bet if it is still unmatched when the game is turned in-play. The 'At In-Play: Keep' option appears under each unmatched bet in 'My Bets'. Please note the default position is that unmatched bets will be cancelled when an event goes in-play. You have to explicitly choose for each bet you want kept and you must save changes to transmit your choice to Betfair.
If you choose the Keep Bet option, your bet will not be cancelled should it be unmatched when the game is turned in-play. So, if your selection reaches the price you have selected at any point either before or during the race, your bet should be matched (Bear in mind other people may be in the queue ahead of you at a particular price - check the Market Info graph in advance). If your bet is unmatched when the market turns in-play, you retain your original place in the bet queue at the price you have requested.
The Keep Bets function only applies to events which are turned in-play by Betfair.
Are there any risks?
By selecting the Keep Bet option you are asking for your requested bet to stay live regardless of what happens during the event. So for football, this means that unlike normal bets, a Keep Bet will not be cancelled if there is a goal or red card in the game.
