Glossary
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L
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Lay
A type of bet in which you expect your selection to lose, so you are betting against it, essentially playing a bookie yourself.
If your selection does lose, your net profit will be the size of your bet.
But if your selection wins, your loss will be
bet*(price – 1). For example, if you lay £10 on Sarpsborg to win against Bodo Glimt at the price of 2.48, you will get exactly £10 if Sarpsborg loses (minus 5% commission), and you will be stripped of £10*(2.48 – 1) = £14.8 if Bodo Glimt wins or the teams draw.
Note that your liability (the amount you are risking) can be much higher than the amount you are betting! If the price is greater than 2.0, you stand to lose more than you will win! If you lay on potentially losing selections, you will encounter very high prices which may outweigh the perceived improbability of such selections’ winning.
See Back.
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Log
A log is a file to which MarketFeeder Pro records important information related to your bets or the functioning of the application. The Program Log notifies you of new bets you placed, changes in the event status, any errors, interruptions, new scores, etc.
Trigger logs record a detailed breakdown of what conditions the trigger checks, which of those conditions fail to be satisfied and what actions that trigger performs and in respect of which selections.
The trigger log is an invaluable source of debugging information when you are making a trigger. Trigger development is often a trial-and-error activity, so have the trigger log at the ready and look into it whenever the behaviour of the trigger deviates from the expected one.
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Loss
The loss is the net amount that will be deducted from your balance is your bet loses. The exchange commission is never applied to losing bets.
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Last traded price
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Liability
Liability is the amount you risk when betting on a selection. A compound liability of back and lay bets placed on a selection can be calculated according to the formula below:
Liability = - {back amount} - {lay amount}*({average weighted lay price} – 1)Where
{back amount}is the sum of all back bets you placed on this selection,{lay amount}is the sum of all lay bets, and{average weighted lay price}is the average price of the lay bets adjusted for their corresponding amounts. If you have only one bet, the average price will be the price of that bet. If you have several lay bets, the average weighted price can be calculated according to this formula:Average weighted price = ({amount1}*({price1} - 1) + {amount2}*({price2} - 1) + … + {amountN}*({priceN} - 1)) / (amount1 + amount2 + … + amountN) + 1.So, for example, if you laid $10 at 2.2 and $15 at 4.5, the average weighted price will be:
AWP = (10*(2.2 – 1) + 15*(4.5 – 1))/(10 + 15) + 1 = 3.58.Liability = (10 + 15)*(3.58 – 1) = $64.5.
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Ladder
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