What is XSP - Exchange Starting Price?

What is XSP -  Exchange Starting Price?

On selected markets where the XSP icon is displayed, Betdaq gives customers the option to place bets that are not otherwise matched on the exchange at an Exchange Starting Price (XSP). Betdaq will calculate and display the XSP when an event is being turned in play or completed (if not turning in-play). Customers can select to have any unmatched back or lay bet matched at the XSP when it is calculated.  

How can I place a bet at XSP?

When you place a bet on the exchange you will now have an option for your bet to be matched at XSP if it is otherwise unmatched at the point when XSP is calculated. This is done through the bet slip, or through subsequent update of unmatched bets. Customers also have the option to default all their unmatched bets to match at XSP where available through their account settings.

Can I place a bet directly at XSP?

All bets must initially be placed into the exchange and be available for matching with other customers. A bet will only be matched at XSP if it is otherwise unmatched and the customer has selected to match at XSP rather than to cancel or keep in-play.

XSP best practice.

When placing a bet and selecting XSP, you must keep your order odds within 30% of the market average. I.E. Current market odds of 28.0, then your offer should be of the range 35.0 to 36.0. Do not place orders with an unrealistic order price such as 1000 simply to avail of the XSP as doing so may result in XSP being withdrawn from your account.

Will XSP bets be reflected in my P&L?

Yes, once matched, XSP bets are reflected in your P&L just like any other exchange bets matched.   

How is commission charged on XSP bets?

Commission continues to be paid on net market winnings in a market taking into account all bets in the market including XSP bets. For more information on how commission is charged see the help centre.  

How is XSP calculated?

XSP is calculated by Betdaq based on the prices and volumes matched in the exchange market on an event.  Betdaq does not publish the XSP calculation algorithm and may adjust it from time to time without notice.

How much can I bet at XSP?

The amount that you can stake at XSP is ultimately determined by the volume of XSP backers and layers in the market however to ensure that customers can use XSP with confidence Betdaq will guarantee XSP liquidity to certain amounts at our discretion.  
UK Racing win markets - Layers liability of £3000 per market (or currency equivalent)
Irish Racing win markets - Layers liability of £1500 per market (or currency equivalent)
These amounts are subject to change without notice and Betdaq reserves the right to remove XSP bet permissions and/or cancel XSP bets from customer who are deemed to be abusing these guarantee limits either alone or in conjunction with other customers.
If a customer stakes more than can be matched through the XSP process any excess stakes will be cancelled at the point of XSP calculation.  (API customers have the ability to persist any unmatched XSP bets in-play through their bet placement settings).

Are bets at XSP guaranteed to be matched?

Betdaq intends that all requested XSP bets will be matched however XSP bets may not be matched in the following circumstances:
"     An XSP cannot be declared on an event for any reason, technical or otherwise;
"     The customer has requested more stake than is available for matching;
"     Where a market is turned in-play or completed earlier or later than expected Betdaq may at its sole discretion decide to unmatch any XSP bets on the market   
In any of the above circumstances XSP bets will be cancelled and will not be available for further matching.

XSP Manipulation?  

Customers who, in Betdaq's view, attempt to manipulate exchange markets in order to influence the XSP to their benefit, either alone or in conjunction with other customers, will have their ability to place bets at XSP removed or in extreme cases their accounts and funds suspended.