online system to calculate true place odds using Betfair API
sample output page set up at [url removed, login to view]
I need an online interface that shows the true place odds of
races in the UK and possibly ireland that can be reflected on
a unique url in simple format. See jpeg sample.
The programmer will need to be familiar with working with API's
and it would help if they have an understanding of odds or betting.
Variables for the place odds may range from 1/10th through to 1/3rd
the program would need to allow us to input the place variable and
then the program would automatically calculate the true place odds
based on the fluctuating win market odds drawn from the Betfair API.
On any given day Betfair may have up to 8 UK horse race meetings, we
would like to be able to have it so that we can define multiple UK horse
races on any given day and draw the data into the web interface for viewing.
A complete analysis would need to be done on the Betfair API to define the
possibilities in maximizing information for place betting in our prospective platform.
We may at a later stage want to add more variables such as a weighting
for potential fallers or non runners but this can come later.
JPEG SAMPLE Explaination
'Win and Place' odds as per current Betfair market shows.
The 'True Place Price' column is the estimation of a horses true place price. These odds will be generated through an algorithm calculation.
The '% Over or Under' is the current place price compared to the 'True Place Price'. If the current price is more than the true price it will show a +% and may be indicated as a value place bet. If the current price is under the true price then it will show a -% and may be indicated as a value lay.
most races on betfair will be the following
1. 5 - 25 runners
2. Common Place odds 1/4 1/5 1/6 (this would be the calculation needed taken from the fluctuating win price.
If Horse A's Odds is 5/1 and the place is 1/4 odds the true place odds would be 5/4
If Horse B's Odds is 5/1 and the place is 1/5 odds the true place odds would be 5/5
we need to see
1. the details of the race, location, time, number of runners
2. the Betfair win price (fluctuates) the Betfiar place price (Fluctuates) the true place price shown as a % + or -
Whether a race is a 1/5 or a 1/4 a place is determined by several factors. These factors will probably need to put in
manually as the variables can change very near the race.
Variables for determining 1/5 or 1/4 place can be complex so it may be better for us to have a manual input
to tell the program whether the race is 1/4 or a 1/5 of the odds a place. Please advise.