Arbitrage betting robot (bot) software specification
The software will find real time arbitrage bets for UK horse racing win markets on Betfair, [url removed, login to view] and iBetX and place the bets automatically.
The user can specify: min profit per arbitrage, max
lay odds, max liability, commissions.
The software will not bet in-play.
It will assume that the balance in Betfair, Betdaq and iBetX is the bank
for arbitrage bets. It will stop placing bets if the banks at the
exchanges are not enough to afford next bet.
If for any reason the first bet was matched and second was fired but
not matched (or not accepted on exchange), the software will try to
place a bet to close position with minimal loss.
The software will take into account commissions.
It will display a list of monitored races and placed bets with the settings used.
It will place more than one arbitrage bet on the same selection if
there is another opportunity for arbitrage.
It will allow the user to start/stop betting at any time.
It will load a new list of horse races to monitor every midnight (or
every day, as soon as the user starts the application). This means it will not
look for arbitrages for tomorrow's markets.
The minimum bet can be less than the exchange minimum manual bet.
For example a 10p bet could be placed with betfair that normally has a £2 minimum.
The arbitrage bet must provide an equal profit if the horse wins or loses.
It would be useful if the program generated an error log if bugs occur.
Software has been developed for this already using betfair and betdaq only. It didn’t work: the bot could not get the odds requested at betdaq, this may be a critical issue for a new development.
It will be run on a VPS that has .NET4 and windows server 2003 r2 sp2.
512MB RAM. The program should be in the form of a .exe. file that can be emailed to me.
I would prefer not to pay anything or say a maximum of 25% upfront to get to basic proof of finding the arbs and placing the bets at the requested odds with real money. If the bot fails at this point then the money should be refunded.
Development beyond that point (at cost) would be removing bugs, making it easy to use and looking good.
The bot should be emailed to me as the development progresses so that I can test it alongside any tests that you do. I can run the development bot at my VPS to find any bugs. It can take a while to find the bug so the tests can be day long sometimes. I would email you with problems found.