Floating Orders – Orders automatically recalculated every time the index moves
The Floating Order is a feature that will allow the system to move your order automatically when the index changes. The amount will be updated constantly to correspond with the given exposure. Whilst standardorders require a fixed price and an amount, a floating order will instead require a price distance and an exposure. So, when you choose your price and amount, the order will be placed at the chosen distance from the SpiffIndex and with an amount that totals the chosen exposure, i.e. the maximum loss of the bet. These will be recalculated and move automatically every time the index moves.
The Floating Bet feature is only available for theproduct, and can be used for both in-play and pre-play bets. Simply tick the ‘Floating bet’ box and let us do all the calculations for you!
How doesPre-play work?
For Pre-play matches SpiffIndex is the calculated market price that you’re betting against before the event starts. You have to predict the result of the match and whether the odds (price) will move over or under the market price (index) before the game kicks off.
If you believe that the price will move before the match starts you have to decide whether it will move over or under the Index. The chosen price will be compared to the Index before the event starts. For example if the Index price is 1.50 10 hours before the game starts and you believe that the price will fall under 1.48 you can buy a selection that matches your prediction or sell an order for the price to be over 1.48.
Refer to ‘How does Spiffindex work?’ for further rules and explanations.
How does Spiffindex In-play work?
All functionality and games related to the In-Play games are based on the same model as the Pre-Play games. The main differences between the Pre-Play model and the In-Play Model are:
7 second delay
For in-play events, when you confirm an order a 7 second delay will occur before this is entered in the order system. This delay will be shown to you.
- Delay placing bet
5 minutes timeframe
During in-play games, once a bet is matched it will be valid for 5 minutes from the order time. The countdown will be displayed for you to see.
- Bet placed – time left
All bets can also be viewed in the tab ‘My Orders‘ or by clicking ‘My Account‘. Any in-play orders that will remain pending at the end of the match will be removed automatically once the match ends.
If the game is suspended, orders will be kept until the suspended status is released.
Settlement of Bets
All orders will be settled after 5 minutes from when the bets are matched. Bets will be settled automatically regardless of the result in the game (Ref. Screen 3). All other bets will be settled directly after the game finishes.
The rules for each game are displayed in the market information in the tab ‘Rules’. Additional information about the rules can be found in the Rules & Regulations and the Terms & Conditions.
Bets will be settled within 24 hours after a game ends. Normally this will be done immediately after the game.
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