The average traded price (ATP) on Betfair is the average of every price matched on a selection, weighted by how much money was matched at each price. It is the exchange version of a volume weighted average price (VWAP), the finance measure of where trading actually happened. In the illustrative trades below, a $2,500 trade counts more than 30 times as much as an $80 one.
How the average traded price is worked out
In words: multiply each price by the money matched at it, add those up, and divide by the total matched. With illustrative trades on Runner 6 before a race:
| Minutes to the jump | Price | Matched | Price x matched |
|---|---|---|---|
| 38 | $4.60 | $300 | 1,380 |
| 22 | $4.40 | $1,200 | 5,280 |
| 6 | $4.20 | $2,500 | 10,500 |
| 1 | $4.80 | $80 | 384 |
| Total | $4,080 | 17,544 |
Average traded price = 17,544 / 4,080 = $4.30. A plain average of the four prices is (4.60 + 4.40 + 4.20 + 4.80) / 4 = $4.50, which gives the $80 trade as much say as the $2,500 one. The ATP also has a useful reading: all $4,080 of those back bets, taken together, return the same as one $4,080 bet at $4.30, since 4,080 x 4.30 = 17,544.
Average traded price vs last traded price
| Average traded price | Last traded price | |
|---|---|---|
| What it is | Every matched price, weighted by money | The price of the latest matched bet |
| Runner 6 | $4.30 | $4.80 |
| Effect of the final $80 trade | From $4.29 to $4.30 | From $4.20 to $4.80, six ticks |
Before the last trade the ATP was (17,544 - 384) / (4,080 - 80) = 17,160 / 4,000 = $4.29, so the $80 barely moved it. The last traded price jumped six ticks on that same $80, and $4,000 of the $4,080 matched had traded at $4.60 or shorter.
Reviewing a market with it
Split the trading into time windows to see where the money moved:
- More than 10 minutes out: (300 x 4.60 + 1,200 x 4.40) / 1,500 = 6,660 / 1,500 = $4.44.
- The last 10 minutes: (2,500 x 4.20 + 80 x 4.80) / 2,580 = 10,884 / 2,580 = $4.22.
The money shortened Runner 6 late, even though the last trade suggests a drift. Then grade your own bet: backing at $4.60 against an ATP of $4.30 is 4.60 / 4.30 - 1 = 7.0% better than the average price paid. How much money stands behind those figures is total matched, and the minutes before the jump are covered in pre-race trading.
Risk: Betting involves risk. Beating the average price is a measure of the price you got, not a forecast that the bet wins. See responsible gambling for limits and support.
Where the average misleads
- Thin trading. An average of a few small trades says little; check the total matched first.
- Stale trades. An early trade made before news is still in the average, so pick the window you care about.
- Not a fair price. The ATP looks back. A tight back and lay spread describes offers you can take now.
Flucs and closing lines on the Terminal
On the Terminal, price history (flucs) shows how each price moved before the jump and closing lines show where it finished, with prices from 40+ bookmakers across racing and sports set beside Betfair back and lay. Prices are read on a repeating cycle, and B337 places no exchange bets. Bookmaker names are trade marks of their owners. B337 is not affiliated with them. The lay betting guide covers how backing and laying fit together.
Risk: Betting involves risk. Past prices are no guarantee of future ones, and there is no guarantee of profit. Responsible gambling lists limits and free support.