A lapsed bet is an unmatched exchange bet, or the unmatched part of one, that the exchange cancels automatically, either at the jump because the bet was set to lapse, or when a suspended market triggers its cancellation rules. Nobody took the other side, so no bet was ever struck on that part. The money held back for it returns to your available balance.
How a bet lapses, worked
Say you ask to lay Runner 8 for $45 at $3.40 (illustrative prices), a liability of 45 x (3.40 - 1) = $108. By the jump, backers have taken $27 of it, and the other $18 is set to lapse.
| Part of the order | Stake | Liability | At the jump |
|---|---|---|---|
| Matched | $27 | 27 x 2.40 = $64.80 | Stands as a bet |
| Unmatched | $18 | 18 x 2.40 = $43.20 | Lapses, liability released |
Your bet on the race is the $27 lay: you pay $64.80 if Runner 8 wins and collect $27 before commission if it loses. The $43.20 that was held back is free again.
Lapse vs keep vs take SP
Each order carries a setting for the jump, and your exchange's terms name the default. Where the exchange works out a starting price, the setting can be any of three:
- Lapse when you only want the bet at your price. Whatever is unmatched is cancelled, and you hold what was matched.
- Take SP when you want the whole stake on more than you want your price. The unmatched part becomes a starting price bet at a price nobody knows until the jump.
- Keep is the third, and the exchange's rules set out what it does, so read them before you choose it.
No money lost, but check the position left
A lapsed part costs nothing: there is no stake on it, no liability and no commission. What can cost you is the bet it leaves behind.
Another illustrative case: you back Runner 5 for $40 at $5.50, then ask to lay $55 at $4.00 to close the trade. Matched in full, that lay would leave 40 x (5.50 - 1) - 55 x (4.00 - 1) = $15 if Runner 5 wins and 55 - 40 = $15 if it loses. If the lay lapses unmatched, you still hold the whole back: +$180 if Runner 5 wins, -$40 if it loses. Check what is matched on every order before the jump, then cancel or finish what is left.
Note: Before relying on any setting, read your exchange's rules on unmatched bets. Unmatched bets explains partly matched orders and what scratchings do to them.
Lapsed, cancelled and void
| Term | Was any of it matched? | What happens to the money |
|---|---|---|
| Lapsed | No, cancelled automatically by the exchange | Released, nothing settles |
| Cancelled | No, withdrawn by you before it was taken | Released, nothing settles |
| Void | Yes, then struck out, for example on a scratched runner | Stake returned and liability released |
Your exchange account and the Terminal
B337 places no bets on the exchange, so every lay, setting and hedge there is yours to place and to check. What the Terminal adds is the comparison: Betfair back and lay beside bookmaker prices on racing and sports, read on a repeating cycle. Bookmaker names are trade marks of their owners. B337 is not affiliated with them. Laying from scratch is covered in lay betting.
Risk: Betting involves risk. A lapsed hedge leaves your original bet open, and a matched lay pays its full liability if the runner wins. For limits and support, see responsible gambling.