- Predicted Outcome: The predicted outcome of a specific event or future. (i.e., Kansas City will win by 7).
- Probability (price): The probability that the predicted outcome will occur (i.e., 50%). The price a player sets to buy or sell at is determined by the probability of the predicted outcome. Check out our pricing article to dive deeper into pricing.
- Quantity: The amount of the predicted outcome a user wants to purchase or sell. This is represented as either cash / edge coins (buy order) or units of a bet position (sell order).
- Expiration Date: The timestamp when any unfulfilled quantity on the order will expire and return to the users wallet (buy order) or to a bet position (sell order).
Additionally, orders can be a market order or a limit order.
A market order is a type of order that executes at the current market price (probability / odds).
Current market price is based on the last traded price and may not be representative of the actual price in markets with low volume.
Market orders have priority over other order types, so they generally execute more often. Market orders are typically used when you want to trade positions quickly or avoid partial fills. Use a market order to increase your success of fulfilling.
Please note, you aren’t guaranteed a price (probability / odds) with a market order. BettorEdge automatically converts most market buy orders into limit orders with a 1% collar (user set preference) to help cushion against any significant upward price movements.
The current market price for Minnesota to beat Colorado is 55% (-122). You decide to place a market order for Minnesota to win based on the current market price of 55% (-122).
BettorEdge will identify the cheapest open order for Colorado to win. If the cheapest price is lower than the current market or within 1% more expensive, your order will fulfill. Therefore, your resulting position will never be higher than 56% (-127) but could always be cheaper (i.e., 50% -100). Hence you are protected from price volatility that could result in a poorly priced position.
Limit Order - Market order with 0% collar
A limit order can only be executed at your specific limit price (probability / odds) or cheaper. You can use limit orders to have more control over the final executed price of your position.
Please note, limit orders are not guaranteed to execute. There has to be a buyer and seller on both sides of the trade with a price that is cheaper than your limit price. If there aren't enough orders in the market at your limit price, it may take multiple trades to fill the entire order, or the order may not be filled at all.
The current market price for Minnesota to beat Colorado is 55% (-122). You decide that the current market price is too high and the market should come down. Therefore, you place a limit order for Minnesota to win for 50% (-100).
This order will remain unfulfilled until a Colorado order agrees that the price should be 50% (-100). The resulting position will never be more expensive than your limit price, but could be cheaper.