What a quote is, and how it differs from the market price
A market price is displayed; a quote is offered. The two are frequently the same and are not required to be, and the gap between them is the subject of this desk. The first page sets out what each price is, who sees which, and which one the bet actually settles on.
- market price
- 1.90
- quoted levels
- 5
- spread
- 6.4%
- modal quote
- 1.90
A market price is the number displayed beside a selection, and a quote is the price your own account is offered for it. On the samples the displayed price was 1.90 and the quotes ran from 1.88 to 2.00, so 78 of 120 accounts were offered something other than the displayed price. The price on your receipt, not the displayed one, governs the bet.
A displayed price and an offered price are two different things
The screen shows a market price, and a reader reasonably reads it as the price. It is better understood as a published rate - the number the operator is advertising for a selection - while the quote is the number it is prepared to write on that reader's receipt. The two are usually equal. On the samples they were equal for 42 of 120 accounts, and different for the other 78.
Three consequences follow, and all three are visible on a receipt. The displayed price can be better or worse than the quote. The quote is the one that binds, because it is the one the account accepted. And the reason for the difference is never stated on the screen, because the screen is not showing a price for you - it is showing a price for anyone.
| Property | The market price | The quote |
|---|---|---|
| where it appears | on the selection, before an account is considered | on the bet slip and on the receipt, per account |
| who sees it | every account and every visitor | one account at a time |
| on the samples | 1.90 for all 120 accounts | 1.88 to 2.00, five levels |
| how it changes | when the operator reprices the market | when the stake, the tier or an offer changes |
| what it governs | nothing, once a bet is accepted | the settlement of the bet it was accepted on |
| which one binds | the displayed price governs 0 of 100 disputes | the receipt governs 100 of 100 |
Why a displayed price is not a promise
A market price is a number in a list, and a list of numbers has to be published to be useful. The quote is different: it is a price for one account, and it exists only while that account is looking at the market. That is why the displayed price can move without the quote changing, and why a quote can be withdrawn before the account accepts it.
- Is the number on the selection the same as the number on the bet slip, or did it change when you added a stake?
- Did the price move when you changed the stake, which points at a stake-banded quote rather than a market move?
- Is there a second price somewhere on the receipt, and are the two labelled differently?
- Does the selection still show the old price after you were quoted a new one?
- Which price would you be able to prove you accepted if the bet were disputed?