Closing Positional Orders
What happens if users do not close the Positional Orders?
If users do not close their Positional Order when the match is about to start, Vodds will automatically close their Positional Order 15 minutes before the scheduled kick off time.
What happens when VOdds fails to close my Positional order due to technical problems?
If due to unforeseen circumstances (network outage, natural catastrophe etc), any Positional Order that failed to close before the match starts will still be a valid Order. VOdds will use the last available odds in the market, and use that as a basis for calculating the profit or loss. Users will still be responsible for the profit and loss arising from the affected Positional Order.
How do users close their Positional Orders? What stake and odds do they use to close their Positional Orders?
Users have discretion on when they wish to close the Positional Order. They may do so by clicking the Close Position button. Vodds will close the position with the best odds available on the market on a stake such that any profits or losses will be equal on all outcomes, except when the bet is pushed.
What are the strategies available for closing a Positional Order?
There are three strategies for closing a Positional Order: Equal, Leaning Opening, Leaning Closing. In the Example quoted above, the Positional Order is closed using the default Equal strategy. The following example illustrates a user utilizes the Leaning Opening strategy:
Example:
| Bet Type | Selection | Stake | Odds |
| Opening Positional Bet | Bournemouth HDP +0.50 | $100.00 | 2.10 |
| Closing Positional Bet | Liverpool HDP -0.50 | $71.94 | 2.39 |
In the event Bournemouth wins or draws:
| Bet Type | Selection | Stake | Odds | P&L |
| Opening Positional Bet | Bournemouth HDP +0.50 | $100.00 | 2.10 | +$110.00 |
| Closing Positional Bet | Liverpool HDP -0.50 | $71.94 | 2.39 | -$71.94 |
Total +$38.06
In the event Bournemouth loses:
| Bet Type | Selection | Stake | Odds | P&L |
| Opening Positional Bet | Bournemouth HDP +0.50 | $100.00 | 2.10 | -$100.00 |
| Closing Positional Bet | Liverpool HDP -0.50 | $71.94 | 2.39 | +$100.00 |
Total $0.00
Therefore, the user stands to gain $38.06 if Bournemouth wins or draws (which means that the Opening Positional Bet wins) and does not win or lose if Bournemouth loses. Therefore the profits are maximized when the Opening Positional Bet wins. This strategy is defined as Leaning Opening strategy.
The following example illustrates a user utilizes the Leaning Closing strategy:
Example:
| Bet Type | Selection | Stake | Odds |
| Opening Positional Bet | Bournemouth HDP +0.50 | $100.00 | 2.10 |
| Closing Positional Bet | Liverpool HDP -0.50 | $110.00 | 2.39 |
In the event Bournemouth wins or draws:
| Bet Type | Selection | Stake | Odds | P&L |
| Opening Positional Bet | Bournemouth HDP +0.50 | $100.00 | 2.10 | +$110.00 |
| Closing Positional Bet | Liverpool HDP -0.50 | $110.00 | 2.39 | -$110.00 |
In the event Bournemouth loses:
| Bet Type | Selection | Stake | Odds | P&L |
| Opening Positional Bet | Bournemouth HDP +0.50 | $100.00 | 2.10 | -$100.00 |
| Closing Positional Bet | Liverpool HDP -0.50 | $110.00 | 2.39 | +$152.90 |
Therefore, the user stands to gain $52.90 if Bournemouth loses (which means that the Closing Positional Bet wins) and does not win or lose if Bournemouth wins or draws. Therefore the profits are maximised when the Closing Positional Bet wins. This strategy is defined as Leaning Closing strategy.
