The instant a market closes
A cut-off is not a period. On the sample it is one instant at 15:00:00.000 UTC, and two bets placed sixty milliseconds either side of it are treated as though they were placed minutes apart. Nothing about the reader's device tells them which side of that line they are on.
- Sample cut-off
- 15:00:00.000 UTC
- Accepted
- 14:59:59.940
- Rejected
- 15:00:00.060
- Decided by
- operator clock, not device
What a cut-off is a property of
There is no such thing as the site's cut-off. There is one per market, and they differ in how they are defined, which changes what happens at the line.
An event start
The market closes when the scheduled event starts, which means the operator must decide what to do about a late start, a false start and an event that starts while the market is still open.
- line
- the scheduled start
- varies by
- the event, not the clock
A fixed wall time
The market closes at a published time in the operator's zone, independent of the event. This is the kind that produces the sixty-millisecond story, because the line is exact and the reader's clock is not.
- line
- a stated instant
- varies by
- the operator's clock
A state, not a time
The market closes when the operator decides it is no longer safe to price, which may be before or after any published time. The protection is real and the predictability is not.
- line
- the operator's judgement
- varies by
- the event and the book
A round boundary
In a live table the cut-off is the end of the betting window in one round, measured in seconds and announced by the table itself. Twelve seconds on the sample, then the pause.
- line
- 12 s after the round opens
- page
- the round clock
Why the price paid is a separate question
A cut-off decides whether a bet is accepted. What price it is accepted at is a different mechanism entirely, and on the sample the two are easy to confuse. Whether a bet is accepted at the clicked price, re-priced after a delay or voided is the subject of the in-play desk (cycle 20 of the series), and the way a streamed picture lags the table is the live-dealer desk (cycle 23). This page is only the line and the clock it is drawn on.
- Find which of the four kinds of cut-off applies. An event start, a fixed wall time, a judgement and a round boundary behave differently at the line.
- If it is a fixed wall time, note the zone. A bare "closes at 15:00" is a different product in three of the sample's zones.
- Treat your own device clock as a display, not an authority. It is not synchronised with the operator, and on the sample the difference that decided the bet was 3.2 seconds.
- Place the bet early enough that sixty milliseconds is not the margin. The line is exact; your connection is not.
- If a bet is refused at the line, the refusal is a clock outcome rather than a judgement about you. It happens to the fastest connection on the exchange.