Programmers using the Betfair API SOAP technology are able to code their projects in VB, C, C++, dot net, java, literally anything. 

Low level languages such as these have one great advantage, they work from the client workstation and they are extremely FAST.
 
"What exactly is and what can be achieved with a Betting Exchange Bot?"
 
There are a few basic features that need to be explained with respect to the whole arena of Betfair API technology, interfaces, bots and sports betting software .

Bots simply enable:

Automation of procedures that could otherwise be performed manually.
 

So what? 

This is one of those light bulb moments for so many betting system developers.
It is one of those "So what's" that is in reality fantastically important and misunderstood!!

If the “system” you are working to manually cannot provide success, then no matter the level of automation you implement, the automated Betfair Bot will also fail.

Betting Exchange Bots simply represent computer automation of systems and procedures that you would have performed manually via a standard or custom interface using your eyes, ears, fingers, mouse and keyboard.

If the manual system would have failed then by default so will the bot.

The real truth here is that there are NO paper based horse racing systems that can work all the time without human intervention at some point in the procedure, should certain conditions arise.

Therefore i will state with certainty that:

There will NOT be a Betfair Bot which can fully automate a racing system that will provide any level of profit consistently throughout the horse racing calendar.