betfair in meltdown

[leighton]

This is bad for betfair with them not paying out. I wonder how many people who took the bets and won will feel seeing betfair not paying out. It isnt very fair by betfair. I can see them loosing customers over this scam. They are raking in the money daily and this is just poor by betfair small print or no small print. All the other bookies would of taken a hit for the mistake why not Betfair? I wonder how many will move to Betdaq or others out there now.

 

[Cellarite]

i've absolutely no idea what's going on and yet i'm fascinated.

 

[Santiago Street]

There's no liquidity on Betdaq hence Betfair can do what they want when they want.

Couple of years ago the commision I pay went up from 4% to approx 20% overnight when they introduced Premium Charge. Imagine any other company increasing their charges by 500% and being able to get away with it.

 

[Elvis sings theBlues]

I haven't a clue whats going on here, but I am reminded of the old maxim

there's only ever one winner....the bookie

 

[ali benarbia's studs]

someone put a lay of 22m on a horse at 29s inrunning (horse started race 2.9 2nd fav) left the lay all the way up to the line horse won, only around 800k was matched =22m payout.
if all the money was matched would have been around a 550m payout.

mr white in the bedroom with the candle stick!!!!!!

this means nothing to mmmmeeeeeeeeeee ah vienna!

 

[Gaz76]

Bit off topic here, but I just went to log into betfair after not using it for a good while, and up pops a graphic telling me how they are official partners of them dirty red bastards from trafford, bye bye betfair

 

[bernabias home shirt]

There's no liquidity on Betdaq hence Betfair can do what they want when they want.

Couple of years ago the commision I pay went up from 4% to approx 20% overnight when they introduced Premium Charge. Imagine any other company increasing their charges by 500% and being able to get away with it.

To be fair to betfair a lot of people were & still are making money without knowing anything what so ever about horses,dogs & sporting events,just playing the system(which if your clever enough is fantastic & am all for it)

So they upped the anti & charged more!

 

[Santiago Street]

There's no liquidity on Betdaq hence Betfair can do what they want when they want.

Couple of years ago the commision I pay went up from 4% to approx 20% overnight when they introduced Premium Charge. Imagine any other company increasing their charges by 500% and being able to get away with it.

To be fair to betfair a lot of people were & still are making money without knowing anything what so ever about horses,dogs & sporting events,just playing the system(which if your clever enough is fantastic & am all for it)

So they upped the anti & charged more!

What's to stop 'em slapping another few points on it next time they feel like it though ?

It's a problem you'd rather have but it's moved the goalposts from paying a small commision to effectively being an income tax roughly in line with general taxation

 

[bazbarrybazzer]

There's no liquidity on Betdaq hence Betfair can do what they want when they want.

Couple of years ago the commision I pay went up from 4% to approx 20% overnight when they introduced Premium Charge. Imagine any other company increasing their charges by 500% and being able to get away with it.

Completely agree with this Santiago mate, a freind of mine is actually paying this premium charge, betting is his living, he hates having to use Betfair, but Betdaq and others simply can`t match the money he wants to bet.

For me personally i moved over to betdaq, because a disagree with what they did to my mate, oh and also as somebody else stated, they actually have an add at the bottom saying (proud to support man u) feckers

 

[bernabias home shirt]

There's no liquidity on Betdaq hence Betfair can do what they want when they want.

Couple of years ago the commision I pay went up from 4% to approx 20% overnight when they introduced Premium Charge. Imagine any other company increasing their charges by 500% and being able to get away with it.

To be fair to betfair a lot of people were & still are making money without knowing anything what so ever about horses,dogs & sporting events,just playing the system(which if your clever enough is fantastic & am all for it)

So they upped the anti & charged more!

What's to stop 'em slapping another few points on it next time they feel like it though ?

It's a problem you'd rather have but it's moved the goalposts from paying a small commision to effectively being an income tax roughly in line with general taxation

You are obviously successful & being targeted as are many others..

I know where you are coming from though mate,as route46 has said he is on 40%...and a mates old fella who i know is on 60% i think it is!

I think they were getting pissed off with the amount of money people were making.....nearly a 1000 had made £250'000.

 

[citiblue375]

smells of a big cover up to me.

I wonder if its just the 28/1 price they are refunding and not paying on? or what about some folk who had been laying that horse at a dif price before all the mishap!

They voided all incoming bets on the horse. I had £300 in running at the 28/1 and it has just been 'settled' at the £0 I expected rather than the £8,400 I hoped. Oh well - back to the day job.

I suspect if you had a pre-off bet on the race (bet or lay) it probably settled normally. I doubt anybody laid outside of the 28/1 in running as the market had about 1.8M showing at any time - I doubt any regular punter wanted to be more generous than that as the mare came cantering around the final bend.

 

[route46]

heres betfairs statement

Customers betting in-play on this race will have seen that Voler La Vedette was available to back at 29 when the in-running market was suspended, and that a considerable sum was matched on the clear winner at that price.

An investigation has revealed that this was due to an obvious technical fault which allowed a customer to exceed their exposure limit.

In accordance with our terms and conditions, all in running bets on this race, both win and place, will be made void.

We fully appreciate the dissatisfaction this will cause many customers, and apologise for a very poor customer and betting experience.


now here is their terms and conditions

BETFAIR T&C


Minimum and maximum bet stakes
Depending on the product or type of market you are betting on and depending on the currency that you are betting in, there are minimum bet sizes that apply. These minimum bet sizes are subject to change and may differ depending on whether you are on our site or using the Telephone Betting Service. You are not permitted to place bets or try to place bets that are below the minimum bet size threshold and doing so may result in your account being permanently closed.

Your betting limit is represented by the lesser of: (i) your 'Available to Bet' balance shown in your account and (ii) your ‘Exposure Limit’ (which is available in the “Account Summary” tab in “My Account”). However in the event that we process an offer for a bet or the acceptance of a bet in an amount outside the applicable thresholds, such bet will nevertheless stand

last line is a killer dont see how they would win in court.

 

[bernabias home shirt]

smells of a big cover up to me.

I wonder if its just the 28/1 price they are refunding and not paying on? or what about some folk who had been laying that horse at a dif price before all the mishap!

They voided all incoming bets on the horse. I had £300 in running at the 28/1 and it has just been 'settled' at the £0 I expected rather than the £8,400 I hoped. Oh well - back to the day job.

I would of done the same as you if i was logged in.

I was more thinking what about people who were backing the horse in running at a fair price of between say 2.1 & 2.9 after the 1st fence or was it 28/1 the whole of the race?

 

[route46]

not sure when it went to 29s, but it was a long way from home.

betfair have just added this

In response to a number of customer questions on this matter, we would like to clarify that the account in question has no commercial relationship with Betfair other than being a customer.

really dont see how this is not being paid out from what the t & c say.

 

[Santiago Street]

It seems clear that the Betfair employee in charge of operating their super skimming bot pressed the wrong button.

So Betfair in direct contravention of their own terms and conditions void the in play trades and carry on as normal minus one daft/disgruntled employee

What's truly sickening is the lack of a level playing field. Anyone who makes a living at this knows the shocking brutality of the markets - there are no excuses, there is no 2nd chance, once you press confirm the money's gone. Unless you're Betfair.

 

[Blue Punter]

obvious technical fault which allowed a customer to exceed their exposure limit.

6 pages in and no-one mentioned this.

It'd have to be some bank to have £20+ mil in.
Over to the Betfair forum to have a look. I'll bet there's a few pockets talking over there.

 

[Santiago Street]

not sure when it went to 29s, but it was a long way from home.

betfair have just added this

In response to a number of customer questions on this matter, we would like to clarify that the account in question has no commercial relationship with Betfair other than being a customer.

really dont see how this is not being paid out from what the t & c say.

No customer has half a billion pounds in their acct

It was a bot but they obviously can't admit that

 

[The Northern Baptist]

obvious technical fault which allowed a customer to exceed their exposure limit.

6 pages in and no-one mentioned this.

It'd have to be some bank to have £20+ mil in.
Over to the Betfair forum to have a look. I'll bet there's a few pockets talking over there.

If he's laid it at 29's for £22m. he would need to have approx £616,000,00 in his betfair account to put the bet on, regardless if only 800k was matched

 

[bernabias home shirt]

 

[Blue Punter]

Been out on the jars this afternoon, so misread it.

Jeez, just read the full facts on the b/f forum. Astonishing amounts of money available to be matched.