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View Full Version : They're in big trouble now



trinityman
30th December 2011, 09:50 AM
http://www.independent.ie/national-news/gamblers-told-to-contact-gardai-in-betfair-row-2976204.html

Betfair is gonna get arrested by the Irish police, 'bout time too.

LuckyYou
30th December 2011, 11:52 AM
Yeah this can become HUGE!

PC0845
30th December 2011, 12:17 PM
It's 21st century Ireland, the interests of the Gloabl Corporation (Betfair) will take precedence over any legitimate complaints the consumer will have. I live here so don't expect any further developments.:mad:

Shaun
30th December 2011, 12:18 PM
What a load of crap, the people that bet in running knew something was up but chose to place the bets.

how many bookies have voided bets when the price was displayed wrong and nothing happened.

No one will ever be paid out and i am sure it is betfair right to void the bets when an error happens.

the people that would have been robbed were those that held positions pre race and wanted to trade out in play, but i am sure betfair has a rule that says they do this at there own risk.

LuckyYou
30th December 2011, 12:40 PM
Yeah, now as I think twice - they absolutely 100% have something about this case for insurance in their rules. And everyone whos playing on Betfair is applying these rules before even start trade so... They wont have problems with that

Temujin
31st December 2011, 05:49 AM
What a load of crap, the people that bet in running knew something was up but chose to place the bets.

how many bookies have voided bets when the price was displayed wrong and nothing happened.

No one will ever be paid out and i am sure it is betfair right to void the bets when an error happens.

the people that would have been robbed were those that held positions pre race and wanted to trade out in play, but i am sure betfair has a rule that says they do this at there own risk.

Depends really. Every time I place a bet it is my opinion that the odds offered are wrong and in my favour. I don't ever expect my bets to be void.

lcredd
31st December 2011, 09:24 AM
the account in question supposedly had less than 1000, so it's not even possible for him/her to payout 21m... and betfair wont. another dent to their reputation though.

Cran
31st December 2011, 05:48 PM
the account in question supposedly had less than 1000, so it's not even possible for him/her to payout 21m... and betfair wont. another dent to their reputation though.

According to BF rules he still has to pay out, so in that case I guess he's going to be bankrupt very shortly and his assets split between the people who matched him...

Although I suspect that probably won't happen in this case as it was BF's fault in accepting the bet without nowhere near sufficient funds...

shadowninja
31st December 2011, 05:52 PM
If he has just 1k in his account, chances are he doesn't have 21m in assets. :D Just a stab in the dark there.

lcredd
31st December 2011, 06:11 PM
i wonder what he was thinking when he saw a red 21,000,000 :)

uhh....honey....i pressed the wrong button...and look.........sorry

shadowninja
31st December 2011, 06:14 PM
Personally, I'd have pooped my pants.

On the other hand, a more "glass half full" type of person might have used it to his advantage.

"Honey, I have something to tell you."
"What have you done?"
"I lost 21m gambling!"
"WHAT??? YOU &*&&## ****$ *%(($***!!! I WILL %&*))(* ** ***$*$ YOU!!!!"
"Only kidding. I had a drunken fling with your sister."
"Oh."

:D

trinityman
1st January 2012, 03:50 PM
i wonder what he was thinking when he saw a red 21,000,000 :)

uhh....honey....i pressed the wrong button...and look.........sorry

He was thinking he could make it back on his next trade :eek:

WhyAlwaysMe
2nd January 2012, 01:29 PM
If he has just 1k in his account, chances are he doesn't have 21m in assets. :D Just a stab in the dark there.

Negative balances cannot be reclaimed by Betfair as they would be breaking the gambling laws by effectively allowing account holders to trade with credit without signing a credit agreement.

Exactly the same thing happened in the 'FGS scandal' a few years back. There was a glitch in the way the FGS market opersted that allowed punters to run up negative balances. Somebody found this out and operated a clever con trick with some punters in a gambling forum who mistakenly thought they were greening up when they were creating a massive red. It was on the League Cup final FGS market and Betfair lost 180K as they could not recover the money from customers with negative balances. Interestingly they settled the market that day but there was not a palpable error in such an obvious way as the horse market.

I think this was what Peter was hinting at when he said how valuable that info was last week. If the palpable error had not happened then they would have had a really difficult problem ie you could create one negative account and a group of positive ones which would be hard to spot if they weren't too greedy say a few hundred K accross 20 accounts or something.

PrymeTyme
2nd January 2012, 01:54 PM
hmmm .. iam a noob as to liability ,odds and laying etc...


is this correct ? :


i cant lay 10 dollars @ the odds of 900 due to liability?

but if i backed first @ 950 i then can lay @ 900 ?


if so why ?


please correct me if iam wrong :Thanks

custard
2nd January 2012, 02:08 PM
You are correct. I suggest that you look at the following as an introduction to Betfair.


http://betting.betfair.com/betting/be-betfair-educated-with-our-new-video-tutorials-140111.html

PFY
2nd January 2012, 02:42 PM
hmmm .. iam a noob as to liability ,odds and laying etc...


is this correct ? :


i cant lay 10 dollars @ the odds of 900 due to liability?

but if i backed first @ 950 i then can lay @ 900 ?


if so why ?


please correct me if iam wrong :Thanks

Because you have to have enough in your account to cover any liability, you would be liable if that horse won. However if you have already backed it then it knows that your account would be paid out on that horse and that (potential) payout can be used to cover the liability, a bit like having an asset you can borrow against

Caan Berry
3rd January 2012, 12:52 AM
Just a case of betfair the company that; makes millions, has outrageous premium charges, commission and X-matching operating in their market possibly taking into account traders positions through inside knowledge of trading/betting accounts (i highlight its just a possibility) manage to provide a poor service with outages here and their and now allow customers to apparently have 600M liability in their account with no funds to cover it (was never an issue for the last ten years... whats changed? was it BF that took the liability?) has once again managed to dodge all responsibility for the goings on with its business...... needs be regulated independantly really i think.... mind you then they would probably introduce PC103 taking 99% of all gains if your conisstently profitable over the 10 threshold..... roll on GT Betdaq and more betfair blunders.

lcredd
3rd January 2012, 11:30 AM
I haven't checked betdaq for a while so I don't know what their pre-race liquidity is, but if it's half as good as betfair then I'll be trading there asap.

PrymeTyme
3rd January 2012, 11:58 AM
well well..


thats a problem betfair and all other exchanges in that form have .. they are unregulated! right ?


so they can play games waht ever they want to.. :Kerching

WhyAlwaysMe
3rd January 2012, 12:55 PM
If only it hadn't been such an obvious palp then they would have had to cover the liability on the negative account. Obv the liability would have been far far smaller but it would have been funny if they had got copped for a ton of money on a 9/7 shot say.

I wish Betdaq would do a big campaign on CH 4 racing in the run up to Cheltenham in March. It wouldn't take too much for the tipping point to occur and if they got a lot of customers for Cheltenham they would no doubt stay with Betdaq. But it would need a big TV campaign I think.