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Thread: Another Betfair Fiasco

  1. #1
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    Default Another Betfair Fiasco

    Hi Guys,

    Did anyone else get caught up in last nights Betfair Fiasco ???

    To explain what happened.....

    I was trading Newcastle horse racing last night (Mon 28/09/20) and the craziness started in the last few minutes run up to the 19:15.

    Basically, all matched bets just totally disappeared from the whole Betfair system, also talking funds too!

    This basically meant, you couldn't see what bets you had placed, what positions to close off on either GT or the BF website, or even see if the bets where actually matched or not in the first place.... As I was using most of my deposited bankroll over trading two runners, it left me without the funds to place any closing positions, not that I knew if I needed to close them or not, or even what they were!

    After re-depositing, just to see the more funds also disappear and to confirm to myself that I wasn't going mad, in a panic with over a £1k exposure, I telephoned Betfair with just over two minutes to the off, explained the situation and was put on hold whilst the operator spoke to her manager, which seemed like an eternity watching the GT time to post counter going down.

    I was told that Betfair were currently taking numerous calls about the situation and they were currently experiencing a technical error causing problems recording placed bets. The lady did managed to close of a position for me that I on the 7:45 (I had only opened a very small position, just to check that I wasn't going nuts) for a ticks profit. After confirming the original bets were live, I had to guess my closing hedge position(s) on the two runners in the 19:15 but I still had a £103 exposure after that. The lady told me it was too late to close that off from their end..... (Had she of spoken to her manager quicker, that wouldn't' of been a problem)

    Really, I think Betfair should of voided the whole race. From my call, it sounded like they were certainly considering it...In this instance, I got lucky and actually made a profit of £19.72. However, that's not the point, I'm not in the markets to make money from gambling/laying horses!

    Betfair must of been weighing up what to do about this race for a while, as my bets weren't settled until 19:49 and there wasn't a photo finish, steward's enquiry or anything else that I was aware of that might of held things up.

    This whole situation scared the crap out of me, so please be aware just in case this happens to you, maybe if you are aware, you can acted quicker than I did and get positions closed off quicker!

    All the best,

    Jay.

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