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Logged in to find a negative account balance. Betfair have messed up their T20 Blast outright market today. Anyone else in the same boat? Contacted their customer support, they don't understand and won't help. Basically I'm lucky enough to be 'all green' on this market. £10 profit if any of 5 teams win, £50, £55, £60 for 3 others. But Betfair's mess-up on the partial settlement (by removing the eliminated teams) means I've got a negative account balance of £20! And if they actually pay out correctly after Final's day, I'll be charged commission on £30, £80, £85 or £90.
It seems petty, 5% of a few pounds, but it's the principle. The fact they don't understand their mistake. And the fact I can't bet in the meantime due to a negative balance - obviously I shouldn't have a negative balance when I'm guaranteed a profit on this market!!
Can anyone help?
I'm seriously thinking of taking it to court, along with many previous stupid mistakes which cause so much unnecessary stress. Worst thing is the customer support being utterly hopeless every time, never understanding the mistake made (one previous being the idiot employee not knowing difference between LA Dodgers and LA Angels baseball teams). I'd really like to make a point in court, present the clear evidence, and see what the idiots have to say in defense. They'll lose me and several other accounts now, and hopefully more when exposed as idiots in court.
It seems petty, 5% of a few pounds, but it's the principle. The fact they don't understand their mistake. And the fact I can't bet in the meantime due to a negative balance - obviously I shouldn't have a negative balance when I'm guaranteed a profit on this market!!
Can anyone help?
I'm seriously thinking of taking it to court, along with many previous stupid mistakes which cause so much unnecessary stress. Worst thing is the customer support being utterly hopeless every time, never understanding the mistake made (one previous being the idiot employee not knowing difference between LA Dodgers and LA Angels baseball teams). I'd really like to make a point in court, present the clear evidence, and see what the idiots have to say in defense. They'll lose me and several other accounts now, and hopefully more when exposed as idiots in court.
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They do pay up on elements of a market that have dropped out - this happens in tournaments and I’ve seen it in politics markets too. There’s one where I get a pay out very time Theresa May limps on past another three month bracket I’ve laid her to be got rid of in called “Exit Dates - Theresa May”. Presumably they’ve settled the teams eliminated so you’ve lost some money on backs of the teams gone, while now having more green on the rest you’ve also all backed. It’s a bit ridiculous but I doubt you’ve got a court case.
FS is spot on Betfair haven't made a mistake. If you'd laid some of the eliminated teams you would have been paid out on them and the potential winnings on the remaining teams reduced.
Why doesn't the OP just put more money into his account please ?
Ta for the replies, and thanks Fatslogger for sharing your experience. You are correct, I did have net backs of teams eliminated. In every other outright market I've bet on over the years, as teams are eliminated I've never had partial settlement putting my account into a negative balance.
It looks like by eliminating my net losses at this stage, my overall net profit (and therefore commission amount) will be artificially high at settlement. I know it's extremely petty, but it's a point of principle.
I believe the above to be true as my 'cash out' figure on this market shows a profit which is too high by £20. Perhaps that's just a mistake and they won't charge commission on this incorrect figure. I'll wait until final settlement anyway. I'm absolutely sure they'll charge commission on too high a profit figure by removing my losses throughout the tournament. It looks like this is standard practice, and maybe some bigger players will have lost more than me?
It looks like by eliminating my net losses at this stage, my overall net profit (and therefore commission amount) will be artificially high at settlement. I know it's extremely petty, but it's a point of principle.
I believe the above to be true as my 'cash out' figure on this market shows a profit which is too high by £20. Perhaps that's just a mistake and they won't charge commission on this incorrect figure. I'll wait until final settlement anyway. I'm absolutely sure they'll charge commission on too high a profit figure by removing my losses throughout the tournament. It looks like this is standard practice, and maybe some bigger players will have lost more than me?
On a Competition Market each of your five bets are treated as individual bets. Should you win you pay commission as if you had only had one bet. So say you had one bet to win £100 if it won you would pay 5% commission on £100. If you had two bets (either of which would win £100) you would still pay 5% of £100 on the winner. The same with five bets. Betfair will pay out on the winner as if you'd had one bet and charge commission accordingly.
Thanks again Charlie for the crystal clear explanation. So am I right in saying, for example:
In a competition with multiple teams I back Team A £100 at 9.2. I lay off Team A £200 at 3.4 to guarantee myself a profit.
Team A loses the competition. Team B wins. I pay commission on my GROSS profit rather than my NET profit? i.e I pay 5% of £200?
I think this is the crux of the matter. On the competition / outright page I'd be seeing:
Team A in green + £140.00
Teams B, C, D, E etc in green + £100.00
And when Team B wins, I don't just pay commission on that highlighted £100 profit. I pay commission on the £200 element I laid against Team A, whilst the £100 I bet on them is wiped as an unrelated loss?
In a competition with multiple teams I back Team A £100 at 9.2. I lay off Team A £200 at 3.4 to guarantee myself a profit.
Team A loses the competition. Team B wins. I pay commission on my GROSS profit rather than my NET profit? i.e I pay 5% of £200?
I think this is the crux of the matter. On the competition / outright page I'd be seeing:
Team A in green + £140.00
Teams B, C, D, E etc in green + £100.00
And when Team B wins, I don't just pay commission on that highlighted £100 profit. I pay commission on the £200 element I laid against Team A, whilst the £100 I bet on them is wiped as an unrelated loss?
My last post was bollocks. Apologies.
I've been trying to check my account for these types of markets but haven't got any in the last three months. The only one I have which is similar is the golf Open. There I backed and laid several players. Betfair calculated net subtotals for how much I'd won/lost laying and how much I'd won/lost backing. Added the two together and charged commission on that.
On your OP I think you will end up paying commission on £10, £50, £55 or £60. They'll add up what you won and subtract what you lost and charge commission on that (as it should be).
On your last post you would only pay commission on £100.
I know in the past when I've done these sort of markets they partially settle bets as the tournament progresses. If I remember correctly (not a given) if you back a team that loses they take the money out of your account there and then (which is why you have a negative balance) and pay the person who laid your bet. But they already took the money out of your account when you placed the bet so they add on what you lost to the amount you stand to win. If you lay a team that goes out early they will pay you there and then but reduce the amount you stand to win on the remaining bets.
It all works out correctly in the end!
I've been trying to check my account for these types of markets but haven't got any in the last three months. The only one I have which is similar is the golf Open. There I backed and laid several players. Betfair calculated net subtotals for how much I'd won/lost laying and how much I'd won/lost backing. Added the two together and charged commission on that.
On your OP I think you will end up paying commission on £10, £50, £55 or £60. They'll add up what you won and subtract what you lost and charge commission on that (as it should be).
On your last post you would only pay commission on £100.
I know in the past when I've done these sort of markets they partially settle bets as the tournament progresses. If I remember correctly (not a given) if you back a team that loses they take the money out of your account there and then (which is why you have a negative balance) and pay the person who laid your bet. But they already took the money out of your account when you placed the bet so they add on what you lost to the amount you stand to win. If you lay a team that goes out early they will pay you there and then but reduce the amount you stand to win on the remaining bets.
It all works out correctly in the end!
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