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jacopo25
02 Feb 10 09:14
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Date Joined: 15 Oct 07
| Topic/replies: 3,302 | Blogger: jacopo25's blog
hi and sorry for bad english

i did trading on this race

i backed my bank WELL OF ECHOES and after 30 seconds i layed WELL OF ECHOES..gain-...all green

in the same race i did a second trade..
i backed PIPERS PIPING and after about 20 seconds i layed him...lose..all red

total for the race at the moment +20-30euros..more or less

after i backed boundless applause for my bank

but 2minutes before the start WELL OF ECHOES non runners

because i had a gain on WELL OF ECHOES and a red on PIPER PIPING i had an "negative balance"
i can't layed BOUNDLESS PROSPECT...

in this mode i had a bet on boundless prospect...i can't layed him..i losed all

for problems of server of betfair i losed all

imo this is very very bad sevice

many thanks betfair

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Replies: 73
By:
jacopo25
When: 02 Feb 10 09:15
jesterday 14.40 wolwerampton
By:
duncan idaho
When: 02 Feb 10 09:24
Just got to take it on the chin, my friend. Hope your luck turns
By:
Jimbo747
When: 02 Feb 10 09:52
Welcome to betfair
By:
jacopo25
When: 02 Feb 10 10:04
all this beacuse i had a negative balance..

if i have a negative balance i can do nothing

i wanted lay for a all red or all grenn..

no...because theri service sign a negative balance i can do nothing

ffs betfair

**ers
By:
jacopo25
When: 02 Feb 10 10:06
now i have a negative balance..

i must give money at betfair

if betfair server no had this problem i have my money and betfair haven't a credit whit me

i must pay to betfair 60 euros

very very good
By:
Jimbo747
When: 02 Feb 10 10:13
This has happened before (a -ve balance) on the FGS MSE fiasco.

Long story, but in the end betfair paid up all the -ve balances (basically voided all losing bets) as they do not operate a credit account, which seems to be what you have, if I'm reading it right.

Ring betfair, and demand that your account be settled to a point pre-race. Your account should never be allowed to go in to -ve.
By:
jacopo25
When: 02 Feb 10 10:15
please jimbo..may you explain in simple english?
By:
jacopo25
When: 02 Feb 10 10:23
this is the situation

i trade whit all my bank an horse (for example)at@11..1000euros

the odds go down...at@10 i layed for 1100

i have a gain of 100 euros...on all horses

now...

i back other horse..1000euros at @9
this odds go up
i layed 900 at @10

now my situation is perfect draw

now i back another horse ...1000 at@12

now..
the first horse non runners

my situation is change..now i don't have a perfect draw..but -100euros
my bank was 1000

but now real bank is 900

but i just back 1000 on the other horse

stop
my balance is negative
i can do nothing


i can not lay the last traded horse

the horse lose..i lose 1000

more 100


i must pay to betfair 100


(this is an example,but this is my situation)
By:
jacopo25
When: 02 Feb 10 10:24
is correct this??

is it normal that betfair not refund my money???
By:
jacopo25
When: 02 Feb 10 10:27
i spoken whit betfair

they says that the negative balance is my responsability..
i had to deposit

in this mode i can layed..if their server sign a negative balance i can do nothing

in this mode i lose and betfair lose

very very intelligent
By:
Eddie the eagle
When: 02 Feb 10 10:29
You will not get a refund. You somehow got caught by your own "greed".
Lesson learnt - Do not use your entire bank if you aim to trade out at some point.
Others have been caught like this just because of currency exchange rates. They may have been only a penny into negative balance and therefore not been able to trade out.
You ended upå with a gamble on a horse. Would you have started this thread if that horse won ? I don't think so.....
By:
Jimbo747
When: 02 Feb 10 10:33
but to be fair eagle, betfair have infact allowed him to bet with money he doesn't have, hence being -£100.

Surely this is against their terms to allow people to bet with money that "isn't theirs"?
By:
Jimbo747
When: 02 Feb 10 10:35
Granted, you're correct in that he has massively overstaked and is now suffering the results, but at the very least, betfair should refund the -£100, and perhaps void the back bet that caused this.
By:
Eddie the eagle
When: 02 Feb 10 10:37
No they haven't . He had the funds when he placed the bet. It's due to the non runner that he got a negative balance. In case like this you can call Betfair and they will credit your account with enough money to trade out of the position.
I know it probably wouldn't have been time enough to do this if the non runner was withdrawn just as the race was starting , but in most cases there will be enough time ....
By:
Eddie the eagle
When: 02 Feb 10 10:38
Do you think the layer would be pleased if the bet was voided ?
By:
jacopo25
When: 02 Feb 10 10:40
no..but this is an error of their server

you betfair pay for your problem..not i
imo
By:
"Stringer" Bell
When: 02 Feb 10 10:41
Just one of those unfortunate things. Keep a few quid in the oz wallet or dont use all your bank, imo.
By:
jacopo25
When: 02 Feb 10 10:41
i push click click click on betangel for all red and stop

but i can not
By:
jacopo25
When: 02 Feb 10 10:42
jes stringer

keep liquidity

it's true


but this is an error of betfair
By:
Eddie the eagle
When: 02 Feb 10 10:43
jacopo , what if the bet won ? Would you have given your winnings back to Betfair/the layer ?

You ended up with a bet on a horse at roughly the correct market price. You just have to live with that.
By:
jacopo25
When: 02 Feb 10 10:46
i had a similar problem 1 jears ago

i asked to betfair an insurance..

i earn for live whit trading on betfair

i asked an insurance..i asked their:
please..i pay at you an insurance..if there is a strange situation is all void


i asked this an year ago

their answer no
By:
Eddie the eagle
When: 02 Feb 10 10:49
I see you don't want to answer my question.
By:
Eddie the eagle
When: 02 Feb 10 10:54
And if you had a similar problem one year ago , why haven't you learned from that ?
By:
jacopo25
When: 02 Feb 10 10:55
eddie...no.

but for one reason no

because for their problems i losed 3 things

if now i win.i want all


but an year ago,and now,i would want pay(PAY)an insurance

i will win,i will lose...not interest
void...i want pay an insurance for have all void in those situations


no..jesterday i never refund money at betfair..but i'm serious...you are serious and i'm serious
you "**" money other 2 things for their problems

i never won when there was a problem

but i would want an insurance
By:
jacopo25
When: 02 Feb 10 10:56
i learn....

in those situation i learn the redution factor...

i didn't know

i'm not expert of horses
By:
buzzer
When: 02 Feb 10 10:59
If you're putting your bank on the line with each trade you should have made it a priority to know the rules. It's happened to you before and there are often late withdrawals in horse racing for various reasons so you should have known the risks. Sorry for your loss but it was inevitable if you use your entire balance on each trade.
By:
Eddie the eagle
When: 02 Feb 10 11:01
You don't have to know much about horses , but if you make a living out of trading on Betfair there really are no excuse for not knowing the rules on here.
By:
jacopo25
When: 02 Feb 10 11:02
i backed prelive..and layed in live

an favorite non runners

the rest is easy to imagine(my horses traded win)


i was very angry

but for a simple reason
ok..i wrong..but why you betfair allow that in live anyone backed the fav and keep the fav at short odds??

why?

if you keep the fav(non runner)at short odds,anyone backed other horses at high odds

no regular this

ok..you can not cancel the non runner..ok...but you can do the odds @1000
in this mode any**er on betfair not back other horses at very high odds

no regular this

why betfair don't closed the account of this people?those is **ers
By:
jacopo25
When: 02 Feb 10 11:04
no entire buzzer

i used less...but the strong lose on an horse has changed all
By:
The Investor
When: 02 Feb 10 11:09
jacopo25, regarding your negative balance, I don't think this has anything to do with a server problem.
This is a design flaw of Betfair. I think it is because they use shortcuts in calculating someone's balance to make the site faster. This is a good thing, but they should allow any trade that lowers a users liability regardless of their zero or negative balance.

It happens to me regularly that I can't trade out due to a zero balance. In my case I have bets on dozens of different markets though. Have to cancel one, so that there is money available in my account again.

Although Betfair are not going to get involved with insurance, it's a good point. I trade in total goals and over/under markets. Sometimes I hedge my risk across the two markets. However in certain scenarios this could be disastrous. If I lay over 1.5 goals and back 2 goals or more, and the match gets abandoned when two goals have been scored, I lose one bet and the winning bet is voided. I asked Betfair if I would be refunded in this case, and they said it is at their discretion. Some very clear rules about this would be nice. I know it's rare, but over a long enough time frame it will happen.
By:
Jimbo747
When: 02 Feb 10 11:15
Exactly investor. And why should a flaw in the design of betfair system be a good enough reason to stop a punter trading out of their position?

I don't think jaco was being intentionally greedy, yet he's expected to pay for his loss and betfairs too.

Whereas people in this thread

http://forums.moneysavingexpert.com/showthread.html?t=386063

Who were just being plain greedy, had all their loses refunded (winners paid by betfair)

Hardly fair, methinks.
By:
Moon Light
When: 02 Feb 10 11:17
Deposit enough money to cover your activities and you won't have this problem.
You can use your Australian wallet as a reserve tank of money, if you have done the KYC process.
By:
jacopo25
When: 02 Feb 10 11:21
jes moonlight...this is a simply

but for me is important not have much on bf

i backed ever before..and after lay..not the opposite..i renounce at 1 opportunity on 2

but for the moment it's better

i,1-2days to a month losed my head...
no money on bf no lose in those days

but this is another problem.
this regard me

not normal(imo) that i losed all for betfair problems
By:
Eddie the eagle
When: 02 Feb 10 11:26
The point here is that it is not Betfair's problem. It's your problem and you have to adapt your trading to avoid things like this. Just keep a little more money in your account , but hide that extra money in a long term market lay , something like a 1.01 lay on the no hopers in the English Premier League win market.
The extra funds will then be available for you to use in situations like this with just a click with the mouse.
By:
The Investor
When: 02 Feb 10 11:33
I agree with Eddie the eagle.

Although I think Betfair should sort these issues out, until they do they have to be taken into account.

If you know there is a possibility of loss due to a design flaw, incompatible rules across markets, the site going down etc., you need to factor this in when placing your bets.
By:
Moon Light
When: 02 Feb 10 11:35
If you trade close to the off, it is inevitable that sooner or later you will have an involuntary bet on a horse.
Internet connection can fail, computer fail, BF site crash, sudden need to go to the toilet...
By:
C r a n
When: 02 Feb 10 11:35
You should still be able to place a bet that will reduce your liability on a market regardless of your balance...
By:
The Investor
When: 02 Feb 10 11:36
You should... but sometimes you can't.
By:
Moon Light
When: 02 Feb 10 11:37
Which is why you need a reserve tank, using either my or Eddie's suggestions.
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