Horse racing forum in meltdown

A Betfair bot went crazy and put up a 21 million lay inrunning @ 29 on the winner. Over 800 k matched at that price. Will cost Betfair £ 24 millions if they hounor bets.
  Somehow I see a void inrunning market here

incredible screenshot here

http://www.sportismadeforbetting.com/

how do we know its betfair bot? and not external?

Betair shouldnt be in markets like that shirley have they implemented something without tell us?

for it be external someone would need a bit over €600,000,000.00 of available funds.

don`t think so

or a line of credit

I'm not sure if anyone has credit here, but if someone has, I'm sure it's not that big.

Eddie -on what basis can the bets be void.
Once upon a time a guy laid the whole field at the start of a horse race (wolverhampton)at 1000 for £250-paid out-exactly the same bar its more money and BFs.

If I made the same mistake I would be expected to pay

ok so assuming betfair are the ones with the software bug, the amounts and price is way out of line with any cross matcher behaviour so what was the software that went tits up doing?

scoobytoo, I agree with you that there's no reason to void this.
  What I'm saying is that I still think Betfair will void the inrunning part.

Hope it's down to betfair's cross matcher. They refused to implement any measures to stop it from trapping so hopefully it's a trap went wrong.

Haha, someone just lost his job? :) How out of line was the odds at the time? What should have been the fair odds approximately?

Mr A, as I understand it the lay came up early in the race and was there all the time during the race.
The horse had a SP of 2.9 and was always up there and held a big lead at the late part of the race.

2.9 and 29 missing decimal?? wouldnt explain the amount though?

Anyone know how much money bled into the Daq - roughly?

Thanks Eddie. Sounds like a "palpable error" by Betfair. Too bad for them there's no such thing on this site:) Or is there?

you'd be in meltdown too if you thought you had won over £8k and not been paid

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 failure 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.

Betfair trending on twitter as share price tanks (again).
hilarious

Even if you believe betfair it's still shocking stuff. What about all those who placed bona-fide bets in the market. There were bets matched on the winner at greater than 29.0. Imagine being on the right? end of one of those.

In a way it's not really any different to the flies-round-sh1te markets. You try to match an offer, if play goes your way you don't get matched, if play goes against you you're matched. Only difference is betfair have replaced "matched" with "settled".

Wonder if the bets would have been voided if the horse had stumbled and fell 20 yards from the winning post.

Of course they would. Betfair's announcement makes that perfectly clear

Suggested this on HR for anyone taking them to court

Betfair the bookmaker laid 800K @ 28/1 ir. They also allowed someone credit to bet the horse to lose @ 1/28 for 23  million.

Will all bookmakers be allowed to void bets when a customer's refusal to pay leaves them with an uneven book?

Maybe they should increase the bet placement delay for horse racing to 24 hours.

Kinda strange they decide to void the place market too due to this 'technical failure' as the bet was placed on the win market only. Sort of suggests the bots playing the place market by reading the win market also came in with a loss , ummm maybe that mysterious punter also exceeded on that market too

Out of interest, was cross matching turned off on the site at any stage yesterday after this incident?

no