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John32
19 Jun 19 18:44
Joined:
Date Joined: 08 Jan 06
| Topic/replies: 5 | Blogger: John32's blog
Hi, I wonder whether you more experienced betters here could help me.

I was convinced that Rory Stewart would not win the Conservative party leadership and so I laid him on the Betfair exchange through about 20 separate bets, with the total liability just under £10k.

Today, as you know, he was duly knocked out, so I "won". I was offered a "cashout" option of around £600, which seemed about right (a little less than I would have won by holding to the end of the contest for payment).

I pressed the button and my laying stake of just under £10k was immediately credited back into my account, but the £600ish has not been credited.

Looking at the bets, a "backing" bet has been created which shows as "matched", with a profit figure of just under £10,600.

Have I completely misunderstood cashout, or should I have been credited with the £600 winnings?  I have just had a very unhelpful web chat with a representative where she suggested that (a) I hadn't won anything and (b) the backing bet wasn't matched.  I proved to her that it was and she said the matter would have to be referred.

I'm not going mad am I? I should have £600 winnings?

Thanks for any help anyone can give.
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Report DOUBLED June 19, 2019 7:46 PM BST
You will only be paid the £600 when the event is closed
Report John32 June 19, 2019 7:47 PM BST
Thanks - I thought the point of "cash out" was that you sacrificed some of the winnings for getting your hands on them earlier. But is it just that you get your stake back quicker?
Report John32 June 19, 2019 7:54 PM BST
The Betfair help pages suggest you get all the money straightaway
Report John32 June 19, 2019 7:54 PM BST
The Betfair help pages suggest you get all the money straightaway
Report John32 June 19, 2019 7:54 PM BST
The Betfair help pages suggest you get all the money straightaway
Report DenzilPenberthy June 19, 2019 8:02 PM BST
John Major ^^^^ inside info
Report Do wah Diddy June 19, 2019 8:27 PM BST
You will get paid
Report longbridge June 20, 2019 11:59 AM BST
@john32

"The Betfair help pages suggest you get all the money straightaway"  Where are you looking?  The ones I've seen talk about "locking in a profit".

And regardless, it is working how it is supposed to work - Exchange Cash Out (which has been on the site for four or five years now - is this your first experience of it?) is just an automated tool for green-booking markets, not (like Sportsbook cashout) the bookie buying your bet back from you for slightly less than it's worth.
Report Steamship June 20, 2019 4:45 PM BST
I would think as the event is not over then your bet is still on.
Report cruso June 20, 2019 10:59 PM BST
Look at the market page.
You should find yourself all green..
Report big aitch June 21, 2019 12:22 AM BST
There is no such thing as  "Cashout" on the exchange, do you mean the sportsbook? I you have offset on the exchange all you have done is greened up and will collect when the market is settled
Report cruso June 21, 2019 11:19 PM BST
Yes there is a cash out on this market on the exchange..

One thing that does surprise me is that how someone staking 10K can be so naive about how the exchange works...
Report Darlo Bantam June 22, 2019 11:19 PM BST
Once upon a time, Betfair did have express payout markets whereby any green was funded to your account balance before payout, e.g. Premier League winners market. I don't think you would have been able to withdraw your winnings though as this would have potentially allowed your account into negative if you lost the green. Anyway, I don't think these types of market exist any more anyway. Certainly the Premier League winners market doesn't work like that any more.
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