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07 Apr 17 23:16
Date Joined: 15 Nov 10
| Topic/replies: 23 | Blogger: Lizzie's blog
Cash out is designed so that you close your position and can take no further profit nor suffer any further loss. Not so - I cashed out before the start of the Masters which settled all my bets - I had layed the field up to 100s and was going to lay the rest in-play as they shortened up but decided to cash out and take a £25 profit. That should have been it - cashed out - no further profit/no further loss. Johnson pulls out and even though I have thought that I've protected my liability by cashing out, the bets on him are voided and I am suddenly £326 down. I have no prospect of recovering my position as all other bets are settled and I cannot lay as others shorten up in-play. I didn't make the rules up, betfair did. If they were not prepared to put me back to my pre-cash out position they should not allow cash-out prior to in-play. I know the rules, read them and am very familiar with how betfair works. I could understand if I hadn't cashed out and it has happened to me before and I've taken the hit but this is them not understanding the impact of their own rules and not being prepared to take responsibility- like all the betting sites they are ok while they are taking your cash - they never stand up and take the hit. Hope others understand it enough to agree. Get it sorted BF and put me back to my pre-cash out or cancel all my bets on this event - cash out means cash out!!
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Report casemoney April 7, 2017 11:41 PM BST
Report JML April 7, 2017 11:42 PM BST
It seems that Betfair agreed to buy your position for £25,but then decided to
renege on the deal.

What actually happens when you agree to a cash-out.

Are there a number of extra "matched bets" added to your account?

Does EVERY selection including all the 1000 shots show +£25
Report Lizzie April 8, 2017 7:09 AM BST
JML - at last someone who seems to understand - all of the bets that have money available on the lay side cashed out. There are a number with odds on the back side with odds of 1000 as you say but nothing on the lay side. These remain with a potential profit of £2,000+  - of course these are the no hopers and come to nothing!! I was in for £2,500! And you are absolutely right - they bought my liability and reneged - very well put. I intend to challenge this with them at a higher level - on a matter of principle.
Report vs April 8, 2017 7:18 AM BST

i have the same problem. Maybe we will send this info to MGA together? That betfair is cheating with cash-out
Report JML April 8, 2017 11:25 AM BST
vs--you don't actually say that you agreed to accept the 600 that was on offer.
If you didn't cashout you have no complaint.It's always been N/R no bet.

Laying at just over 101% is just asking for trouble.

Lizzie-----Paul Haigh-Total Respect is the man to get in contact with.
Use this link to send him a message.
Report Lizzie April 8, 2017 8:40 PM BST
Thanks JML, and VS - agree a joint approach would be good.
Report Lizzie April 8, 2017 10:49 PM BST
If you want to take a coordinated approach to betfair you can contact me on;  07903754970.
Report Wessex April 9, 2017 1:20 AM BST
You are wasting your time. Betfair's golf rules are very clear. Cash out can never be a final position due to non-runners, including if it is in a market with reduction factors.  As the previous poster suggested, cashing out at 101% is a road to ruin.
Report sceptical April 9, 2017 10:45 AM BST
Agreed Wessex. I am one of the bigger golf layers on here, and if you are going to lay on BF you have to accept that once in a while you are going to get stung like this. Its why you cant play "little bit more" and keep pulling the prices on the golf markets, if you bet to less than about 105% laying a book on golf you are going to be underwater in the long run.
Its a rule that favours the backers, but in truth I don't see what BF can do, how long would they stay in business if someone backed a player at 10/1 on the exchange instead of 9/1 in the High Street, then applied a 15% Rule 4 when DJ pulled out? I would love to have cashed out on Wednesday evening, believe me, but I understand why you have been "backcharged", to being you in line with the rest of us.
Report JML April 9, 2017 12:30 PM BST
Cash out can never be a final position due to non-runners, including if it is in a market with reduction factors.

Cash Out is a product from Betfair that allows you to lock in a profit or loss before waiting for the event to finish.

I can't find anything about it not being a final position due to non-runners,and if it's not the final position it should be called
something other than cash out.
Report TheVis April 9, 2017 12:46 PM BST
Lizie - what would your position have been had you not cashed out?  The same as the re-arranged market once DJ bets had been voided?
Report vs April 9, 2017 4:00 PM BST
11.2Tournament match betting (i.e. 72 hole match bets)
If a player withdraws without playing a stroke ALL BETS on the relevant market will be void.
Report impossible123 July 13, 2018 5:28 PM BST
The betfair cashout is awful compare to bet246 and others; no value, and no incentive to place bets on 'sportsbook'.
Report JML July 17, 2018 11:24 AM BST
Layers are back to their crazy ways. Less than 107% with 50+ 999/1 shots.
Report SPOT THE DOG July 20, 2018 6:37 PM BST
It is a constant moving market imo, once cash out has been entered into, the market adjusts. Once a N/R takes place the market adjusts.
You can only be liable to a new cash out figure IF both, cash out and N/R occur at exactly the same time, and therefore you will be offered a new cash out figure.
Report impossible123 September 26, 2018 10:43 PM BST
Betfair has suspended the cashout on The Arc, a race 10 days away. All the recent tosh about rewarding customers for their loyalty is absolute carp.
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