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Tony Calvin: "It is an obvious error"
Tony Calvin: "It is an obvious error"
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Replies: 769
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uncle, im certain no bookies have 600, million in their betfair account, but im also certain that they have an open credit acct to whatever, they could well have phoned up during race and asked junior staff member etc to have 23 mill i/r on voler at 2.9, she could easily have layed at 29 by mistake, and since open credit acct didnt notice her / his liability .
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This is the suspicion. Has it shown that big bookies have unlimited credit on here ?
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perhaps it is time for proper regulation, some sort of operational audit as opposed to just the financial overview which allows everyone to see the full detail of how betfair operates, its relationships, off shore & external activity etc, this post will prob get zapped
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p s the bookies etc might even have just asked for 2.3 million on and you know how stupid staff are these days might have added a couple of zeros,this might not be a problem for accts holders with no limit on credit. ,
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It has to be bot because all of the other prices were adjusted to produce an overround of just over 100% like normal. if it was a single bet then the overound would have been well skewed.
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Interesting hypothesis EJ.
I've no idea what sort of size bets are taken and laid these days but I'd have thought even a 2.3 million pound bet or lay on a 13/8 shot would be unlikely in a little hurdles race in Ireland? |
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A £60M Lay by mistake ???
FFS |
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Trouble with all this is everyone is losing, punters who decided to bet the fav and trade out in running, other horses who were considered value and were looking for trades, or people wanting to lay Vole pre race and back her back at longer odds in running.
By the removal of the in running betfair should either pay everybody out with in running or refund every bet pre race on the losing selections. Also pay Vole out as a winner as a small act of goodwill Still wont appease everyone but would be a start |
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Deep - plenty of bot users have said that their own bots were trading around the really short prices on the second and I was told earlier that the cross matcher operates in-running on the win market, so any skewing wouldn't have been obvious on the exchange, other than the fact that the second horse was being backed at 1/20!
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Godwill from BF?????
ROFFL |
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PS it was quite clearly stated in a post earlier that BF DOES NOT offer credit facilities.
The issue for me is how the bet hit the exchange to begin with and what's to stop it happening again? BF seem to be claiming it was a technical error without then being able to back up what caused it. This HAS to be of massive concern to everybody, surely? |
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I know we can rule out Korals as they are barred from using Betfair.
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Godwill or goodwill Racing agree though unlikely this will be the end for them as punters will not let this go.
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I just can't see why any individual either on line or on the telephone would make that error and then not notice it. It had to be an automated trade or surely it would have been cancelled.
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Absolutely.
A few years ago I hit the back rather than lay button and lost a lot of wonga. That was also a palpable error as the horse had fallen. If this case stands, I and many others will be after their money back. |
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I still think it's going to be some sort of security breach with someone making the numbers so ridiculously huge to ensure that it couldn't be missed.
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Wizard dont be daft.
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Bets which are phoned in ( never had one myself that was honoured on here , tried it once when the system was down but the lay was not effected and it cost me £400 ) , require someone in Betfair to press buttons on that persons account presumably . Cant believe there is no tie back to the account concerned , including the issue of exposure limits . If there is no tie back , some people at Betfair should be down at the labour exchange tomorrow morning .
2.9 equals Betfair SP approx , 29 is only a decimal point remote from that . Back / lay buttons get mixed up , have done it myself , generating a red when I was trying to back , but if the error was as simple as that ( leaving aside the exposure thing ) why not just blame the perpetrator . They shouldn't be there in the morning anyway if thats what transpired . |
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Wiz,
You can and wil pay for any errors you make. BF,clearly will not. |
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easy to go unnoticed
could be a small punter, bet placed using a hand held/phone, stuck a lay in watched the race, glitch on phone submits monster lay, wouldn't check phone until post race, they don't even refresh in some cases, i do that on track all the time (not have monster lays obv) plenty of people run automated trading and won't revisit a market until it's finished in many cases, still won't answer how it got by the limits but thats's where betfair need to provide a full answer |
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Elise,
It is absoluteimpossible to exceed your funds limit by a penny (let alone £60M). Utter bullshat by BF |
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Latalomme - if that is the case then surely Betfair would have a Duty of Care to suspend trading until they could guarantee the site was secure.
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Again am not necessarily after sacking an indivdual employee if they have had a phone bet taken and accidentally typed in a wrong number
Things happen but to allow this to not be checked until after the event leads to a massive breach as these lays could happen daily for far less significant amounts and slip through unnoticed. I work in financial sector and know that issues like this if they arose in our company we would be held liable for these misfunctions. Either the full amount, or as I previously stated TCF rules from the FSA would dictate that all customers are treated fairly and would expect money back to one and all and a payout on the winner as well pre race. Patently this is not the case so there is a massive issue here for them to clear up good luck one and all |
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perhaps, but if the bet is placed internally and the error lies in the betfair headquarters i doubt we will get full disclosure
if there are accounts with unlimited credit it seems like a daft decision, even in house but again they should tell us equally, if there is an api bug, mobile betting glitch or similar which allowed it then someone poss betfair could be culpable i think they are just going to get masses of speculation, if they come out and say it won't happen again then that means they 100% know the cause, they should be made to give a full account |
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You'd think so wouldn't you! Everything continued as normal all afternoon after it happened, and judging by what's been said in the release, they're still investigating what caused it... Doesn't exactly fill you with confidence, does it?
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I've posted this before so apologies if you've already read it.
Take this as a possible scenario: You enter your odds and stake and it's sent to BF down your Internet link. BF store this bet on their system and then checks it see if it's acceptable. If it is, the bet goes ahead and is processed.... Only then the gremlins strike that area of memory/disk storage holding your bet details and they becomes corrupted, so the values now bear no resemblance to the values you originally input. Now when BF goes back to the place where it stored your bet it finds information - but it's not the original info you sent because it's been corrupted... but who knows? So BF uses that information in good faith. Such corruption happens once in a blue moon. Despite what we'd like to believe, computers are not 100% accurate 100% of the time. To those who ask why the user didn't cancel their bet - well they'd been told their bet had gone through, they would never think the 21+M bet on the screen was theirs because that wasn't the value they'd entered. It was a perfect storm, a one in a million (even billion) set of circumstances. It could just have easily have affected a complete outsider in a C6 hcap and only changed the stake, for example, by a penny or by 10k. Such a bet would have been put down to fat-fingers. |
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racingstar, i was replying to you sorry, seagram on a sim slant, the main interface won't allow a bet of this amount agree, it was placed either via api, phone direct, mobile application or inhouse i would assume
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elise - I believe it would be impossible for ANYBODY from OUTSIDE of Betfair to, "get past the limits."
This has all the hallmarks of an 'in-house' BOT gone wrong. |
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The screenshot in the RP shows another lay on offer at 21 .. a grand available. Seeing as has already been stated the horse was never more than a 5/2 shot, whose bet was that? Without the massive bet, that would have been a huge talking point in itself.
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By: This user is online. BugsysBestBet
Date Joined: 14 Mar 11 Add contact When: 28 Dec 11 22:11 who gets credit???? I OFTEN GOT 100K CREDIT |
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If the layer was somehow allowed by a fault in Betfair's operating system to expose his bank beyond the funds in it, the market would have been settled with the non existant cash in the banks of the winners, and the layer with a balance of something like minus £599.9 million.
Betfair would then have had to chase him for that money. This possibly why the decision has been made to make this a 'palpable error', while the cases mentioned above - where the 1000 layers had the funds in their banks to pay out - were seen as just fine as far as Betfair were concerned... |
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maybe onlooker, that is the obv answer but if a third party glitch with betangel, gruss etc or mobile app was at fault then betfair must still play a part in the outcome becasue there were insufficient controls in place, so i'm not defending them
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I got done 4 times, all my own mistakes i even remember my p.c. freezing on me when i put 10 into back a horse that was 12 and i put in 1000 by mistake but i couldn't get the fecking decimal point in to make it 10.00, after i made the mistake the thing just froze on me and the horse won
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anaglogs
, you put 1000 in by mistake and horse won 12/1, |
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I wanted to back it at 10 nobody wanted to lay me 1000
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you may be interested to know the following:
i pressed "bet 300 pounds" about half way through the race at 29.0 240 pounds was matched at 29.0 and the other 60 pounds was matched at 30.0 it seems that some cleverpants was trying to outdo the 21m later by a point to get his lay in play so even if the 29.0 was a fault, i should still get my 60 pounds x 30.0 which was a seperate bet entirely!! |
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the fact it was "a customer" trying to lay is very very worrying betfair.
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yeahyeahwhatever
Date Joined: 27 Sep 03 Add contact | Send message When: 28 Dec 11 23:17 Joined: Date Joined: 27 Sep 03 | Topic/replies: 2,889 | Blogger: yeahyeahwhatever's blog I've posted this before so apologies if you've already read it. Take this as a possible scenario: You enter your odds and stake and it's sent to BF down your Internet link. BF store this bet on their system and then checks it see if it's acceptable. If it is, the bet goes ahead and is processed.... Only then the gremlins strike that area of memory/disk storage holding your bet details and they becomes corrupted, so the values now bear no resemblance to the values you originally input. Now when BF goes back to the place where it stored your bet it finds information - but it's not the original info you sent because it's been corrupted... but who knows? So BF uses that information in good faith. Such corruption happens once in a blue moon. Despite what we'd like to believe, computers are not 100% accurate 100% of the time. To those who ask why the user didn't cancel their bet - well they'd been told their bet had gone through, they would never think the 21+M bet on the screen was theirs because that wasn't the value they'd entered. It was a perfect storm, a one in a million (even billion) set of circumstances. It could just have easily have affected a complete outsider in a C6 hcap and only changed the stake, for example, by a penny or by 10k. Such a bet would have been put down to fat-fingers. This is a possible scenario in terms of the way their system works. If you are one of the few customers using dialup, it is possible to put your bet on, and while the bet is processing your computer disconnects and redials. When it is connected again it continues to send the bet, which Betfair's system has by then received and therefore it processes it twice. |
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"Theoretical" people .............all your forumites whinging has done is fukc all good for the ability to lay your fancy.
Well done.   |
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Not having seen the race this might be a silly question, but looking at the screen shot on Sportismadeforbetting.com, who was trying to back the 1 horse at $1.35 and why if the eventual winner was so certain to win?
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