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Tony Calvin: "It is an obvious error"
Tony Calvin: "It is an obvious error"
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At least the Irish papers went to the bother to explain how Betfair actually works. Mother heard it on the news and wanted an explanation of how it worked..Told her i'd get her the Belfast Telegraph
 Punters' fury as Betfair error means all bets are off Luke Byrne Hundreds of punters thought all their Christmases had come at once yesterday when a bookie's error meant they were offered hugely inflated odds on a fancied runner at Leopardstown. The punters had placed their 'in-running' bets - placed during the race - with online betting exchange Betfair on the horse Voler La Vedette in the woodiesdiy.com Christmas Hurdle at the Dublin racecourse. But due to a "technical failure" they were offered odds that were too generous, at up to 28/1. It saw punters pile on £1,642,094 in bets at the 'wrong' odds and were set to win tens of millions before the error was spotted and all bets declared void. The error has been likened to playing the lottery after the numbers are drawn as punters were able to place money at long odds despite the horse leading the race. Before the race started, the horse was second favourite to win at odds of 13/8 - meaning a bet of £8 would win just £13. Many bookies allow betting during a race and the odds are constantly updated, depending on how the horses are performing. With a short distance left in the race, Voler Le Vedette looked the clear winner. But Betfair now listed the horse's odds at dramatically longer than when it started. Despite her lead, Betfair had Voler Le Vedette at 28/1, meaning every bet of £1 would win £28. Just under €2m (£1.66m) was placed on the horse at these odds, meaning that almost €56m (£46m) would be paid out. Betfair uses a matched betting system in which an offer to make a bet can be accepted or 'matched' by a customer, or by the company. Betfair's online graph for the race yesterday showed that around €25m (£21m) was offered for bets on the horse at 28/1. Betfair suspended the market in order to investigate. Last night the company said that a considerable sum had been placed on the odds of 28/1. A statement added: "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." Factfile Betfair's online exchange allows customers to choose their own odds and bet against each other, eliminating the need for a bookmaker. Members can either 'back' bets, which are normal bets on a selection to win, and 'lay' bets, where the punter is betting against the selection Read more: http://www.belfasttelegraph.co.uk/sport/racing/punters-fury-as-betfair-error-means-all-bets-are-off-16096494.html#ixzz1hv4mRizP |
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elisjohn 28 Dec 11 22:49
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. £230000.00 was probably the figure intended and yes there hills/laddies and no powers do have extremely high credit levels bordering on the no limit zone |
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Betfair falls again on racing problems, while FTSE edges lower
Betting exchange forced to void transactions, while investors await Italian bond auction Betfair missed out on Wednesday's online gaming rally which followed indications the US might ease its opposition to internet gambling.  And now the betting exchange's shares have fallen even further following news it had to void millions of pounds of bets due to a "technical fault' at Leopardstown, with one punter said to face a liability of nearly £23m before the cancellation. With Investec this week repeating its sell recommendations, investors are not gambling on a recovery in Betfair's shares, which are down another 30.5p to 751p. So far it is the biggest faller in the FTSE 250. |
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sorry 23000.00 should have been the figure i used as an example
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i see they deleted the thread with the legal action stuff in it; some of the more salient points were obviously too near the mark
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Hypothetically I wonder what would have happened if it fell at the last and then the 2nd would have been matched at 1.01 as usual , and VTV would have been matched at 1000 , would the 29 layer have kept the money that would have been matched , obviously not 1.6 million at that point or still void ?
Funny how as this one affects them they obviously void, but still let the lay the fallers live from the track teams clean up on a daily basis and make fortunes, as it helps them bring in plenty and I mean plenty in premium charge . |
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An investigation has revealed that this was due to an obvious technical failure
Surely if something's obvious you don't need an investigation? |
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I HAVE NOT YET READ ONE PLAUSABLE EXPLANATION. THE BETFAIR SPOKES PEOPLE ARE TREATING THE VERY WELL EXPERENCED PUNTERS LIKE FOOLS, SOME OF US ON HERE HAVE BEEN BETTING 50 YEAR PLUS, AND CAN NOT BE FOBBED OFF WITH THIS NONSENSE, WHOS THE PR. HERE SOME SPOTTY FACED ERK. STAIGHT FROM UNI. KEEP IT REAL. TOO MANY UNANSWERED QUESTIONS, THAT AT LEAST BETFAIR SHARHOLDERS ARE ENTITLED TO.
1. who was the account holder 2. did they have a limit 3. does any client have no-limit 4. will a percentage be paid out based on the ammount they had in their account? 5. do they still have an account? 6. has there been formal explanation to the stock exchange (regulatory note) 7. could this happen again |
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Questions we need answering.....
1) What odds did the punter mean to enter when he entered odds of 29? 2) How much did he mean to lay when he entered an amount of £21m? 3) Why did the exchange not say "Insufficient funds" when he tried to place this bet of a £600m liability? 4) What credit arrangements do BF have with some customers, ie if they lose a pot, do they have to make it good? 5) Why in this case is the losing customer not making it good, depriving other customers of legitimate winnings? 6) If I fat finger in the future, will BF void the market or just my bets? 7) What was the technical failure occurred? 8) Why is it an obvious error when the horse is 28 crossing the line.....surely there were just insufficient backers to take the amount on offer? 9) Why would someone not be in their right mind to place a bet like that.....on numerous occasions I have laid in error instead of backed and I consider my mind to be right? |
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well put frog
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11pm Betfair 760.00 -21.50
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THE THING THAT GALLS ME MOST IS THE FACT THEY ARE TRYING TO CALL IT AN "OBVIUOS" ERROR. AS IF ALL OF US WHO DISAGREE ARE STUPID. ERROR POSSIBLY, BUT NOT OBVIOUS, MORE LIKE MALICIOUS
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It's definitely cost the £10Million since 2.15pm yesterday. America is suppose to be announcing a relaxation in Internet betting so that should have boosted their shares today. But it's a black thursday for Betfair
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JUST PLACE A BUY @680p AD. STOP TRYING TO TALK THIS SHARE UP GOING ON ABOUT AMERICA
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Tony C's 'OBVIOUS MISTAKE' is the equivalent of Gerald Ratner sayin it's ****
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do you have a caps lock button on your pc?
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When people who aren't users of Betfair see 'obvious mistake' will go ''Oh so it's a regular occurence on a smaller scale"
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The question about what odds were meant to be put up, I would say it would be fairly 'obviously' 2.9 rather than 29, easily done.
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ME? SORRY BUT I'M A BIT HARD OF HEARING
COULD BE CAPTAIN THEREFORE BETS SHOULD STAND |
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Defsomeone put in 2.90 to £2,200;00 and their decimal point got stuck and it went 29 2000200
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ITS NOT GETTING ANY BETTER FOR THEM IS IT? ONLY WAY OUT OF THIS IS TO COME CLEAN, THE CLIENT TAKES HIS LOSS, THE SHAREHOLDERS SHOULD DEMAND IT, ITS COSTING THEM MONEY NOW
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if the whole lot had been taken would people expect betfair to find the 600m?
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Sorry they meant 2.9 2200.00 instead it went 29.00 2200220
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My point though captain, is how can someone make two simultaneous mistakes of such a magnitude?
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mistakes happen. surely?
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BACK TO MALICIOUS FROG, DEFO ONE OF THE BIG 5
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why was not betting suspended straight away why wait till went past post
betfair are completly at fault why should punters who laid the fav in running and not bet vlv suffer |
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Yup slick.....but usually the mistaker pays
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If i put in 100 at 25 to lay it comes up you have insufficent funds AND WONT LET ME LAY. Why didn't that happen if they had insufficent funds
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BECAUSE THEY HAD NO LIMIT
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And why had they no limit?? Are they special Customers? I think HF had limits
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I would imagine that this was a bot, you couldn't just sit there and put in 29 to lose millions, a bot could though.
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THESE ARE THEY PEOPLE WHO MOP UP END OF RACE, AT THE COURSE, REAL TIME
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Heres something interesting that I havent seen noted anywhere yet.
On the exchange, the maximum bet I can enter is Your total liability on these bets:£9,999,999.00 It doesnt let you enter any more numbers than 9999999. |
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HF NO DOUBT BIG HITTER, AND I'M BIG FAN, BUT THESE GUYS ARE MUCH BIGGER AND THEY THOUGHT THEY WERE INFALABLE. ONLY THE BIG 5 COULD GET AWAY WITH THIS
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IF WHOEVER IT WAS, HAD A NO-LIMIT ACCOUNT THEN BETFAIR SHOULD PURSUE THEM FOR THE MONEY.
WHY HAVEN'T BETFAIR CATAGORICLY STATED THAT NOBODY HAS A NO-LIMIT ACCOUNT? |
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Anaglogs Daughter 29 Dec 11 11:39
And why had they no limit?? Are they special Customers? I think HF had limits. hills,laddies and no power have no limits as it is certain they are always going to pay. for an individual to have a no limit account would be nigh on impossible unless you are in the league of tony bloom |
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ENOUGH SAID GOGGLES GOT TO BE ONE OF THEM, TIME FOR FSA/SCOTLAND YARD TO GET INVOLVED,PAY PUNTERS OUT
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i can well imagine that customers like the major bookies have no a/c limit as such, they probably just make a 24 hourly reconciliation of net profit & losses between themselves & betfair just like banks do on inter trading.
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Would make sense, one of the big boys phones through with a big lay, Betfair monkey enters wrong price in error.
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