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Does anyone think I should go to court?

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Replies: 435
By:
homefortea
When: 29 Dec 11 15:46
Jeeez..Also Mumbo Jumbo at 6/1 and Cadeaux Pearl at 14/1(r4).Unfortunately in each-way singles.What an aftertimer if I had done a multiple I could have been that alleged bot !!
By:
six gun
When: 29 Dec 11 15:47

Dec 29, 2011 -- 3:36PM, millhouse wrote:


Zaynar, who do you think should stand the £23 million that opportunists like yourself want to profit from this genuine mistake - Betfair (and its many innocent shareholders), or the punter who placed the bet in error?Obviously either would almost certainly never recover from having to pay you, but if you really think that's OK and you're happy to live with that, then go for your life in the Court Case, imo...


What is this?
"innocent shareholders" - like they are little children or something.
£21 million is a far chunk but far far from the end of the world for Betfair.

What about the people who backed on BF and layed off on Bet quack?
Why do they suffer?
What about the people who layed the other horses?
Why do they suffer?

By:
millhouse
When: 29 Dec 11 15:48
Corbiewood, for the little it's worth, I would be saying the same thing if a bookmaker had put 29-1 up about a 2-1 chance and punters had piled on, as I'm sure you know.

Good to see you are still about, haven't seen you post for some time now...
By:
Rollo Tomasi
When: 29 Dec 11 15:49
millhouse,
What about Betfair having indemnity insurance? Should a website have allowed a £600m lay? That isn't the fault of people who backed the winner.
By:
SoYouThink
When: 29 Dec 11 15:49
That is true Mover. Although I understand Mourad was backed at 1.03 and 1.04 because the automated systems were seeing 21m of a lay at 28/1 on VLV and were following the logic which had been programmed into them. The whole **** market turned into a bit of a fiasco too as a result of what was going on here, as did the place market here.
By:
Kriskin
When: 29 Dec 11 15:50
so u think - ur coming across as a knob.  What about the fast picture boys laying fallers, etc everyday of the week?  U cannot come on here and defend BETFAIR FOR YESTERDAYS BALLS UP.  The price was there and available to bet.  Betfair didn't re-imburse me when I laid at 110's instead of 11's on a winner.  Cost me 34k. Betfair are covering up something very sinister that went on yesterday
By:
themover
When: 29 Dec 11 15:54
I believe that to have been the case SoYouThink but I can only base my betting based on what I see on the screen. After I'd placed my bets (we're not talking 1000's here) my concern was that the horse would be disqualified for something or other so although I have my stake back (plus the winnings on the race from my pre-race bet) I do feel I've had winning bets taken away through no fault of my own.
By:
Emden
When: 29 Dec 11 15:58
I think BF are going to have to issue a fuller explanation of what exactly happened yesterday otherwise this is going to run and run.

Feel sorry for the genuine punters who got mixed up in all this but I suspect the majority of the money backed at 29 was opportunist.
By:
SoYouThink
When: 29 Dec 11 15:58
Zaynar, I will explain my point of view one more time.

I do not think what Betfair have done is fair. Certain people have lost vasts amounts as a result of yesterday's glitch and they have a strong case against Betfair. Others have profitted too by the way.

You, as it appears from reading this thread, have just seen 28/1, chanced your hand, and are now demanding you get paid at 28/1. Betfair have been fair to you by returning your stake in my opinion. The idea that you percieved it to be value is neither here nor there, everyone would have percieved 28/1 on a horse 4L clear on the run-in as value. The whole point of a bet is that both persons who strike it percieve their view as value (either as a bet on it's own, and in conjunction with another bet). That's the whole point. It wasn't really "a bet".

In reply to your last comment, I would think it sums you up more as a person if you are intent on pursuing this, rather than me for disagreeing with something that is morally wrong.
By:
Rollo Tomasi
When: 29 Dec 11 15:59
Say £21m

£7m average commission/Premium Charge at say 33% because biggest winners will have most in their accounts
£10m indemnity insurance 

It could be bottom line -£4m for a billion pound company?

Then if it triggers PC for some people they get some of that back over time.
By:
.Fidway.
When: 29 Dec 11 16:00
zaynar i lost £3 on mount macleod Happy
By:
Zaynar
When: 29 Dec 11 16:03
Why is it morally wrong to pursue this? Why should I be grateful betfair returned my stake? Are they allowed to keep whatever money they want now?
By:
Zaynar
When: 29 Dec 11 16:04
Oh and it was a bet as it was struck in-running the same as the 100's of other bets i've done or are they not bets?
By:
SoYouThink
When: 29 Dec 11 16:05
Kriskin, I am not sure why you are replying to me. I do not disagree with anything in you rpost other than your first sentence. Not sure what a bet you did in a separate market has to do with this particular issue either.
By:
SoYouThink
When: 29 Dec 11 16:07
You are deliberately missing the point now Zaynar. I have explained what I meant by the term "bet" above and how it differs from the 100s of other bets you do, yet you have ignored this.
By:
Zaynar
When: 29 Dec 11 16:09
And you have avoided my question about why it is morally wrong?
By:
SoYouThink
When: 29 Dec 11 16:10
Why is it morally wrong to pursue this? - See above post from me.

Why should I be grateful betfair returned my stake? - See above post from me.

Are they allowed to keep whatever money they want now? - See above post from me.

All questions answered already. Judging by your ability to debate on this thread, I would say you have a good chance in court. Laugh
By:
homefortea
When: 29 Dec 11 16:11
Soyouthink..At what stage of the race did the 29 become a morally wrong price to take ? You seem to think everything is Black and White...I will state again the only reason there has been a problem is due to the sheer size of the lay.That does not make it any more of a mistake than if some punter layed £1000 at 29 and then the race would not have been voided.Again I will say that the only reason the price was still there on the run in is that there was so much money left to bet...
By:
SoYouThink
When: 29 Dec 11 16:16
I agree with you homefortea. And I accept everything is black and white.

But the problem is there is no money to honour the bets.

I can only assume if someone had liabilities of 28,000 (1000 at 29) without the money being in their account then the same thing would have happened - in theory. Although I understand the reason the bet got through was because of the magnitude of the lay. Had the same punter tried to lay 1000, it would have rejected the bet because the funds weren't there.

As I have said, and continue to say, I do not believe anybody who backed 28/1 are entitled to anything.
By:
jajabink
When: 29 Dec 11 16:20
people who think theyre gonna get the money thru the courts must be mad,no court in the world would take this case,the customer in questions account far exceeded its limit to how can you expect them to pay,im with betfair on this one ,but it is bad P/R for them and it wont help attract new punters
By:
the masked magician
When: 29 Dec 11 16:23
This is fact and I sit in a in running shop.

Approxamately just after the second fence the odds and ammount were there , the posistion of the horse in the race was second last.At that point I placed a vet of £100.00 @ 29.0, as the race progressed the odds never changed. All in the shop backed the horse at various stages throughout the race including me.

Everyone in this shop had punted there stake well before the second last and as far as I am aware no one backed it after the result was known.

People need to get away from the illusion that the horse was backed by the majority after the horse crossed the line, I would imagine and dont think I will be far wrong here about 80% of the money staked was well before half way.
By:
jajabink
When: 29 Dec 11 16:25
i once saw a Wii advertised on ebay for 14.99 with 2 games,i paid for it several hours later ebay emailed me & said item was no longer being sold and refunded my money,not that bothered just chancing my arm same with this 28/1 was a error and said person never had that kind of money in their account so bets cant not possibly stand,people were just chancing their arm they knew it was wrong.so betfair are right to void all bets in running.
By:
jajabink
When: 29 Dec 11 16:27
there was 21m available so thats why the price stayed there so long,it wasnt all matched
By:
SoYouThink
When: 29 Dec 11 16:27
It's the same principle Masked Magician.

Surely when you and your mates seen the volume of money waiting to lay at 28/1, you realised all was not right?

Yet you genuinely thought you had backed the second fav at 28/1 and would get away with it?
By:
SoYouThink
When: 29 Dec 11 16:27
It's the same principle Masked Magician.

Surely when you and your mates seen the volume of money waiting to lay at 28/1, you realised all was not right?

Yet you genuinely thought you had backed the second fav at 28/1 and would get away with it?
By:
homefortea
When: 29 Dec 11 16:28
For Gods sake Soyouthink The race took 4 minutes to run.The Masked Magician has just said that he backed it after the second fence.Tony Calvin has just stated that the 29 was put up after a minute.Something is not right here.
By:
jajabink
When: 29 Dec 11 16:29
spot on so you think,betfair havent done anything wrong here and are right to void
By:
SoYouThink
When: 29 Dec 11 16:30
We know something is not right homefortea.
By:
jajabink
When: 29 Dec 11 16:30
2nd fence after a minute is right
By:
jajabink
When: 29 Dec 11 16:33
at the end of the day youre not gonna be paid out on a 28/1 winner,i would just stomach it and move on,no one has actually lost any money from this,all in running stakes were refunded
By:
jeremyb6972
When: 29 Dec 11 16:33
Count me in.  If nothing else it will force Betfair to reveal what really happened.
By:
jajabink
When: 29 Dec 11 16:35
you know what happened,people just think betfair have conned them out of money when they havent.
By:
ash cpfc
When: 29 Dec 11 16:37
@ Jaja

,no one has actually lost any money from this,all in running stakes were refunded

Person backs horse at 29 for £1k on Betfair

Then Lays for 1K @ 14 on Bet Daq (Liab. 13K)

They have lost £13K
By:
SoYouThink
When: 29 Dec 11 16:41
Correct Ash, and those people deserve an explanation and to be reimbursed in my opinion.

Although some blame must fall on the shoulders of the person themselves for trusting a service that as it transpires cannot be trusted.
By:
sisyphus
When: 29 Dec 11 16:42
masked magician
This is fact and I sit in a in running shop.

Approxamately just after the second fence the odds and ammount were there, as the race progressed the odds never changed.


This is fact;

The odds never changed, alarm bells as accountee's heart fails just like yours would have had it happened to you.
Let it go, the right decision has been made...
By:
jajabink
When: 29 Dec 11 16:43
but if you see the odds not movin wouldnt you relise that something was wrong,i know i would,laying it off on another exchange would just be daft as you know they arent the true odds,i believe it just pure greed from punters expecting to be paid out on a software glitch
By:
SoYouThink
When: 29 Dec 11 16:46
Jaja....People will have had computer software backing here and laying on ****. For big amounts.

They mightn't have been near a PC at the time all this happened.
By:
VALUEMAN
When: 29 Dec 11 16:47
I have made several laying errors in the past that have cost me fortunes.

Never thought I could ask Betfair to void the in running for me.
By:
ash cpfc
When: 29 Dec 11 16:50
They way I see it is the money is in the market, then it's fair game to be bet with

If betfair had came out and said this guy didn't place the bet it was a mistake fair enough

but why would you try and lay something at that price for that amount of money

To me the guy was being an idiot glitch or no glitch, all money in his account at the time should be taken out and distributed amoounst winners wether it's £600 or the £23,000,000 liab that was matched
By:
Kriskin
When: 29 Dec 11 16:51
jaja - How can a lay be put up when the so called person has NO money to back it up?  I don't get bets accepted when I have NO money.

So explain to me HOW DID THIS BET GET PUT UP YESTERDAy?
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