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Betfair are going into liquidation
Betfair are going into liquidation
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Replies: 298
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Has anyone contacted the RP to tell them that this is not what we are finding?
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Not had any problems until now that is.....withdrew on saturday, always hits my bank on tuesday...not today though
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A big problem for the customers is that Betfair sponsor TV ,newspapers etc,also in-house complaints,it is almost impossible for the customer to have a voice unless reporting to Trade and standards,we have become so use to these problems ,that we become over understanding?,the fact remains that the company is offering a very unreliable product,it is encountering problem after problem,and must be losing customers.
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Judging from the number of people on here who have been affected ( and a large majority of Betfair customers never go near the forum ) it is not a SMALL number. Nor was it "resolved" when they said it was. I couldn't get anything out at 11.00PM last night. Not desperate as it happens but I am sure some people are getting that way. The other thing is I stupidly put several hundred pounds into my account yesterday morning a bit before my Fri withdrawal,which I presumed was OK,found its way back into my wallet here. I have questioned the ethics and indeed the legality of accepting deposits when you know you can't/won't pay any of it back. Needless to say I didn't get a straight answer.
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yes salmon,this part is what concerns me most,It is small punters and losers like myself who fight on a day to day basis to stay afloat,whom will be feeling the pinch,withdrawal at the correct time helps combat over-betting,control is key,this company is in self defense mode,statements changing etc,those with capitol will not understand the bother,only those that fund the layers will.
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There are currently still withdrawal issues at present as soon as we have more information we will update you
this the latest line from @BetfairHelpdesk on twitter @ 9.20 am today |
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Just made a withdrawal (to a debit card). No errors on the site, of course I'll have to wait and see when the money actually reaches my account. To make things slower, Betfair have their dirty scummy 'reverse this withdrawal' option which means they won't even start handling the withdrawal for another day...
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yes mr maggoo,the same when I made withdrawal last Thusrday,and guess what,it was back in main wallet today!,The company does not want to be shown in error or FAULT
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the racing post are having a laugh at them. posted the briefly and swiftly section of their press release seperately.
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we are just helpless, let's face it, when Betfair can boldly tell RP something that we are not finding is correct, and it just goes on. Maybe it is a small number? which would make me feel a little better. Most of the forums subjects carry on with no mention re withdrawls, whereas if it was more widespread I guess there would be a far greater number sharing concern?
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3000 today still involved from 15,000 yesterday as of 9.55 am TODAY.
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Betfair share price up 31p this morning, at least would suggest that there is not anything fundamentally wrong with the company…..Probably be an apology in a week's time when the withdrawal issue has been resolved with a tenner free bet for all chucked in as an olive branch
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The free bet will be on Vegas Slots of course.
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I will stay here as they have more markets, but I am only going to leave a small amount. Going to move my money elsewhere.
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what has the betfair share price got to do with anything......absolutely nothing that's what......prices of shares go up and down all the time......look at the bank shares.....they kept rising and rising and nobody knew the difference........then suddenly when the real truth emerged.....freefall......that's what will happen this crowd too......its being run by imbeciles......nothing stays the same forever.....its only a matter of time before there is a collapse.......
until recently they employed a nightclub bouncer as some sort of PR man.......and now they have people with no experience of exchanges running the thing.......Woolworths and Paddies......one gone to the wall.....the other specialising in gimmick betting..... |
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Who are the auditors for Betfair or don't they have any? What's the legality of tampering with customer statements to cover in-house errors? If you made a successful withdrawal Thurs/Fri you were given a reference i.d. As far as I'm concerned that's my contract between BF and myself that they are honouring my payment and processing it through the banking system on that day. I didn't agree however to a Card Payment - LloydTSB Reversal at 3.20pm yesterday. They have broken the banking code and should be sending me an apology email explaining why they are breaking our agreement before doing a reversal like that but oh no, they just do it. Out of order!
I've worked in finance before where we have had in-house banking issues. It always involved a lot of courtesy calls to the customers or a mass email explaining the situation. If people receive this they are quite content and do not get alarmed. Failure to take such steps and follow the banking code can ultimately result in your facility to process payments being removed. Do the powers that be not think these things through before they implement them? It beggars belief. |
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You all got a new banking code during the month of January.a new BIC and IBAN number,thats if you live in europe,under SEPA european law,how many of you give these details to betfair.if betfair dont know your new electronic address it would be difficult for them to accept deposits and send withdrawals,check sepa in europe on google.
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Brassneck, I think your unique identifier code is contained within the electronic communications between financial institutions/services. The banks share the code with your suppliers I believe.
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BIC=BANK INTERNATIONAL CODE,IBAN=INTERNATIONAL BANKING ACCOUNT NUMBER
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I have left comments on the Racing Post site......how dare BF claim the issue has been resolved !!!
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I've just asked them on twitter why they have told the RP the issue is resolved. They more or less said well it is for most people.
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yes i agree,but the banking system is haywire,since the european rule came into play,some banks informed businesses,while other banks left it for the businesses to request it.many businesses failed to upgrade their software to be user friendly with the new numbers.even though the new software is free.now thousands of businesses all over europe cant get their hands on the new software and their is a waiting list.all businesses right across europe had two years to two years to prepare for the big switch but failed to act until the last day.
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just read the press release to the helpdesk guy, he was amused
 didn't know anything about it. found it himself and laughed again. |
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Thank goodness for the forum, at least we can kick this thing around. We would be well and truly on our own with this otherwise. As with the rest of you I've sent emails and had no response which is staggering in itself considering we are asking why can't we have our money. This has highlighted once and for all what BF is all about and it's hard to accept how poorly they treat their customers. In my ignorance I previously read the forum and thought they can't be that bad. You live and learn.
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On the basis that fewer winners make withdrawals than the masses that deposit perhaps this isn't betfairs biggest concern?
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all we need now is someone to come up with similar site and betfair will be no more
the way there treating us could be the end of them now can we ever trust them now |
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Make hay when the sun shines,put all the withdrawals in a holding account and make interest on it overnight.by the way the new banking rules under SEPA state that all bills can be withdrawn 5 days in advance of due date,and all deposits will take up to 5 days to arrive into your account.
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Acquirer risk:
The acquiring bank accepts the risk that the merchant will remain solvent. The main source of risk to the acquiring bank is fund reversals. Consumers can trigger the reversal of funds in three ways: A card refund is the return of funds to the consumer, voluntarily initiated by the merchant. A card reversal is where the merchant cancels a transaction after it has been authorized but before settlement occurs. A card chargeback occurs in a dispute between the merchant and the cardholder over the validity of the transaction. The card holder requests the return of funds through the issuing bank for reasons that include that the goods were not received or were faulty, or that the cardholder lacks knowledge of the transaction. Card associations consider a participating merchant to be a risk if more than 1% of payments received result in a chargeback. Visa and MasterCard levy fines against acquiring banks that retain merchants with high chargeback frequency. To defray the cost of any fines received, the acquiring banks are inclined (but not required) to pass such fines on to the merchant. Costly fees are generally at the cost of the merchant. Due to the high amount of risk acquiring banks are subject to, as well as their key position in the payment chain, the security of electronic payments is a great concern for these institutions. For this reason they have been involved in the development of electronic point-of-sale security standards, such as PCI-DSS and the emerging SPVA standards. |
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I am totally amazed that there are people on here suggesting Liquidation etc.
However given the calibre of poster on here perhaps I should not be. Quite frankly,I am staggered that BF let fundless,non betting pricks like Teabagbarnet make libellous statements regarding this issue. |
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Dear Sirs,
You suspended my account and when I enquired why you told me that you were having deposit problems where funds were not leaving my bank and being received by you. In order to unsuspend my account I had to authorise you to debit my account balance with you by £1000 with the assurance that the £1000 was in fact still with my bank. The money (in 4 amounts) HAS left my bank. I therefore require you to recredit my account with the £1000 you have stolen from it. If this is not done by 5pm today my solicitors will be instructed. |
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racingstar, they left the doors' open buy not answering questions. Their own fault, and the reason they are doing little about it.
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If there was a problem the shares would be in freefall. They aren't. I would be very careful what you write on here.
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Well I have finally been able to withdraw.
Really wish there was a viable alternative |
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Mully
Date Joined: 29 Aug 02 Blogger: Mully's blog Add contact | Send message 25 Mar 14 10:23 Who are the auditors for Betfair or don't they have any? What's the legality of tampering with customer statements to cover in-house errors? If you made a successful withdrawal Thurs/Fri you were given a reference i.d. As far as I'm concerned that's my contract between BF and myself that they are honouring my payment and processing it through the banking system on that day. I didn't agree however to a Card Payment - LloydTSB Reversal at 3.20pm yesterday. They have broken the banking code and should be sending me an apology email explaining why they are breaking our agreement before doing a reversal like that but oh no, they just do it. Out of order! I've worked in finance before where we have had in-house banking issues. It always involved a lot of courtesy calls to the customers or a mass email explaining the situation. If people receive this they are quite content and do not get alarmed. Failure to take such steps and follow the banking code can ultimately result in your facility to process payments being removed. Do the powers that be not think these things through before they implement them? It beggars belief. The sad thing I doubt nobody on here is really surprised how they have dealt with the whole episode. They do what they want and won't care about conduct, they never have done before so no reason why it will start now. Maybe a few should contact the FSA but by the time they decide to do anything it will probably be too late! |
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Betfair censoring posts - oh dear !
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Magic__Daps - they seem to think that if they brush it under the carpet quickly it will just go away and nobody will take them to task. Don't they realise that sharp minds take screenshots and keep their own audit trails. I know I do.
At the end of the day the delay I can deal with, the fact they tried to hide it from customers leaves my confidence at an all time low with them. |
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Mully - they seem to think they can brush everything under the carpet, they always have done. I am not sure how many nails are needed in their 'exchange' coffin to bolt it shut but another couple have been added in the last week or so. Not saying the purple is the complete answer but more and more will be going over there after this, and it has become a viable alternative to many punters.
I expect most can accept the delay and a problem, it's the deafening silence that gets to everyone. I have never known a company treat it's paying customers with such arrogance, and when this lot are begging for customers to come back I can only hope Betfair are treated in exactly the same way. |