Betfair are going into liquidation

Small glitch are you an employee.
Well done Manson show this sack of s hite for what they are.
Every senior manager seems to have bailed out and cashed their shares in the last 2 yrs whys that

Typical betfair employee, rude and arrogant.

Small glitch to me .... I aint got no money in this acc ,  you will surely all get your money, just be patient children - If you are that desperate for it , you should not have put it in the acc in the first place.

Remember - don't bet what you can't afford :) 

Manson - which other pop stars do you like - 1d? Katy P ? Pitbull?

Right Said Fred.

I have had problems Hutsby but I am not short of money.
I might have been 30 years ago though you arrogant pr1ck.
I bet quite a few people have inadvertently gone overdrawn because of this.

Can I back 1.01 with any of you muppets that Betfair are still trading in 12 months?  I'll risk up to a hundred grand.  If you're so convinced that Betfair are going into liquidation, then surely you'd jump at the chance to back at 99/1 ?

Very few people on the thread think Bf are going bust in a year,but they have inconvenienced a lot of people. It's not really the way to run a business. But if you work for them perhaps you think it is ?

Having said that I have just tried to withdraw 100 quid and they won't let me. I thought it was supposed to be all over.

Wonder if anyone can help me to say if my problem is the same as others have been having...
I did a few withdrawals on Friday and Saturday but also deposited £1k on Saturday as all my money was tied up in one event and I wanted to trade another. Needless to say the withdrawals are not yet in my bank account.
I checked my bank account last night (Sunday) and the figure in it was £1k more than it is now (Monday night). Is this an issue others have been having? And if so is it a case of Betfair processing the deposit twice?
TIA

Mar 25, 2014 -- 12:29AM, salmon spray wrote:

Having said that I have just tried to withdraw 100 quid and they won't let me. I thought it was supposed to be all over.

Seen mixed messages on Twitter. Racing Post tweeted it was only a few customers and was dealt with swiftly, yet Betfair have still been telling people that there's an issue which is being investigated. It almost seems that they've been individually checking each account and haven't got through them all yet.

I suppose I can expect a knock on the door from the fraud squad       

RP showing their usual investigative journalist skills then ? Hopeless bunch of w********
That was whatnots Bruce.

Betfair do not have any physical products to sell.

They just recycle money

It would appear they have lost control of this money

If it can happen once it can happen again

perhaps betfair have invested our money in some dodgy off shore tax swindle and its gone t1ts up

Why say the obvious.............

Liquidication = Probably not

Technical Issue = A bit more than that I would guess

A Customer Relations Disaster = Definately

Transparency = Non existant

Resolved = Don't think so

More to this than meets the eye = Certainly

"A small number of customers" Racing Post = Clowns,clueless.

I should say that the money flow in this betting game is shrinking fast.........

someone had to say it mange,unless everyone beat me to it lol

MY MONEY FROM MY THURSDAY WITHDRAWEL HAS APPEARED IN MY ACCOUNT THIS MORNIBG TUES

SOMETIMES YOU NEED A BIT OF PATIENCE

go get the iron board cover then....

Thought i had a successful withdrawal of £300 quid on thursday,that money as now found its way back into my main wallet,what a fecking joke of a company am gonna withdraw or try too) and then i am off too the the purple one,unbelievable i will have to wait a further 3-7 days at least.

DELTA ,YOUVE REMEMBERED THE IRONING BOARD COVER FROM ONE OF MY EARLIER POSTS,I KNEW THERE WOULD BE SOMEONE ON HERE WHO WOULD TAKE NOTICE OF WHAT I WRITE

considering you used it when replying to me last night - it wasnt hard!

IT DOESNT MATTER HOW LONG AGO IT WAS YOU REMEMBERED .I LOVE YOU

YOUR THE KIND OF PERSON THAT WOMEN ARE LOOKING FOR

SOMEONE WHO TAKES NOTICE AND LISTENS TO THEM

Obviously Betfair acting in a suspicious way,that money of mine was a successful,transaction on Thursday,so how can it find its way back to main wallet,did try to make several withdrawals from Friday on wards and they would not let me, that cost cost me in way of having extra interest bets(my fault), could not get bets on a wolves last week(which cost me and their fault),had messages appear on mobile app telling me exposure investigation at wolves and only showing a quarter of actual  amount available,the account statement showed the problem seemed to start for me after pitcon won at odds on at wolves(still nor certain stake was returned?)from that moment onward s I estimate not being allowed to bet cost me in the region of £700(chances don't come around that often and neither does luck),I do note also,that account statement facts have been altered,notably the reversal decision does no longer show with the abbreviations that originally were given(this is suspicious).

It is always frustrating to have to wait three or four days to receive withdrawn funds into my bank account

It does not happen with withdrawals I make from other companies

Is this because Betfair are registered and licensed in Gibraltar ??

still not got my 24 hour withdrawal, in the fifth day now.

a complete joke.

check your main wallet stew,it may not have been made

Ok so once you transfer money from your Bank to betfair,it no longer becomes your property,remember this,for this is the truth,they will control your funds,and do so with no regret.

its been removed from my statement and my wallet.
completely gone.  apparently this is normal with held funds.  just edit the statement so it isn't there.

withdrawn today for the first time in 4 days.

yes  steve, that which was withdrawn successfully,was not????? the same here.

Covering their tracks!

Jaysus, you two love a conspiracy theory don't you?

The punters need a watchdog on this sort of behavior,and an in-house complaints procedure just does not cut it,manipulation of statements and messages to mobile lost forever,changing excuses from the customer service people a poor relation.

You would hope that Betfair would compensate those affected by this 'glitch'.

I had zero in my account when this issue became apparent, I'll wait until the issue is resolved before making any deposits. I've been backing with Paddy Power in the last few days.

STILL NOT WORKING HERE THIS MORNING!
FFS GET IT SORTED

this was posted on the RP site

Withdrawal issues resolved say Betfair

BY RACING POST STAFF 7:49AM 25 MAR 2014

BETFAIR have released a short statement in response to users who claim they have been unable to withdraw funds for a number of days.

The firm received emails and messages were posted on Twitter by customers complaining that they could not withdraw money from their accounts.

The statement reads: “Following some temporary issues with our deposit function a small number of customers subsequently had their withdrawals affected for a brief period.

“This was resolved swiftly and we will be speaking to the affected customers individually.”

so everything is alright then...

Nope not resolved yet, money withdrawn a week ago reappeared back in wallet yesterday and still cant withdraw it now

Now it is really really worrying...... to give that statement to the RP and not a word to us....well how could they BECAUSE IT ISN;T FIXED!!!!!!!!!!!

Has anyone contacted the RP to tell them that this is not what we are finding?

Not had any problems until now that is.....withdrew on saturday, always hits my bank on tuesday...not today though

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.

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.

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.

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

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...

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

the racing post are having a laugh at them.  posted the briefly and swiftly section of their press release seperately.

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?

3000 today still involved from 15,000 yesterday as of 9.55 am TODAY.

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

The free bet will be on Vegas Slots of course.

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.

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.....

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.

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.

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.

BIC=BANK INTERNATIONAL CODE,IBAN=INTERNATIONAL BANKING ACCOUNT NUMBER

I have left comments on the Racing Post site......how dare BF claim the issue has been resolved !!!

Mar 25, 2014 -- 11:45AM, the settler wrote:

I have left comments on the Racing Post site......how dare BF claim the issue has been resolved !!!

I wish BF would live up to your username.

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.

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.

just read the press release to the helpdesk guy, he was amused   didn't know anything about it.  found it himself and laughed again.

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.

On the basis that fewer winners make withdrawals than the masses that deposit perhaps this isn't betfairs biggest concern?

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

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.

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.

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.

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.

racingstar, they left the doors' open buy not answering questions. Their own fault, and the reason they are doing little about it.

If there was a problem the shares would be in freefall. They aren't. I would be very careful what you write on here.

Well I have finally been able to withdraw.

Really wish there was a viable alternative

Mar 25, 2014 -- 1:35PM, MillionaireMaker wrote:

Well I have finally been able to withdraw. Really wish there was a viable alternative

Debit Card/credit card, if it was a bank do you mind asking if it was Nationwide?

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!

Betfair censoring posts - oh dear !

Mar 25, 2014 -- 1:37PM, MARILYNMANSON wrote:

Mar 25, 2014 -- 12:35PM, MillionaireMaker wrote:Well I have finally been able to withdraw. Really wish there was a viable alternativeDebit Card/credit card, if it was a bank do you mind asking if it was Nationwide?

Debit card.... Halifax

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.

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.

The only way purple would receive a mass of previous bf customers is if bf shut down, other than that, people will simply go back to normal and continue on bf as before, this is because for the majority, the bet is the addiction and bf are the supplier, so there isn't much room for anything other than a token puffing out of the chest when things go wrong.

Pretty much right Duffy.

Get used to it,Daps.
They never cared much to start with but,now they do not give a rat's todger.
Nevertheless,Members Funds were never under threat,contrary to the lunatic views of many on here.

racingstar

"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."

at one point betfair did try to raise the intellectual level on here......but gave up !

Canbet went bust and the customers funds were lost. If they commit fraud you won't be getting your money back.

Comparing Canbet with BF is obtuse at best.

companies 100 times bigger than betfair have gone to the wall......but then again if a colossus like racing star says everythings ok......who are we to argue......

The good thing is,you will not have a penny in your account for fear of paying the PC you owe,Paulie

paulie, for an Irishman you seem to have a lot of welch in your blood !

I will have the same amount as yourself racingstar.....at least I will be able to say that just once in my life that I won......anyway im up and running already on a new account.....its no problem whatsoever......very little inconvenience.....

halcyon days......its funny that all the people who are advocating paying up......are the ones like yourself who are losing all their lives.......LOL......

paulie you like a bet... would you like to wager on it ?.....

No,Paulie,not for the first time,you have "knocked".
Never have the effrontery to compare a wretch  such as you with me.

I would like a bet halcyon.....but I couldn't pay 20% winners tax on it......

I wouldn't ever like to be compared to you racingstar.....id like to think I have some idea what im doing.....I wouldn't like to be known as a fool all my life......

As star says paulie... your reputation proceeds you... a bigger ''knocker'' than the brass ware at No.  10  !   

And,the days of dining on the crumbs of Davy are long gone