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BenWeasel
16 May 10 18:18
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Date Joined: 06 May 10
| Topic/replies: 94 | Blogger: BenWeasel's blog
layed schumacher to get points but betfair settled the bet not correctly. anyone else facing the same problem?

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Replies: 8
By:
BrunoC
When: 16 May 10 18:20
I'm having the  same problem. Betfair settled the bet just after the race, but Schumacher only got relegated later in the day.
By:
Green Board
When: 16 May 10 18:30
They changed the rules after so many people complained that they waited until the official result I'm afraid.
By:
BenWeasel
When: 16 May 10 19:28
here are the rules...

2.2 Resettlements

·         Markets are generally settled shortly after the end of the event in question. Betfair may settle (or part-settle) some markets before the official result is declared (or may increase a customer's 'available to bet' balance by the minimum potential winnings of that customer on a given market) purely as a customer service benefit. However, Betfair reserves the right to amend the settlement of the market if: (i) the official result is different to the result on which Betfair initially settled the market (for example, a horseracing result being changed by the relevant governing body shortly after a race, but before the result is official); or (ii) if the whole market is eventually voided (e.g. for an abandoned event).

·         Betfair reserves the right to reverse the settlement of a market if a market is settled in error (for example, a human or technical error).

·         If Betfair resettles a market, this may lead to amendments being made to a customer's balance to reflect changes in market settlement.



i think betfair has to change the bet
By:
ocukstinky
When: 16 May 10 19:36
Strange one, they class podium presentation as "official result" - however, as the cars were arriving in parc férmé it was announced from race control that the incident would be investigated. They shouldn't pay out on anything until the appeal from Mercedes has been apporoved or rejected, imo.
By:
NW
When: 17 May 10 18:25
The market information tab states that 'the market will be based on the result at the time of the podium presentation'. This is a new policy for this season following complaints in previous seasons about slow settlements (waiting for the official result) and inconsistencies between Betfair's and traditional bookmakers' pay out rules.

The fact that the stewards announced immediately after the race that they were investigating the issue is irrelevant: the provisional result at the time of the podium presentation was published (based on the order that the cars finished the race) and by settling the markets based on this result, Betfair have followed the rules set out in the market information.
By:
fellatthefirst
When: 19 May 10 17:51
yes i layed schumacher to be out of points, and even when your prediction is correct, you still lose, i thought this was betFAIR but perhaps they should change name to betUNFAIR.
i think someone decided to settle the market too soon.
my suggestion is take them to court for not settling bets that have clearly won.
I know that we would win a court case, because the official result is the one that counts
By:
ocukstinky
When: 19 May 10 18:12
Wouldn't stand a chance, they'd crap all over you. Tbf market does state podium is settled as official result, but I still don't agree with other markets such as points finish until the stewards' decision had been made. It's common sense if you ask me! If there's a stewards enquiry in a horse race, please tell me what happens?
By:
fellatthefirst
When: 20 May 10 08:41
you probably right, but to me this is a total ****-up on betfairs part and needs to be seriously looked into, did anybody get paid if they backed buemi to get points finish ?
some people may have lost thousands on this market . this borders on scandalous in my opinion
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