Betting site Smarkets comments on player dispute
Smarkets (SBR rating C) has provided comment on a betting complaint submitted by a user who claimed that his winnings were voided on a market which had €70,000 in matched wagers.
Smarkets is a betting exchange, not a traditional online sportsbook, which relies on peer-to-peer action to account for market liquidity.
A player claimed he had €20 coming to him from bets on the El Tanque Sisley vs. Nacional football match.
The player argues that even if the odds were erroneous or he and others had the best of it, players need to do their homework before blindly accepting a posted offer on any betting exchange.
Smarkets had the following to say:
Smarkets: "The issue was caused by a technical error which led to Smarkets offering the wrong market ids through the API. This led API users trading on the wrong contracts and offering the wrong prices as a result. We take the view that it is damaging to market integrity for any user to profit or any other user to lose out from software errors. Therefore we chose to void the market."
Sportsbook Review agrees that users need to be responsible with accepting legitimate or fair offers, however, in this specific case the bug was caused by the wrong rotation/market IDs fed in by the application interface, and therefor the starting offer ranges were badly skewed and out of line with the rest of the market. A void all around is a fair outcome.
Smarkets players with feedback are encouraged to write to SBR at email@example.com.