Betfair 600 million fukk up

[lukahh]

do we know for sure that Betfair traders aren't involved in live betting themselves?

as i recall, they have some people employed to take advantage of "no-8-second-delay" feature to pick up low hanging fruits day after day.

[Ganesh]

do we know for sure that Betfair traders aren't involved in live betting themselves?

as i recall, they have some people employed to take advantage of "no-8-second-delay" feature to pick up low hanging fruits day after day.

I agree.

[FourLengthsClear]

do we know for sure that Betfair traders aren't involved in live betting themselves?

as i recall, they have some people employed to take advantage of "no-8-second-delay" feature to pick up low hanging fruits day after day.

We don't know for sure, Betfair vehemently deny it however.

[QQPALLADIUM]

$21 million available on a horse @ 29-1 odds with the odds remaining after the horse crossed the finish line far in front.

This is clearly a case of someone who hacked into Betfair's software.

Only an absolute idiot would expect these kind of bets to stand.

this coming from a shot taker himself at intrade years back with static lines...and he cried and cried

[whatagoal1]

Betfair shooting themselves here, they are claiming that the void was due to the customer offering a bet without the available funds to cover, but there terms and conditions state that if this scenario occurs all bets will stand.
So the reason they declared the race void, is in fact against their own T+C

When this gets to court they are going to have a battle on to not pay

[Hareeba!]

yes they voided all in-running. I quoted their statement earlier in the thread before Hareeba was able to get in with some of his baseless FACTS. Curious how anyone laying another horse in-running on this race won't be out of pocket - maybe someone could explain ?

Would you care to explain what "baseless FACTS" I posted?

[QQPALLADIUM]

good morning sunshine...do you even poop before you post?

[Blondie]

Guys let's go after the post instead of the poster please.

[hels]

do we know for sure that Betfair traders aren't involved in live betting themselves? as i recall, they have some people employed to take advantage of "no-8-second-delay" feature to pick up low hanging fruits day after day.

I have often wondered this, especially with live tennis betting -- betting on individual games (just to clarify, I mean 'games' referring to the 6 you need to win a set). When I first started I would lay a bet and cancel it as soon as I knew I was going to lose a point. However, they would already have been taken. I couldn't figure it out. I began thinking that maybe other punters were actually at the tennis stadium and over a cell phone relaying the info to a friend. Of course I also thought that betfair might be doing this as well.

I began searching for tv delay time and I found that it's often between 5-10 seconds and can even be up to 15 seconds depending on equipment and distance. As well, if they need to have censors watching (for foul language) -- this is doubtful for most sports -- but that would typically mean an extra 10 second delay.

I have learned my lessons and will take my bets off a good 10 seconds before each point. I did get burned with live betting in the Spengler Cup (hockey) yesterday. Never before have I had a live bet 'snipped' by someone with hockey, however, even with the 5 second delay they took the bets even though I cancelled them within a second of a goal being scored. So, I've learned my lesson yet again.

[davidchong]

i saw it and i lose more than $1,300 in that race in other in running book,

[Hareeba!]

i saw it and i lose more than $1,300 in that race in other in running book,

can you clarify what you are saying please?

do you mean you backed the winner in running at Betfair and laid it at Betdaq?

[davidchong]

can you clarify what you are saying please?

do you mean you backed the winner in running at Betfair and laid it at Betdaq?

YESSSSSSSSSSSS!!!!

[FourLengthsClear]

YESSSSSSSSSSSS!!!!

I am guessing you would have 'won' about $1600 if Betfair had not voided the market.

Just goes to show there is no such thing as free money and honestly laying the horse off at Betdaq was highly -EV anyway. I have no sympathy, sorry.

[Hareeba!]

I have no sympathy, sorry.

I tend to share your feelings on that FLC.

The massive price differential and obscene amount available should have been sounding alarm bells.

Taking a shot at an obvious bad line is a risk of the trade which arbers/traders need to factor into their betting.

[davidchong]

i cant watch races, the betfair video is delayed around 10 seconds and slow down my pc when watch it, so both computer is in robot mode, i back 1000 at betfair and lay 1300 at betdaq... looking for a mid point and max profit., i am playing uk and ire races since offshore books dont want my racebook action. =(... surprised for first time seeing a big profit win or lose, any result. Looks was a dream never came true.

[Hareeba!]

http://www.sportismadeforbetting.com/2011/12/verdict-never-going-to-be-anything.html

[sharlataans]

Talks about Betfair running their own bots without 8-sec delay seemed like out of this world to me. Given their revenue and risks involved there seems to be no need to do it.

But now I would not rule it out 100%. Because such glitches like BOTH going over liability cap and exceeding amount in wallet for a normal user seems impossible to me. That is just simple math comparison in software and there is not much you can do to have a bug in that.

Now my theory is that Betfair writes their own bots that are more internal to their core system and do not have any restrictions. And money wise they are not required to back the transactions with real funds (just like normal bookie).

Betfair just has grown to a big company and have become careless. Job like this should be done by "rock star" type programmer, but obviously it was done by sloppy average joe.

[Brock Windsor]

that's just an absurd statement and further demonstrates that you don't understand exchanges winning punters don't cost them money .. they earn them commission

If Betfair let a customer trade on credit , and the customer has no intention or ability to pay that debt because the betfair system error allowed the customer to be overexposed, that would cost betfair money. That would also be reason for them to void the bets. All the speculation in this thread and the message from betfair seems to indicate that is what happened. Now whether the customer was a large book or an arms length trading company belonging to betfair is another matter.

[oddsfellow]

Very interesting post here on a plausible explanation

http://www.betangel.com/blog_wp/

All to do with binary numbers!

[lukahh]

Looking at the market, it should have been obvious it is either a glitch or hacker attack or something else not backed up by cash. Come on - offers in range of 10-50 gbp for all horses, then 20m for this particular one?

of course, it is voided.

ugly truth is - thank god it is voided. many of players money would be forever gone in betfair sinking. anybody believe in "segregated account held funds" of the players?

[sharlataans]

Very interesting post here on a plausible explanation

http://www.betangel.com/blog_wp/

All to do with binary numbers!

That's what I thought will come up. But they are not using int32 values here, since they store money and odds with decimal part of it.

[wtf]

Very interesting post here on a plausible explanation

http://www.betangel.com/blog_wp/

All to do with binary numbers!

this clearly says;

* it is IMPOSSIBLE FOR ANYONE OR ANY ENTITY ON EARTH to lay this much on a horse, so there is zero chance
bf is culpable - we are talking almost ONE BILLON USD

* there is no conspiracy tin foil hat dudes

[Dark Horse]

Looks like they're protecting one of their big market seeders. Exchanges will do that, going back to the days of Tradesports. Internet accessibility is never 100% guaranteed. When big market seeders are cut off, they're protected. That same 'rule' does not apply to regular players. I don't know if that is what's happened here, but the general idea can express in different ways. Without knowing the detail, I would think that in general it's fair enough.

[Ace_of_Spades]

Guys let's go after the post instead of the poster please.

Can you go after Illini and ban him. His bullshitt posts are pissing me off. He posts nothing but filth.

[Santo]

Nobody was seeding an in-running horse market with $29million DH.

[DitKent]

betfair has gone down hill since the premium charge, it's clear they don't care about the customers, i pray to god that an adequate rival pops up on the future, as daq is just not good enough.

cmon all you smart guys/entrepreneurs! the exchange market is being monopolized and taken advantage of by betunfair, someone out there surely has to/will come up with something pretty much the same as what betfair offer,minus all premium charges and site outages every couple weeks...

[singgooner]

I think it has now been seen that Betfair has been trying to butter their bread on both sides - for a long while.

From 20% Premium Charge and then increased it to bascially a 60% tax on winning.

Now we find out that either they allow bookies to run liabilities and when the bookies screw up - they cover the bookies arse - or Betfair skim the margins with their cross-bet matching bots - which will
make profit at small margins against the little man.

Either way, Betfair are going the same way as banks - they want to screw the little guy and they are f ucking themselves in the long run - look at the share price - floated at £13 a share - now about £7.50 a share.

Betfair are coming close to being the Titanic of betting - as with this episode they are majorly holed below the water line and their customer service is from the Kim Il-Jong school of customer service - we are important - you will accept what we say is the official version and f uck you all !

If you are using Betfair - I changed to Betdaq and if more people took the plunge - hopefully, we could
in theory take Betfair out of business.

[sq764]

I just cannot believe with the sophisticated software they have that something like this could happen... embarrassing

[wtf]

betdaq are criminals and thieves

pure slime

if they open the usa market to bf they will immediately assume a major piece of the pie and solidify they leading global stranglehold of the exchange market

[davidchong]

i think all market should be voided.

[wrongturn]

with that large sum of money in pending on single bet, shouldn't their software sound alarms all over the place already?

[FourLengthsClear]

with that large sum of money in pending on single bet, shouldn't their software sound alarms all over the place already?

Probably but it would appear that whatever the problem was, it is the first time it has been encountered and it is not possible to have contingencies in place for everything.

[bettilimbroke999]

There may be very unhappy people who backed at Betfair and laid at BetDaq shortly..

Wow, ouch!

[Santo]

i think all market should be voided.

The betfair one was. Why would Daq void? Arbitrageurs always carry the can in these cases -- it's one of the risks..

[Pat McCrotch]

http://www.sportismadeforbetting.com...-anything.html

that is a great article,

at the bottom there are comments by ex betfair employees and punters who slate betfair.

betfair is greedy they do not want winners!!!!

yes i understand that they only collect commision, so why do they charge these winning punters 60%?

if u or i were winning punters and if we did pay the 60% surely it wouldnt be worth playing at betfair?

they are pure scum!!!!