Greek's shady definition of "line erros"

[Highland]

I've had this happen twice in the last several months at the Greek. Bet a futures line at The Greek which was obviously not a line error.. watch Greek adjust the price after taking the bet.. watch the line get bet down some more.. and then later on recieve an email saying the bet has been cancelled, because it was a "line error" and that the Greek intended to put up the exact current market price... not their opening line.

Most recent example: Brandon Jennings +4000 for Rookie of the year before the season. Jennings was listed at +4000 for several days, not completely out of line with general perception of the rookie class or the draft order. There was at least one other players listed at +5000 I believe. So, I bet Jennings. Jennings moves down to +2500. A few days later Jennings is at +1000. Then 5 days after my bet was placed, it is erased from my pending wagers and I recieve an Email explaning..

"Your wager on the above prop has been cancelled as it was up at +4000 when it should have been +1000."

So, they took bets on a line which wasn't an obvious line error. Then adjusted the line down. Took some more action over 5 DAYS and adjusted the line down some more. And then decided they will erase all pending wagers on this player, and say that the exact price the betting market has adjusted the line down to (+1000), was the line they intended to put up over a week ago.

Basically, the Greek lets the betting public adjust their futures prices by betting into them, and then cancels bets on any wager that they deem to have too high of a liability on. Keep the bad wagers made by the public in a betting market, and cancel the seemingly strong wagers made in the same market. That is one profitable business practice.

[Halifax]

Weak.

I guess that was the pre-Griifin injury price, and Olympic got caught snoozing.

[Highland]

Weak.

I guess that was the pre-Griifin injury price, and Olympic got caught snoozing.

Both the wager and the cancelling of the wager were before the Griffen injury news.

[evo34]

This is ridiculous on the part of the Greek. I have had a similar experience elsewhere, but never there. Out of curiosity, what was the date of your wager?

[Monk]

That is dirty stuff, not worth of a bookie with rating above C.

Unfortunately they have a very good role model that does exactly the same. Pinnacle.

[eberetta1]

I'll keep this is mind when placing a wager.

[Justin7]

Was anyone else offering a market on this bet? What odds were they offering?

[Pareto]

Its outrageous that they cancel your wager after 5 days. With this sort of behaviour it must be easy for them to balance their books.

[Peep]

Was anyone else offering a market on this bet? What odds were they offering?

Good question, but what do you do with the answer?

If they were the only one offering it, how can it be a bad line? They had nothing to base it on other than what they wanted to put up.

[Highland]

I googled it and it looks like BetUS was offering the same odds, at least on jennings. i'm not sure if Greek was using Griffen as low as 1-1 and some of the others.

http://www.wagering-sports.com/blog/index.php/2009/10/2009-nba-preseason-futures/

NBA Rookie of the Year
Austin Daye 30/1
Blake Griffin 1/1
Brandon Jennings 40/1
DeJuan Blair 20/1
DeMar DeRozan 15/1
DeMarre Carroll 50/1
Earl Clark 18/1
Gerald Henderson 10/1
Hasheem Thabeet 12/1
James Harden 8/1
James Johnson 20/1
Jeff Teague 20/1
Jonny Flynn 13/2
Jordan Hill 18/1
Jrue Holiday 30/1
Sam Young 28/1
Stephen Curry 5/1
Terrence Williams 20/1
Toney Douglas 25/1
Tyler Hansbrough 16/1
Tyreke Evans 13/2
Wayne Ellington 25/1
Field (Any Other Player) 12/1

[firedawg]

the greek is

[Justin7]

You should consider filling out a complaint form here: http://www.sportsbookreview.com/Spor...Complaint.aspx

If the facts are as simple as you suggest, you have a strong case.

[andywend]

I have the feeling this poster is not telling the whole entire story here and the facts aren't going to be as simple as suggested.

I have made several bets at the Greek where I thought the odds were totally out of whack and the money came in as I expected and none of these wagers were ever canceled by the Greek.

Justin, I have the feeling you might have made one of the wagers:

Baltimore Ravens to win the AFC North WITHOUT Pittsburgh Steelers. Greek opened the line at +125 on the Ravens and I bet it for the maximum. The line went all the way to -255 and Greek did NOT cancel the wager.

Out of curiousity Justin, did you make this wager as well as I know you liked the over on the Ravens season wins and also liked the under on the Bengals and Browns season wins.

[Justin7]

I have the feeling this poster is not telling the whole entire story here and the facts aren't going to be as simple as suggested.

I have made several bets at the Greek where I thought the odds were totally out of whack and the money came in as I expected and none of these wagers were ever canceled by the Greek.

Justin, I have the feeling you might have made one of the wagers:
..
.

I try to qualify my opinions until I hear both sides. If the dispute is assigned to me, I will find out if there are other facts that justify the decision.

I didn't place this Baltimore wager (although I did bet them over 8.5 season wins at Greek).

[andywend]

Justin, I wouldn't be surprised if the wager in question was placed after the news broke of Griffin's injury as Greek is an extremely reputable book. If you don't mind, I would like to hear what happens in this case as I bet pretty heavily there.

Since you said you liked the Baltimore over 8.5 RSW and also liked the Cincinnati/Cleveland under, I figured you would have grabbed that Baltimore to win their division bet without Pittsburgh.

You and the entire SBR staff sure do provide a service for all of us with your willingness to go to bat for bettors when problems arise.

CrazyLou really went to bat for me back in April and I was extremely fortunate to get a large withdrawal processed at EhorseX as I understand there hasn't been any large withdrawals processed since.

I sure do appreciate all you guys do for us.

[tomcowley]

Griffin doesn't matter. A number that was correct, but is now stale, isn't a line input error.

[RickySteve]

SIA had Jennings at +4000 AFTER the Griffin injury.

[Bill Dozer]

I left a message for Wally asking about this decision. Unfortunately he won't be back until tomorrow AM.

[Halifax]

Griffin doesn't matter. A number that was correct, but is now stale, isn't a line input error.

Correct.

[durito]

I hit an ncaa future there last year at +100 that closed -500. They didn't cancel. The -500 was actually more off from fair than the +100.

They open props every week at -115 that close at -300 and don't cancel.

[Chuck Sims]

They got caught sleeping, so they just cancel the wagers. Its crooked.

[Santo]

There's a lot of cases where Greek do honour lines, but I still remember the F1 Scandal...

[chance]

This does not look good. I hope it was not someone senior like Wally who made this decision!

It looks like 40 was available at other places and taking 5 days to cancel is crook.

[Highland]

There's a lot of cases where Greek do honour lines, but I still remember the F1 Scandal...

This is my experience too.. They honor some strong bets, but this is definitely not the first time where there has been a cancelled wager claiming line error, which I felt was definitely not on the up and up. I emailed another example and the emails to Bill Dozier. Like I said, I think it has a lot to do with their risk exposure. They don't cancel daily prop bets that get hit up to -200. But longshots that get bet are more likely to get the axe.

For those wondering about the timeline, bet was placed Oct 15th, and was cancelled Oct 21st.. I think the Griffen news broke at least 5 days later.

[BubbleBobble]

Greek hates when you get a (too) good price on something.
As everyone knows, they go as far as closing your inet account when you happen to hit a "moving" line. And on smaller markets, it happens frequently that they cancel wagers by claiming line errors.

They are A+ for a good reason, as they are a rock in this shaking industry, but this (and the not automated and thus easily beatable software) is their weak spot.

[Bill Dozer]

I hit an ncaa future there last year at +100 that closed -500. They didn't cancel. The -500 was actually more off from fair than the +100.

They open props every week at -115 that close at -300 and don't cancel.

The Greek has been part of setting the standard on ethical bookmaking for 10 years.

This was a linesman mistake and they will reinstate the player's original bet.

[HeeeHAWWWW]

Not worth of the Greek.

Balkanbet did this to me a few days ago on tennis, stole a few hundred, but seems that's about their level. I withdrew my funds and won't be going back.

[Highland]

Bill and the Greek got it settled quickly. Thanks to both, and those here that helped.

[GETMONEYKID]

wally shakin in his boots

greek gonna be sweatin griffin from here on out

[kmarinouofm]

high five to everyone at SBR who handled this.. i just read this thread this morning and it put a smile on my face by the time i got to the bottom!!