Today I found an arb between Pinnacle and Australian Bookie. I put around $12k on the arb and then I was enjoying match. It's baseball match. During the 3rd innings, I just out of curiosity check odds on Australian bookmaker. To my surprise, odds on Australian bookmaker were exactly same as before start of match even though match was in 3rd innings. I am talking about odds for Over/Under score. I checked odds on pinnacle, bet365, Betfair and everywhere odds had moved as the match was progressing. I being a trader thought waooo what an amazing opportunity. I put couple of grands more on obvious under score. Still no change in odds on Australian Book.
At this point, I was scared that if I put any more money; Australian bookmaker mayn't honor the bets citing the obvious error. So even arbs of more than 20% were available, I didn't put any money.
Then I gave a call to CS of Australian bookmaker and confirm the odds. The lady on the phone said yes available odds are correct and you don't need to confirm. I insisted her to confirm from the trader. She confirmed from trader and as soon as she get back to me, she said thanks, we have suspended the market and we are investigating this issue now.
This got me thinking that what would have happened if I had not called CSR and put 20k more on obvious under score.
To my knowledge, once your bet is accepted by Australian bookmaker, they can only reject bet before start of match and even then they have to contact you either through phone or through email. What's the legal position of Australian bookmakers in case the match is in-play and it's a obvious error like this and customer has put large sum of money.
P.S. My pre-match arb on this match lost at Australian Bookmaker. But my live arb on this match for couple of grands was a winner at Australian Bookmaker and I got paid after 5 hours of finishing of match.