What the hell is going on on Betfair?

Chopsticks · 03-26-11, 08:43 PM

If the match was over and it kept trading then someone's bot may have been going crazy.

Either that, or:
Someone was laundering money.
Someone does not know what they are doing.

todd73nj · 03-26-11, 08:46 PM

It just got paid out. And it wasnt a bot. People were posting different amounts and getting hits - It was almost like a lot of people were watching on a delay and didnt realize it.

todd73nj · 03-26-11, 08:50 PM

You could put up prices and get hit.. people were posting prices and getting hit - and no unwind.

Someone lost a lot of money.

todd73nj · 03-26-11, 08:52 PM

Does anyone have access to the trade chart? Its gone since the game is over.. but maybe accessible there if you actually have an account

Chopsticks · 03-26-11, 09:10 PM

I think historical data is available here: http://data.betfair.com/ but I think it takes like a week until it gets posted.

Stumpage · 03-26-11, 11:04 PM

That was crazy...At one point you could get UConn at 1.22, and the match had been over for 10 minutes.....

todd73nj · 03-26-11, 11:17 PM

Someone did well.. someone is not happy!

KGambler · 03-26-11, 11:48 PM

Shouldn't BetFair unwind these trades?

Stacocakes · 03-26-11, 11:55 PM

stuff like this happens because betfair has been really slow settling markets lately especially for the ncaa games

KGambler · 03-27-11, 12:45 AM

Originally posted by Stacocakes

stuff like this happens because betfair has been really slow settling markets lately especially for the ncaa games

Not only that, but there must be a TV feed where people are watching these games with a 20 minute delay... I am guessing some European punters were getting the short end of the stick here.

Hareeba! · 03-27-11, 02:51 AM

Originally posted by KGambler

Shouldn't BetFair unwind these trades?

you can count on it

McFly86 · 03-27-11, 03:00 AM

They definitely need to void all the post-match trades.

austin · 03-27-11, 05:05 AM

never knew this was possible. can they really cancel those bets?

meckis · 03-27-11, 05:24 AM

No they won`t cancel, it is not the first and not the last time.

gliblet · 03-27-11, 06:39 AM

Was it a managed or unmanaged game? If it was unmanaged then they definitely won't cancel cause the disclaimer is displayed before you bet.

McFly86 · 03-27-11, 06:51 AM

Originally posted by gliblet

Was it a managed or unmanaged game? If it was unmanaged then they definitely won't cancel cause the disclaimer is displayed before you bet.

All bets accepted after the event has been decided must be null and void.

The "disclaimer" like many disclaimers would have no weight in court.

Betfair often re-settles or voids events; see the Davedenko fiasco.

Stumpage · 03-27-11, 07:23 AM

Apparently people were making thousands.....

Attention Required! | Cloudflare

http://community.betfair.com/basketball/go/thread/view/94002/27325257/arizona-v-uconn?pg=1

Ibrakadabra · 03-27-11, 07:50 AM

Originally posted by McFly86

All bets accepted after the event has been decided must be null and void.

The "disclaimer" like many disclaimers would have no weight in court.

Betfair often re-settles or voids events; see the Davedenko fiasco.

There´s absolutely no way they´ll void anything. And seriously, with bets taken continously they need to know the exact fragment of a second when the game was finished. There´s no way Betfair will put themself in a situation where this will be needed for every live betting game they have. And it´s totally impossible live up to.

Does Betfair often re-settle and void? Give me one more example than the infamous Davydenko game.

Of course they will only void when totally, totally necessary because it creates a huge mess every time they do.

I feel for those who lost at this specific match, I really do. But seing a bigger picture there´s not much to do about it. And a part of betting live is to have the best information available, that is the nature of the beast. That you have a 20 min delay or a bot that you´ve lost control of really ain´t Betfairs fault...

Ibrakadabra · 03-27-11, 08:02 AM

Originally posted by gliblet

Was it a managed or unmanaged game? If it was unmanaged then they definitely won't cancel cause the disclaimer is displayed before you bet.

Basketball games are never managed.

Pareto · 03-27-11, 09:04 AM

I dont buy the explanation about a delayed feed.

It sounds more like someone had his account hacked. By offering prices on a market that has just ended you would get many different people matching the bets and thereby making it more difficult for betfair to find out who hacked the account and who just saw the "good offers"

Chopsticks · 03-27-11, 09:13 AM

Reminds me of a tennis match that started trading like crazy before it was supposed to go in-play. The match started before it was scheduled to go off and all the bookies and exchanges were caught off guard, even pinnacle! From what I remember Betfair voided all the bets from a certain timestamp and then reset the market. Pinnacle voided, but lesser known bookies did not notice.

Can't really compare it as this incident is the complete opposite but it just shows that they sometimes take action when a wrong has been done.

On the other hand they had the Isner - Levine match where the match was not broadcasted anywhere and all people had to go by was the ATP scoreboard. The problem was that this scoreboard had the scores reversed. According to the scoreboard, Isner had won the first set and was something like 4-0 up in the 2nd, so people were still able to get Isner in the odds range of 1.05-1.25. Of course later they learned that it was in fact Levine that was about to close the match, not Isner. So someone sat there and raked in cash with lays at small odds like that.

Betfair did not void the bets, but cited the rule that they do not take responsibility for errors like this, even though I think betfair's own scoreboard had the score wrong.

With this in mind, I do not think Betfair will void any of those late bets, but say that it is the customer who has the responsibility to know what he is betting on. It is not great that they left the market up for that long though.

todd73nj · 03-27-11, 12:39 PM

Amazing for the guys who made the money.

It was definitely more than one person who got beat. I sat here and watched it happen. I was unable to trade it because I do not have an account here. But prices were coming up on both sides.

Not that anyone will ever they were one of the ones who lost - where it be here or any other forum - but there had to be a delayed feed somewhere.

Hareeba! · 03-27-11, 02:15 PM

Originally posted by austin

never knew this was possible. can they really cancel those bets?

certainly they can .. wouldn't be the first time, nor the last

althelegend · 03-27-11, 02:36 PM

Is there any news from betfair? Are they going to do anything here?

kkkkk · 03-27-11, 02:46 PM

i dont think there is a reason to void bets here, as even on their livevideo they say many games are delayed although its live video and you bet on own risk. i also remember one greek basket game few months ago, where scoreboard was dead, and there were many bets accepted 1 hour after finish of the game and of corse nothing happened at that time.

Ibrakadabra · 03-27-11, 03:03 PM

Originally posted by Hareeba!

certainly they can .. wouldn't be the first time, nor the last

Of course it wouldn´t be the first or the last time, but for this reason? I definitely don´t think they´ve ever voided bets because they´ve been taken after a game is over.

This happens every day, just not as crazy as this one. Every day there are markets not closed immediately as games finishes and every day bets are taken at those markets before they´re closed. Betfair would put themself in an incredibly difficult situation if they started with this.

Chuck Sims · 03-27-11, 05:06 PM

Thats it. I am moving out of the shitty USA. We got a monkey in the white house and the feds going after sportsbooks.

jairocon · 03-27-11, 06:26 PM

Too bad I missed it

As it was mentioned - unmanaged games are at the risk of bettors - which means, if you back or lay something - you need to manage it yourself, it won't be cancelled automatically at the end of the game. There are many games every day like that on betfair. Everyone needs to read the disclaimers.

Talking about 20 minute delayed feeds is silly. If you're betting live - then you either have a live tv or a live score. Nobody would place bets with 20 minute delayed action

jairocon · 03-27-11, 06:28 PM

double post - sorry

QQPALLADIUM · 03-27-11, 06:50 PM

Originally posted by todd73nj

The UConn/AZ game is over - been over for 15 mins - yet its trading like crazy - and still trading!

Players sitting in my chat room keep buying it - and someone puts up more!

was the result of change in uk to daylight savings time...happened at tradesports a couple of years ago...

the sink · 03-27-11, 07:33 PM

Originally posted by QQPALLADIUM

was the result of change in uk to daylight savings time...happened at tradesports a couple of years ago...

What does that have to do with it?

QQPALLADIUM · 03-27-11, 07:57 PM

the bot trading the game was 1 hour behind when the uk changed to daylight savings time at 1am...they forget about the time change....

todd73nj · 03-28-11, 01:06 PM

Originally posted by QQPALLADIUM

the bot trading the game was 1 hour behind when the uk changed to daylight savings time at 1am...they forget about the time change....

Was def not a bot. Unless it was 50 bots.. all different size orders, etc,

Ibrakadabra · 03-28-11, 01:30 PM

Originally posted by QQPALLADIUM

the bot trading the game was 1 hour behind when the uk changed to daylight savings time at 1am...they forget about the time change....

You actually know this or you´re guessing?

It´s probably me but I have to admit I don´t fully understand the explanation

You mean the bots trade according to what time it is rather than what the scoreboard says?

So they could use, in this case, some kind of feed that is an hour behind rather than the actual figures?