Betfair $3.1 million slow-pay and other pro player issues (Video)

[lakerboy]

Lol. Like anyone here has that issue.

[A.M.S.]

damn

[jesuseatsnubs]

damn

that's what a call a SHARP sharp better .. either that or the games were fixed and he knew who was gonna win

[Kindred]

betfair is corrupt and incompetent

[Hareeba!]

betfair is corrupt and incompetent

clueless

[Scottish]

I still feel safe with my money in Betfair.

[JohnnyRotten]

betdaq has grown and has had more money than betfair on a good few markets,

pro gamblers will leave as well.

what about the bookies too? surely they wont put up with this?

[Hareeba!]

betdaq has grown and has had more money than betfair on a good few markets,

pro gamblers will leave as well.

what about the bookies too? surely they wont put up with this?

bookies wouldn't be attracting the premium charge

[Stacocakes]

I just did a withdrawl this past weekend from Betfair and their were no problems. Must be more to the story here. I agree though the premium charge has been such a disaster. I have no idea how this "premium charge 2" will go. Hopefully the other exchanges fill up

[Monte]

BF will go down, it's just a matter of time.

[jjgold]

always more to the story especially a big regulated book like Betfair

[thespeculator]

you can have more than one account , but they won't allow you to use moneybook at both , so you will need to different deposit methods

[chance]

If you want to withdraw from Matchbook you are limited to $20K per week through Neteller if that is how you deposited.

Why the focus on Betfair? Because they don't sponsor this site?

Personally I hate with passion the premium charge. Betfair have dropped the ball big time. Hopefully Betdag and Matchbook can kick their arse.

[truebluebear]

Got a Betfair acct and never had a problem with them , only odd thing was they wont let me withdraw more than has been deposited back onto my CC ( so basically once I was winning had to have my winnings sent by cheque or bank transfer ) Got accs at Hills , Totesport , Coral etc etc an no problem withdrawing more than deposited on card anywhere . Obviously this revelation aint gonna affect a £10-£100 per bet gambler like me but must admit dont like to see rules changing or bending with regards to betting . Good Luck Bookie Bashers !!!!!!!

[meckis]

Why a lot of comments about betfair was deleted?

[Santo]

You can have multi accounts at BetFair as long as its all under your name

Some players like to separate accounts for each sport so they can track

Not if you're Australian (or live there) per their license.

[dikefale]

Very interesting video.

[fixxer]

It seems Betfair IS in danger...

[wrongturn]

This is a wire withdraw dispute? Does a check of 3.1 million not work?

[anty]

I am the player that has this problem with slow-pay. In fact it is not a slow-pay now it is a no-pay. Justin said in the video they have paid me around 600.000 USD, in fact they paid only slightly over 400.000 USD. And almost nothing in the last 3 moths. Thats the letter I sent to Justin, I can prove everything and betfair as far as I understand don't dispute the facts.
"At the end of February (17.02 and 20.02) I withdrew overall 3.5 mln US dollars. Five months have passed since, however, all I actually received so far is just slightly more than 400.000 USD. I don’t have a clue when I get the rest of the amount and even whether or not I get the money at all. I suspect the latter is more likely.
At the time my account was part of a master account. Several years ago the then Betfair manager xxxx xxxxxxxx proposed to me this scheme and promised it would be "quick and easy deposits and withdrawals". It was indeed quick and easy with relatively small sums. But this 3.5 mln USD withdrawal became a farce almost from the start. At first I was by told that standard timeframe for such amounts for clients in Russia is "one month". Then PSP (Payment service providers - as Betfair managers prefer to call them, namely xxxxxx xxxxxxxxx and his business partner xxxxx xxxxxxxx who was also my master account holder) promised the full payment in “two and a half months”. One month later I had a phone conference with 4 people: Betfair Chief Eastern European Manager xxxxxx xxxxxxx, Betfair Russian Service Chief xxxxxxx xxxxxx, xxxxxxxxx and xxxxxxxx. They claimed "logistics issues" and promised me the full payment in 6 months’ time.
As I mentioned before, I received just slightly more than 400.000 USD so far. The pattern is clear: in the beginning they transferred money to my account regularly (not as much as it was agreed but at least I got something); in the last 3 months they paid only around 50.000 USD. In the last 3 weeks I received 3.000 USD. So you can imagine how long it will take me to get my money back within this “schedule”. The explanation they gave is that they are encountering some legal problems and therefore are not able to pay me now. xxxxxxxxx and xxxxxxxxx of course promise that they will pay some day in the future. But I already heard hundreds of such promises from them, and none has been fulfilled.
And Betfair reaction? They advise me to “liaise with PSP”. But it does not make sense to liaise with people that are reluctant to disclose information. They don’t elaborate on their “problems”, they don’t present any documents, they don’t give any guarantees, nothing. I can’t trust such people despite Mr xxxxxx describing them as “trustworthy guys”. Mr xxxxxx also advised me not to publish this story. While Mr xxxxxxxxx even threatened me with “ bad consequences” for me if go public. I wonder what he means. I am not getting money anyway…"

[Hareeba!]

you can have more than one account , but they won't allow you to use moneybook at both , so you will need to different deposit methods

Don't think this is true.

You can't use the same MB address for another account but if you establish more than one address at MB you can switch depending on the BF account you wish to deposit/withdraw from.

[Hareeba!]

Got a Betfair acct and never had a problem with them , only odd thing was they wont let me withdraw more than has been deposited back onto my CC ( so basically once I was winning had to have my winnings sent by cheque or bank transfer ) Got accs at Hills , Totesport , Coral etc etc an no problem withdrawing more than deposited on card anywhere . Obviously this revelation aint gonna affect a £10-£100 per bet gambler like me but must admit dont like to see rules changing or bending with regards to betting . Good Luck Bookie Bashers !!!!!!!

Get a Moneybookers account

[anty]

Also some additional details. I never avoided Premium Charges, I paid some 600000 USD in Premium Charges. I won 90% of my money betting on English Premier League and FA Cup, La Liga matches involving Real and Barca and Champions League matches. So I don't think you can accuse of betting on fixed matches

[Arilou]

The prices Betfair charges are absurd. If you don't play enough to get the base charges reduced they're full vigorish. That takes care of the small guy. Then the big guy comes in, he still pays fees larger than Matchbook and if he wins they take half! More than half, since they take 60% and it's at the peak of the account's winnings. Meanwhile if you win we now know they can charge you that 60% out of nowhere, at any time, if they just feel like it, plus there's the whole slowpay thing. The float on 3.1 million is pretty obscene, and the timing says to me that this guy probably withdrew the moneyin order to avoid the Premium Charges he'd have faced if he'd kept playing!

There are a handful of markets where you simply have two choices, Betfair or nothing. For everything else, this is ridiculous. Get out.

[Hareeba!]

Anty, have you made any attempt to take legal action over this ?

I wouldn't like to be relying on those guys to pay me that much money.

Why did Betfair send it via them ? Surely there are more efficient means ?

What's a "master account" ?

[anty]

The float on 3.1 million is pretty obscene, and the timing says to me that this guy probably withdrew the moneyin order to avoid the Premium Charges he'd have faced if he'd kept playing!

Your guess is wrong. I withdrew the money and then fully paid Premium Charges I was due to pay next week.

[Hareeba!]

Your guess is wrong. I withdrew the money and then fully paid Premium Charges I was due to pay next week.

That's not what Arilou said
He didn't accuse you of not paying the charges which were due but of getting out of Betfair to avoid future charges.

[davidchong]

same business model as Full Tilt Poker?

[anty]

Anty, have you made any attempt to take legal action over this ?

I wouldn't like to be relying on those guys to pay me that much money.

Why did Betfair send it via them ? Surely there are more efficient means ?

What's a "master account" ?

Betfair sent money via them cause thats what is written in MSA contract. They should pay PSP and PSP should pay me. Master account is the scheme when PSP hold a number of individual players accounts. I stress that it was betfair management that advised me to use this scheme.
I am thinking about legal action of course but its very difficult...

[anty]

That's not what Arilou said
He didn't accuse you of not paying the charges which were due but of getting out of Betfair to avoid future charges.

Well, then you can say such things about any withdrawal from any player

[Hareeba!]

Betfair sent money via them cause thats what is written in MSA contract. They should pay PSP and PSP should pay me. Master account is the scheme when PSP hold a number of individual players accounts. I stress that it was betfair management that advised me to use this scheme.
I am thinking about legal action of course but its very difficult...

If you are totally legit about all this with $3M at stake I can't understand why you would hesitate to take legal action if Betfair and/or PSP have failed to honour their contract.

But the circumstances of your relationship with Betfair via PSP and a "Master Account" are very different to what normal Betfair users have.

So regular Betfair users have no need to fear of anything like this ever happening to them.

[jjgold]

This whole thing is bizarre
So I guess betfair got a kick back from this 3rd party for not paying you
unreal

[Hareeba!]

Well, then you can say such things about any withdrawal from any player

Of course, any player can come to the conclusion at any time that they can make more from their bets elsewhere. But the prime issue here is incurring the premium charge which for many Betfair users would likely make them no longer a viable place to bet. That is the quite understandable conclusion he guessed you had come to and nobody would blame you for that.

[anty]

If you are totally legit about all this with $3M at stake I can't understand why you would hesitate to take legal action if Betfair and/or PSP have failed to honour their contract.

I am not a legal expert but the people I consulted said that it would be very difficult. I still hope that betfair will help me in this case, for them this case is an embarassment. I am sure if their shareholders knew the details of thic case they would be shocked.
But legal action of course is a possibility.

[the sink]

I still don't understand what a masters-account is...
Why didnt u use moneybookers?