Matchbook: bets have been cancelled

[MatchbookMike]

This is from the time I originally learned Matchy has this policy. And it is from ancient times, way before any European ownership was in place. So unlike some poster here suggested us Euros cannot be blamed for everything even though bookmakers around here tend to be on the crappy/useless side.

http://forum.sbrforum.com/players-talk/133932-matchbook-just-cancelled-my-bet-give-your-opinions.html

Edits: first I forgot the link, then corrected typos - in general, trying to suck a little bit less.

As you can see from that thread in 2009, it is Matchbook's long standing policy to cancel any wager if it is matched >20% off where the market is expected to be trading. We strive to protect our players from predatory offers, balance dumping (money laundering), and major fat finger mistakes.

[jayc88]

i've made a wrong offer which got matched immediatly last year on bases,

guess what i went into live chat and all they had to say is the wager has to stand since they do not cancel these wagers,

looks like matchbook only applies this rule whenever they want,

op should get payed , imagine you pick of the wager and hedge at real odds at another bookie only to get your winning bet voided

[Hareeba!]

My thoughts exactly.

Why do you and others persist with this line?

Firstly it is utterly irrelevant to the topic of this thread.

Secondly it has been denied by Matchbook several times.

Thirdly WTF cares?

[BeardedTaco]

Matchbook Mike should I be worried about MB voiding my bet if I very quickly grab an NBA side that is seeded by MB at -4 the moment an injury is announced moving the line to -5.5 at all the other main books? Or those the rule only apply to very bad lines?

*please note that I am specifically asking about matching MB seeded $$$ on that side and not another players offer

[Monte]

^^ if they cancel bets after line movements, as in odds been correct before the move, that'd be fraud.

[BeardedTaco]

If they are willing to cancel this guys $5 lunch money bet on a bad line you don't think they would be tempted to take mine away in case I beat the move and snag 10k of seeded MB money?? There is a reason why I am here asking the question. I dont want to be stuck middling 5k of it out of thin air with my bet voided on the other side.

[Monte]

Maybe they'd be tempted, but that would be the end of MB if they cancel a big bet cos they get beaten by line movement.
Even Hareeba couldn't safe them then.

[Hareeba!]

As you can see from that thread in 2009, it is Matchbook's long standing policy to cancel any wager if it is matched >20% off where the market is expected to be trading. We strive to protect our players from predatory offers, balance dumping (money laundering), and major fat finger mistakes.

That's a commendable attitude Mike but genuine players need to be protected and know where they stand when a wager is accepted on an exchange. The generally accepted exchange rule is that players are responsible for the consequences of their own mistakes. Once a bet has been matched regardless of how good or bad the odds one is entitled to believe it will stand and be honoured. As you'd be well aware a large number of players are arbers and traders and to have the rug pulled out from under one side of their action can be enormously expensive to them.

I have no problem with the concept of disallowing predatory, trap offers but that should be done at the software level which should not permit an offer outside a reasonable range from the current market to be posted in the first place (in play markets excepted).

[Fire]

MatchbookMike,


I use your T&C and industry standards and i didn't undertand why my bets had been cancelled.
" We will not enquire into the reasonableness of any offer that any Member may make and we will not be liable for incorrect entries made by Members, including data input errors with respect to the odds or stake on offer."

About other side that offers this, i didn't believe that it wasn't MB or player who have very close contact to MB, because
1.It was a bot (bots can't write to you to cancel)
2.Bets had been cancelled in about 30 mins or 1 hour.

Jayc88 said that MB didn't cancel his bets (but in this case player made wrong offer), so i think it isn't the standart of MB to cancel wagers al the times, maybe when MB had interest in wagers.

[Fire]

No responce from SBR...

[Bill Dozer]

I understand what Hareeba is saying... If someone wants to be a dumbass and make a bad offer and it's filled, the player needs to know if it's good or not. I guess the Q is how far off market before you steer clear of an offer.

Fire,
We got the complaint 5AM I believe. It's in the system and we'll look at it and talk with MB as always, if need be.

[helpplease]

yup .. matchbook is paying SBR good sponsor $$ .. they'll do there best for u

don't play at this shit of a book .. Exchanges should not be allowed to void a bet no matter what the circumstance is.

Betfair all the way

[Hareeba!]

yup .. matchbook is paying SBR good sponsor $$ .. they'll do there best for u

don't play at this shit of a book .. Exchanges should not be allowed to void a bet no matter what the circumstance is.

Betfair all the way

I have to admit that in over a decade playing at Betfair I've never had a matched bet cancelled. And that's the way it should be (save for system glitches) regardless of how good or bad the odds were. Player mistakes are their own responsibility.

I think we really need to get clarification from Matchbook as to precisely what their policy is and how it is reconciled with what's in their T&Cs.

Mike did raise a good point about protecting players from the predatory rogues who attempt to trap players into making errors (a practice which is evident in almost every Betfair market). To my mind that is something the software should implement so as those offers never get posted rather than be left for them to be (arbitrarily?) voided after they've been matched.

[MatchbookMike]

As I stated above Matchbook has a long standing policy of cancelling bets which are matched at >20% off current market trading price. We feel this protects our customers as well as our contracted third party market makers, who incist on this policy.

The comments about betfair are largely unfounded as Betfair recently cancelled £1.6M in bets after an event had been completed!!

In this case, the wager in question was cancelled many hours before the start time of the event due to an obvious pricing error posted by another user on the exchange. The price the bet was matched was well over the 20% threshold and was immediatley cancelled in line with our terms and conditions.

Fortunatley, these incidents are very rare and when they do happen we contact all effected parties as soon as possible.

Warm Regards,

- Mike

[Hareeba!]

The comments about betfair are largely unfounded as Betfair recently cancelled £1.6M in bets after an event had been completed!!

That was an extraordinary exception and due to a software glitch rather than player error. There is simply no way any player had enough funds to back up that offer and for some reason the system failed to block it. Voiding was the only realistic option. And Betfair did honour the bets of a good number of genuine players who bet on it.

In this case, the wager in question was cancelled many hours before the start time of the event due to an obvious pricing error posted by another user on the exchange. The price the bet was matched was well over the 20% threshold and was immediatley cancelled in line with our terms and conditions.

Fortunatley, these incidents are very rare and when they do happen we contact all effected parties as soon as possible.

Not good enough imho. If you want to have such a policy, that's fine but have the software implement it so that the offers never get posted and matched.

In the time between the matching of the bet and your cancellation of it the player may well have traded it off elsewhere and be left with an unrecoverable liability. And how do you contact the player to advise him? Not everyone is sitting in front of their computer all the time to receive and read emails.

[Fire]

As I stated above Matchbook has a long standing policy of cancelling bets which are matched at >20% off current market trading price. We feel this protects our customers as well as our contracted third party market makers, who incist on this policy.

The comments about betfair are largely unfounded as Betfair recently cancelled £1.6M in bets after an event had been completed!!

In this case, the wager in question was cancelled many hours before the start time of the event due to an obvious pricing error posted by another user on the exchange. The price the bet was matched was well over the 20% threshold and was immediatley cancelled in line with our terms and conditions.

Fortunatley, these incidents are very rare and when they do happen we contact all effected parties as soon as possible.

Warm Regards,

- Mike

I use YOUR T&C! And industry standarts. The bets on betting exchange can't be cancelled.
Betfair NEVER cancel bets. 1 time because of software glitch. But there is no software glitch, only player mistake.
And Jayc88 said that some wrong bets MB didn't cancel, even after player told about it to MB. So there is long state policy of cancelling bets.

[Optional]

Tough one. Matchy needs the market makers, and if I was one I would want some sort of protection against pricing errors too.

Slippery slope though. As someone posted above, what will happen to the 'test' bets people make now to see if >20% really gets cancelled for everyone?

Better to just come out and say "we reserve the right to cancel bets when contracted market makers make an error". Then fine them for every error they make to make sure they don't exploit the loophole.

Anyone else's trades should be honored no matter what the price.

[Fire]

Tough one. Matchy needs the market makers, and if I was one I would want some sort of protection against pricing errors too.

Slippery slope though. As someone posted above, what will happen to the 'test' bets people make now to see if >20% really gets cancelled for everyone?

Better to just come out and say "we reserve the right to cancel bets when contracted market makers make an error". Then fine them for every error they make to make sure they don't exploit the loophole.

Anyone else's trades should be honored no matter what the price.

Of course they can change rules for future bets. But what is real line? Pinnacle? Asians books (for soccer)? Matchbook line? So if someone bets with about 20% error but lines in Pin, Asians, MB is little different, 19.5% error with Pin line and 20.5% with MB line. What will you do?

[helpplease]

Of course they can change rules for future bets. But what is real line? Pinnacle? Asians books (for soccer)? Matchbook line? So if someone bets with about 20% error but lines in Pin, Asians, MB is little different, 19.5% error with Pin line and 20.5% with MB line. What will you do?

all u need is Betfair , 5dimes , Pinnacle and perhaps betislands .. but they have -110 lines but have super fast payouts and good CS ..

[dealer wins]

As much as I despise Betfair they wouldnt pull this cr@p.

Its obvious that a bot made (a really shitty) offer on Barca because it was grabbing Pinnys odds when they listed incorrect odds on Barca.

So the matchbook bot was happy to offer 2.3 on Barca, Fire was happy to bet at 2.3 on Barca so what is the problem here!!

I would be livid if my bet was cancelled, and I would steer well clear of Matchbook with this BS.

[Fire]

As much as I despise Betfair they wouldnt pull this cr@p.

Its obvious that a bot made (a really shitty) offer on Barca because it was grabbing Pinnys odds when they listed incorrect odds on Barca.

So the matchbook bot was happy to offer 2.3 on Barca, Fire was happy to bet at 2.3 on Barca so what is the problem here!!

I would be livid if my bet was cancelled, and I would steer well clear of Matchbook with this BS.

Yes. There are hundreds situations like this on betfair in a day and always bets stands no matter of odds.

[Fire]

So is this a standart Matchbook policy to break rules of their own T&C?
Then to ignore customers that asks why company break T&C.
If they want to cancel bets they cancel, if not didn't?
If they want to break some rules of T&C they did it?
I didn't think such policy is applicable for "B rated" companies.

[helpplease]

So is this a standart Matchbook policy to break rules of their own T&C?
Then to ignore customers that asks why company break T&C.
If they want to cancel bets they cancel, if not didn't?
If they want to break some rules of T&C they did it?
I didn't think such policy is applicable for "B rated" companies.

who are they licencsed by .. contact them and file a complaint with whoever regulates them

this is totally unacceptable for an exchange to be voiding bets like this ..

avoid matchbook at all costs and go over to betfair or 5dimes

[Santo]

Agree that if they want this to be the policy, it should be codified in their Terms of Service. Don't know how you would phrase such a rule, but would have to be something like "Consensus line of leading sportsbooks".

[Fire]

who are they licencsed by .. contact them and file a complaint with whoever regulates them

this is totally unacceptable for an exchange to be voiding bets like this ..

avoid matchbook at all costs and go over to betfair or 5dimes

I have account not only at Matchbook of course. I'am at betfair about 5 years and 4 at Pinnacle. I bets at MB on US Sports sometimes.*
Yes, i will contact to their regulator today.

[acw]

Matchy has been like this for a long long time. It does not really behave like the rest of the exchanges and I think they used to have something about that in their rules. At least before the ownership change. You need to treat them like a regular book, not exchange at all, when it comes to incorrect prices. They will cancel much smaller errors than you did catch here.

Fully agree!

[Kaps]

If anyone at Matchbook seen the la.angels/kc gm ??? price was off by 30cents ....wonder if they will cancel those bets

[Hareeba!]

Mike, I made a large bet on a rugby match on 5th March at about 20c above the prevailing odds anywhere else.

Could you please arrange for it to be cancelled pursuant to the rule you have quoted?

[Fire]

Fully agree!

So it's good for you if betting company can break rules when they want? It's just cheating.

[Fire]

Mike, I made a large bet on a rugby match about 3 weeks ago at about 20c above the prevailing odds anywhere else.

Could you please arrange for it to be cancelled pursuant to the rule you have quoted?

Only winning bets can be cancelled... Mike and Matchbook policy.

[Pat McCrotch]

Matchbook acting well dodgy with this one!!!!!

[Justin7]

Matchbook acting well dodgy with this one!!!!!

I handled this one. They were within the rules to void that wager. And, I applaud them for doing so. I used to use Matchbook a lot, and I was once zinged by a trap offer. Minimizing trap offers and flagrant mistakes will ultimately increase liquidity.

[Hareeba!]

Mike, I made a large bet on a rugby match on 5th March at about 20c above the prevailing odds anywhere else.

Could you please arrange for it to be cancelled pursuant to the rule you have quoted?

Still awaiting a response Mike. How can we can we place bets in confidence when there appears to be such inconsistency?

[Chuck Sims]

Matchbook never voided an accepted bet when the offer was made in error. Their long standing response was as always, all bets stand. Posters complained repeatedly that people would make shady offers like -1000 offers when it should be -100.

I made the mistake of accepting a NYY -345 offer when they were trailing in the 9th inning. The losing error bet was not voided.

The only time offers that were accepted, and then later voided was when Matchbook mistakenly left the market open after the game started.

[Pat McCrotch]

I handled this one. They were within the rules to void that wager. And, I applaud them for doing so. I used to use Matchbook a lot, and I was once zinged by a trap offer. Minimizing trap offers and flagrant mistakes will ultimately increase liquidity.

Fair enough mate but lets see how many LOSING trap offers they void, if people are stupid enough to accept trap offers thats the players own problem,

Dont agree with everything Hareeba says but this time he is spot on!!!!

No way is this acceptable!!!

Need to know our bets wont be voided!!!!

Betfair are a lot of things but they wouldnt pull this shit cause its a fukkin exchange!!!!