GAMBLING GIANT BETFAIR has apologised to its customers after voiding over €25m worth of winning bets in one of its horse racing markets.
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The betting exchange was left standing over the whopping sum this afternoon when an “obvious technical fault” allowed a customer to lay Voler la Vedette at unusually high odds in the woodiesdiy.com Christmas Hurdle at Leopardstown.
Over €1.9m was matched in running at odds of 28/1 on Colm Murphy’s mare, who went off as the 13/8 second favourite on the course.
The huge price was reportedly still available even after Voler la Vedette had passed the finishing post for a four-and-three-quarter length victory. Screengrabs taken by betting blogger Scott Ferguson show that over €25m was available to be matched on the exchange at one point — equivalent to almost €700m in liability for the account concerned.
The market was frozen for almost three hours as Betfair investigated before releasing a statement to say that all in-running bets on the race had been cancelled.
“Customers betting in-play on this race will have seen that Voler La Vedette was available to back at 29 when the in-running market was suspended, and that a considerable sum was matched on the clear winner at that price.
An investigation has revealed that this was due to an obvious technical fault which allowed a customer to exceed their exposure limit.
In accordance with our terms and conditions, all in running bets on this race, both win and place, will be made void.
We fully appreciate the dissatisfaction this will cause many customers, and apologise for a very poor customer and betting experience.
A later statement released by Betfair added that “in response to a number of customer questions on this matter, we would like to clarify that the account in question has no commercial relationship with Betfair other than being a customer.”
I may be wrong, but as far as I know there is no legal obligation for a bookmaker to pay out on winnings. I remember a small bookmakers down here would only pay out half of a lads winnings when he won big on a “Superheinz”. It obviously damaged the bookies reputation and business but I think Betfair could handle it.
Betfair just tweeted this
“In accordance with our terms & conditions, all in-running bets on this race both win & place, will be made void.”
You are right there is no obligation to pay out it is just destructive to a reputation- although its pretty clear this one was a mistake not the bookie welching!
There is no obligation for a bookies to pay out indeed but Betfair is an exchange. Had the error been only €100 lay then no one would be any wiser and this would not be an issue. This type of error happens very easily and regularly and Betfair do not void the bet. I was one of those who backed it in running. I am disgusted that they are not offering some form of compensation. If the error as they say was so ‘OBVIOUS’, why was the market open right until the end of the race? Why was it not suspended straight away? Why was Betfair Ireland tweeting about it on Twitter? Pharisaical is the only word. Utter annoyance and frustration.
No they don’t. It was an obvious mistake and I’m sure like Paddy Power etc they will have something in their rules along the lines of this…
Anyone putting the bet on would have been fully aware this was a mistake.
‘If there are any blatant errors in prices transmitted bets will be settled at the correct price at the time of acceptance or the Starting Price (where applicable) whichever is the greater. We also reserve the right to void any bets where there has been a blatant error in prices’.
They won’t have to pay out, there terms and conditions are iron clad and it’s basically if we make a mistake thats tough on you and if you make a mistake well that’s tough on you aswell
Betfair is an exchange and not a bookies. The only ones paying out would be those punters laying the bets. Betfair does not lay bets, it’s customers do.
I feel sorry for the arbers who bet the 29 on Betfair and laid off on Betdaq, I know they thought they were making a quick buck but who wouldn’t. She traded at 11+ on Betdaq all the way down the back straight. I thought the delay in the satellite pictures meant she had fallen and people on course knew, but found it strange that Mourad was as low as 1.02 with so many others in the race. After they jumped the last she was still available at 3, not to the huge figures on Betfair obviously, but I had to take some and so did lots of other people from reading various racing forums. Betdaq paid out within a few minutes. Some people took 14s, lucky them!
The palpable error IS NOT AVAILABLE to Betfair as they ARE NOT bookmakers and don’t set the price, and in fairness they aren’t trying to use that excuse. If someone is stupid enough to lay a fav at 29 in running then that’s their look out. Betfair are saying that a technical error allowed someone to lay more than their limit. That raises a major question over their software systems, though it’s still hard to understand why anyone would want to lay VLV at 29 in the first place.
Betfair’s t&c’s are a typical legal maze. For example condition 1(9) which deals with account limits states ” … in the event that we process an offer for a bet or the acceptance of a bet in an amount outside the applicable thresholds, such bet will nevertheless stand.”
The biggest problem for people suing them, and there will be many, is that they are based in Gibraltar and it’s courts have been inconsistent in past cases.
Its called palpable error- bookmakers can void bets if there is an obvious mistake made when quoting odds. Most brocks and mortar bookies will pay oit at the SP rather than void bets completely but given the amount of money involved here I’m not surprised Betfair have chosen to void them. Proof the bookie always wins
As said Johanna Betfair is not a bookmaker and so that is not relevant what they claim. A punter made the error and not Betfair. The 29/1 was available for over 3 minutes. Betfair could have suspended betting long before the end of the race. I placed some of my bet just after the off of the race. It’s not unusual for a horse to hit 28/1 in running and still win should they clip a fence early in the race and recover.
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I may be wrong, but as far as I know there is no legal obligation for a bookmaker to pay out on winnings. I remember a small bookmakers down here would only pay out half of a lads winnings when he won big on a “Superheinz”. It obviously damaged the bookies reputation and business but I think Betfair could handle it.
Betfair just tweeted this
“In accordance with our terms & conditions, all in-running bets on this race both win & place, will be made void.”
You are right there is no obligation to pay out it is just destructive to a reputation- although its pretty clear this one was a mistake not the bookie welching!
There is no obligation for a bookies to pay out indeed but Betfair is an exchange. Had the error been only €100 lay then no one would be any wiser and this would not be an issue. This type of error happens very easily and regularly and Betfair do not void the bet. I was one of those who backed it in running. I am disgusted that they are not offering some form of compensation. If the error as they say was so ‘OBVIOUS’, why was the market open right until the end of the race? Why was it not suspended straight away? Why was Betfair Ireland tweeting about it on Twitter? Pharisaical is the only word. Utter annoyance and frustration.
some body was still feelin the affects of xmas me thinks,heads will roll for this,ha ha, they have too pay out
No they don’t. It was an obvious mistake and I’m sure like Paddy Power etc they will have something in their rules along the lines of this…
Anyone putting the bet on would have been fully aware this was a mistake.
‘If there are any blatant errors in prices transmitted bets will be settled at the correct price at the time of acceptance or the Starting Price (where applicable) whichever is the greater. We also reserve the right to void any bets where there has been a blatant error in prices’.
They won’t have to pay out, there terms and conditions are iron clad and it’s basically if we make a mistake thats tough on you and if you make a mistake well that’s tough on you aswell
Isnt it a pity we couldnt void the pay out on certain bankrupt banks in this country
Betfair is an exchange and not a bookies. The only ones paying out would be those punters laying the bets. Betfair does not lay bets, it’s customers do.
I feel sorry for the arbers who bet the 29 on Betfair and laid off on Betdaq, I know they thought they were making a quick buck but who wouldn’t. She traded at 11+ on Betdaq all the way down the back straight. I thought the delay in the satellite pictures meant she had fallen and people on course knew, but found it strange that Mourad was as low as 1.02 with so many others in the race. After they jumped the last she was still available at 3, not to the huge figures on Betfair obviously, but I had to take some and so did lots of other people from reading various racing forums. Betdaq paid out within a few minutes. Some people took 14s, lucky them!
The palpable error IS NOT AVAILABLE to Betfair as they ARE NOT bookmakers and don’t set the price, and in fairness they aren’t trying to use that excuse. If someone is stupid enough to lay a fav at 29 in running then that’s their look out. Betfair are saying that a technical error allowed someone to lay more than their limit. That raises a major question over their software systems, though it’s still hard to understand why anyone would want to lay VLV at 29 in the first place.
Betfair’s t&c’s are a typical legal maze. For example condition 1(9) which deals with account limits states ” … in the event that we process an offer for a bet or the acceptance of a bet in an amount outside the applicable thresholds, such bet will nevertheless stand.”
The biggest problem for people suing them, and there will be many, is that they are based in Gibraltar and it’s courts have been inconsistent in past cases.
It’s called palpable error- b
Bah posted too soon! See below for what I was trying to say before I got trigger happy with the keyboard
Its called palpable error- bookmakers can void bets if there is an obvious mistake made when quoting odds. Most brocks and mortar bookies will pay oit at the SP rather than void bets completely but given the amount of money involved here I’m not surprised Betfair have chosen to void them. Proof the bookie always wins
As said Johanna Betfair is not a bookmaker and so that is not relevant what they claim. A punter made the error and not Betfair. The 29/1 was available for over 3 minutes. Betfair could have suspended betting long before the end of the race. I placed some of my bet just after the off of the race. It’s not unusual for a horse to hit 28/1 in running and still win should they clip a fence early in the race and recover.
i’d be willing to bet sometimes people give a thumbs down for spelling errors
i’d be willing to bet sometimes people give a thumbs down for spelling errors!
It’s called a palpable error.. All the bookies cover themselves from mistakes like this