betfair madness

I reckon there's a few that thought they were getting a late christmas present, somehow I think they may end up disappointed:D
 
It looks like anyone who took advantage of the generous offer about VLV will not be getting a return. Voided bets?
 
Worth a go I suppose, I did consider it for a split second but being an obvious error decided there was no way they would pay out and I would just end up tieing my funds up.
 
And how do we explain the lumpy sums available to Lay at 22.0 and 21.0 also? Were these offers from other individuals who also went big against the evidence before their eyes on TV? Highly unlikely.
Definitely it's looking more and more like this was a systemic failure on the tech side at Betfair Towers rather than any misjudgement by individual Layers or "Bots without a cap".
 
The betdaq bots copied and people got 10/1+ that's been settled. Betfair are in deep crap here over this.
 
Of course it was a system error, nobody has £600 million in their bank to play with. Got to feel sorry for anybody Arbing with Betdaq but really what were they expecting?
 
I also got some on as I was in the process of laying the fav.

I don't expect to get paid out but I have at least learnt two things today;

Betfair offer credit accounts to large customers.

Large sums are deposited with the exchange as it's safer than banks.

From a former betfair employee:

There's no way a Betfair client would have £600m+ in their account. Maybe £20 or even £50m from the massive syndicates who regard(ed) Betfair as safer than any bank, but not £600m. So the error has to be something technical. However, rumour has it, a helpdesk reply (not gospel, naturally) has implied it wasn't a Betfair issue.

I would be extremely surprised if this race was paid out in full - if it is a massive customer Betfair have offered credit to (has been offered in very selective cases), then the customer is quite likely to argue technical error that Betfair should have blocked and refuse to pay up. As mentioned above, I severely doubt it's a customer/syndicate with that much in cash reserves, and the other point to remember is that Betfair TSE Ltd are now under the regulatory control of Gibraltar authorities, who don't have a history of putting the punter first. Betfair aren't the kind of company who will take the whack on the chin if it was an internal balls-up, and £23m will make a serious dent into their all-important share price.
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There are so many issues whichever way you look at this. Its betfairs worst nightmare surely.

1. The in running software was working fine. The market suspended past the line as well so hard to say technical glitch in that sense.

2. If it was a technical glitch why on earth would you allow the in-running markets to carry on for the rest of the afternoon.

3. If it isn't a client account then it has to be a betfair account. The implications for the company are enormous. The 600m needed for that lay where has it come from? Is it margined money? Is it credit? Also as they advertise themselves as not being bookies what are they doing involving themselves in the markets?

These are just the tip of the iceberg.

I'm also amazed Matt Chapman that has an opinion on everything hasn't mentioned it once have ATR been gagged?
 
"Obvious technical failure allowing a customer to exceed their exposure limit". Markets voided. Betfair's broken.
 
Obviously I had a small slice of it-I was paranoid at first and then it became obvious it was a mistake.
I think the core issue here is should exchanges be allowed to operate in their own markets to effectively hoover up free money.
 
If it was what they are saying it was and a client why did Mourad stay at such a ridiculously short price to back?
 
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