What would you say to Betfair?

News, chat and debate about the Betfair betting exchange.
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Derek27
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ShaunWhite wrote:
Mon Oct 31, 2022 9:30 pm
goat68 wrote:
Mon Oct 31, 2022 3:16 pm
I don't think the intended audience was here anyway, it's publicised by Betcode slack community,
I don't use betcode and I don't use BA either, imo the intended audience is anyone who fancies talking to like minded people. That's it. People can decide for themselves if they're interested and what they talk about if they go. I won't bother mentioning any more though.
Do they provide free food, that would make all the difference? ;)

The only Betfair event I went to over 10 years ago was a local event to explain basic exchange trading. There was a cold buffet and free bar, though you were only allowed one pint before the event and one in the interval. :D
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Euler
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I think part of my issue is that I was around when the used to events regular and had an education team.

I would always jump at the chance to talk positively about the exchange at these events.

I don't know how many years the education team has been gone, but they are sorely missed.
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Archangel
Posts: 1987
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Location: Polo Lounge, Beverly Hills Hotel

For anyone interested Andrew Black (Founder of Betfair), is currently doing a series of interviews with Star Sports excellent 'Betting People' series

https://www.youtube.com/watch?v=KLnpa6jJKpk
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LeTiss
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Euler wrote:
Mon Oct 31, 2022 10:38 pm
I think part of my issue is that I was around when the used to events regular and had an education team.

I would always jump at the chance to talk positively about the exchange at these events.

I don't know how many years the education team has been gone, but they are sorely missed.
I went to one of their education nights. It must have been 2007/08 because I was still repping. It was being held at Brighton racecourse in the evening and I had appointments in East Sussex that day, so it was perfect. Unfortunately, wifi wasn;t working so they couldn't do what they wanted, but there was food & drink laid on. I think it was being run by the Aussie Scott Ferguson, if I remember correctly
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xtrader16
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I ask Betfair to sort their Live feed out for the Horse Racing. It constantly sticks and drops out also keep your nose out of where I get my money from its none of your business.

And of course....If your software crashes all bets must be made void. I am not a gambler I'm just a really bad trader but I don't want £375 on a 8/1 shot if your software prevents me from closing the trade. I will say the same if the 8/1 shot wins as well. Which it never does.
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Archangel
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Sad times
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Naffman
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Archangel wrote:
Wed Jan 04, 2023 10:27 pm
Sad times
Betfair are the strictest I've noticed, I mean a £100 deposit a month is ridiculous, how there's still any money in the exchange I have no idea
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Euler
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Most of the people I've seen restricted the most are heavy losers. Betfair compliance are strict, but most strict with people who have lost money and tried to deposit more.

I made the mistake of trying to help somebody and it turned out he was £60k down and trying to deposit another £10k when he was limited. Nothing I can do there, can't even put a case to Betfair for that, even if I could.

Compliance asked me for documents last year, which I supplied. It wasn't any more than I've been asked for by stock brokers, banks or other financial institutions: -

https://www.gov.uk/anti-money-laundering-registration

I haven't been restricted and bet more last year than the previous.

I realise the affordability stuff is flawed and people have rights for personal freedoms, turnover on all platforms is down and so on. But a lot of what I see is sensationalist and doesn't tell the full story. I'm sure you would take a different view if some of these stories went full disclosure.
Emmson
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I wonder if any character traders who sell useless manuals have had £100 spend budgets imposed on them.
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Euler
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Emmson wrote:
Thu Jan 05, 2023 8:58 am
I wonder if any character traders who sell useless manuals have had £100 spend budgets imposed on them.
What a shocker if that were the case, but I couldn't possibly corroborate that rumour ;)
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Naffman
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Euler wrote:
Thu Jan 05, 2023 9:01 am
Emmson wrote:
Thu Jan 05, 2023 8:58 am
I wonder if any character traders who sell useless manuals have had £100 spend budgets imposed on them.
What a shocker if that were the case, but I couldn't possibly corroborate that rumour ;)
Tbf I doubt they would because they actually have ‘income’ and not just betting income like most of us on here
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Archangel
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I am not sure how I feel about sending detailed personal financial information to Betfair, or any other bookmaker. Who would have access to this data? There is enough information there to do me a lot of harm if it got into the wrong hands, and these days, thats a real possibility. I have seen some some GDPR issues in my day job and can see how this information can be used to great effect.
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jamesedwards
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Euler wrote:
Thu Jan 05, 2023 8:16 am

Compliance asked me for documents last year, which I supplied. It wasn't any more than I've been asked for by stock brokers, banks or other financial institutions: -
Based on what you were asked to provide do you think you would have been in trouble if your only income was from betting exchanges, like many of us here?
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ShaunWhite
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jamesedwards wrote:
Thu Jan 05, 2023 2:29 pm
do you think you would have been in trouble if your only income was from betting exchanges, like many of us here?
James, were we told you'd never be asked if you don't deposit? I've been working on that assumption and so reliant on this I've grown my account to over 20 grand to avoid the risk of a 100yr storm on the same day as a blue moon, 3 days in a row. I probably only need 3 or 4k but with rates as they are it might as well be sat there. :roll: Failure isn't an option, so what price peace of mind?
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Derek27
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Euler wrote:
Thu Jan 05, 2023 8:16 am
Most of the people I've seen restricted the most are heavy losers.
That is reassuring. I've always had a fear of being restricted completely out of the blue, judging by some of the stories we hear.
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