Australian Open 2022
Anyone know why they haven't settled all the first round losers for the mens winner market? They have done for the women's market which is normal practice. I really hope there isn't some kind of review of the market going on due to the red books that a fair few people will have. The rules were clear and if people did not read them that's their problem.
Its rather reminiscent of the US presidential election result which took Betfair ages to settle. Lets hope this isn't destined to drag on much longer and normal practice is resumed.Neil817 wrote: ↑Tue Jan 18, 2022 1:41 pmAnyone know why they haven't settled all the first round losers for the mens winner market? They have done for the women's market which is normal practice. I really hope there isn't some kind of review of the market going on due to the red books that a fair few people will have. The rules were clear and if people did not read them that's their problem.
For a moment I thought you might have an answer.
The only thing I could do was press the "% chance" button to see if the chart was flawed, but that appears consistent. Actually, as I type I've come up with a theory. Very little money was traded, it was probably pennies so my guess is that someone was trying to paint a picture, possibly of a spacecraft or the backend of a space gun, before traders interrupted it. 
Worried that's exactly what they're doing, no other reason they wouldn't settle the losers. The red books are one thing but the big negative account balances are worrisome, somebody will have to swallow that (will Betfair?) or they might void?Neil817 wrote: ↑Tue Jan 18, 2022 1:41 pmAnyone know why they haven't settled all the first round losers for the mens winner market? They have done for the women's market which is normal practice. I really hope there isn't some kind of review of the market going on due to the red books that a fair few people will have. The rules were clear and if people did not read them that's their problem.
Surely Betfair cant let people run up negative balances. I can understand that some layers might have lost a guaranteed say 30% of their balances but if the matching software is so bad that it allows people to lose more money than they have deposited then that is Betfair's fault. This non-settlement of the first round losers has never happened before on a grand slam to my knowledge. It is unsettling for anyone involved because its another instance like the Trump market where they appear to be deviating from the normal way a market is run probably because a few people who've lost have complained about it.
Lots of screenshots going around of people with large negative balances, they were effectively able to leverage their stake.
An added wrinkle seems to be people who used the cashout button, Betfair cashed out by laying the entire field which has ended terribly! The cashout T&Cs seem to suggest it "guarantees" the profit and loss at the time of cashout. So those people might have to be given the cashout profit, not just balances returned to 0
An added wrinkle seems to be people who used the cashout button, Betfair cashed out by laying the entire field which has ended terribly! The cashout T&Cs seem to suggest it "guarantees" the profit and loss at the time of cashout. So those people might have to be given the cashout profit, not just balances returned to 0
It was perfectly avoidable in a number of ways.Neil817 wrote: ↑Tue Jan 18, 2022 10:28 pmSurely Betfair cant let people run up negative balances. I can understand that some layers might have lost a guaranteed say 30% of their balances but if the matching software is so bad that it allows people to lose more money than they have deposited then that is Betfair's fault. This non-settlement of the first round losers has never happened before on a grand slam to my knowledge. It is unsettling for anyone involved because its another instance like the Trump market where they appear to be deviating from the normal way a market is run probably because a few people who've lost have complained about it.
I did try to warn them and this sort of issue is why we have that N/A warning inside Bet Angel. Been in there for 15 years or so. So it's well known problem.
I haven't seen anybody post their bets, so still cant comment with authority on the matter.
There are few cock-ups Betfair could make that would surprise me, but this would be really astonishing. They used to be quite clued-up about these things and remove liability offset when a material runner was known to be doubtful.
They must have known no-vax was doubtful. They didn't remove liability offset, which lead to negative balances. By laying the entire field for cashout purposes, if that's what's happened, they'd be making the very mistake they're trying to avoid.
Hi all - I just joined this forum after having a similar experience to Dylan711 - my cashed out profit stood at £100 but swung to c £700 loss when Djokovic dropped out. Responding to this particular post as Tumby's reply is exactly the point I have been making on another forum, i.e. that "Cash out" is misleading. In the BF T&Cs they describe cash out as a feature that will lock in profit. I would not have laid all entrants voluntarily without studying the rules. I did not expect my "cash out" would do this, but naively trusted that "locking in profit" must be "locking in profit". If they do not remove it is an option completely (for markets where bets can still be voided at that point) they ought to restrict it to a traditional cash out of backing vs. a lay or vice versa. Does anyone think my complaint to BF will be taken seriously or have others been down this road and failed. I might take it to IBAS anyway - even if I don't get any redress they might put pressure on BF to make the changes to cash out we discussed so that others are not tricked in future? But I guess BF might close my account if I take a complaint to IBAS, which I wouldn't want either.tumby wrote: ↑Sun Jan 16, 2022 2:12 pmThe term "Cash Out" is very misleading. It gives the impression that you no longer have any risk, unfortunately the terms of the market you were playing was such that Novax's bets were voided leaving you a large loss. I think BetFair should change the name of "Cash Out" or even remove it as an option all together for any markets where bets can be voided.Dylan711 wrote: ↑Sun Jan 16, 2022 1:24 pmHey guys just wanted your opinion on this.
I had some lay bets on the Aus Open Outright market on Djokovic. The odds drifted out and gave me a positive cash out option. For whatever reason, after I cashed out, betfair laid all the other players for varying amounts to give me say +$100 for all players. Thought it was weird but it was effectively a cash out by laying all players.
I then layed Novak again shortly after and I was immediately given a positive cash out and the same thing happened again (laid all other players). I did this multiple times but wasn’t able to continuously as some of the players had no liquidity so I had no cash option available. Just before Novak got booted (a couple hours ago) I had a completely green book for all players of about $1500. After Novak got voided, my book is now negative $8000 for every player. My balance is negative $3800. I have reached out to customer service but they are still discussing cash outs apparently for the market, what the fuck that means. Any advice would be greatly appreciated, absolutely tilted off my head at the moment. Will have to take this to the Gaming Commission (I’m from Australia) if this doesn’t get sorted.