I've got better things to do thanks....
Betfair Down / Betfair site crash
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wearthefoxhat
- Posts: 3554
- Joined: Sun Feb 18, 2018 9:55 am
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Why do betfair not just void all bets on markets during the outage. All they lose is commision (fair enough, it's their fault) and everyone else (layers/backers) get their money back.
Or am i displaying a fundamental misunderstanding? (Probably!)
Oh look its gon completely again. This would be quite comical where it not for the evident pain being expressed on here.
Or am i displaying a fundamental misunderstanding? (Probably!)
Oh look its gon completely again. This would be quite comical where it not for the evident pain being expressed on here.
what if you placed a straight back(or lay), before the feckups start, with no intention of trading, how do they resolve that?greenmark wrote: ↑Sat May 18, 2019 4:02 pmWhy do betfair not just void all bets on markets during the outage. All they lose is commision (fair enough, it's their fault) and everyone else (layers/backers) get their money back.
Or am i displaying a fundamental misunderstanding? (Probably!)
Oh look its gon completely again. This would be quite comical where it not for the evident pain being expressed on here.
Apologies if I'm aggravating you by missing the point. Just trying to understand in case I'm at risk but don't realise it.to75ne wrote: ↑Sat May 18, 2019 4:05 pmwhat if you placed a straight back(or lay), before the feckups start, with no intention of trading, how do they resolve that?greenmark wrote: ↑Sat May 18, 2019 4:02 pmWhy do betfair not just void all bets on markets during the outage. All they lose is commision (fair enough, it's their fault) and everyone else (layers/backers) get their money back.
Or am i displaying a fundamental misunderstanding? (Probably!)
Oh look its gon completely again. This would be quite comical where it not for the evident pain being expressed on here.
But if they know what markets are affected. The fair thing to do is retrun all monies for those markets. It is an exchange so they must accept outages prevent people from trading and potentially incurring losses. Straight bets returned may prevent you profiting, so i guess thats what you mean. And I accept that would be very annoying.
They could easily test an algorithm that identifies traders as people who've placed back and lay bets on the same selection to within a defined percentage, void those bets and see what their position would be. It's possible the mass of remaining bets would to some extent balance out. Given near 100% overrounds I would expect it to balance out to near zero long term. Not a perfect solution but it could protect the traders they rely on for PC from losing big time.to75ne wrote: ↑Sat May 18, 2019 4:05 pmwhat if you placed a straight back(or lay), before the feckups start, with no intention of trading, how do they resolve that?greenmark wrote: ↑Sat May 18, 2019 4:02 pmWhy do betfair not just void all bets on markets during the outage. All they lose is commision (fair enough, it's their fault) and everyone else (layers/backers) get their money back.
Or am i displaying a fundamental misunderstanding? (Probably!)
Oh look its gon completely again. This would be quite comical where it not for the evident pain being expressed on here.
greenmark wrote: ↑Sat May 18, 2019 4:15 pmApologies if I'm aggravating you by missing the point. Just trying to understand in case I'm at risk but don't realise it.to75ne wrote: ↑Sat May 18, 2019 4:05 pmwhat if you placed a straight back(or lay), before the feckups start, with no intention of trading, how do they resolve that?greenmark wrote: ↑Sat May 18, 2019 4:02 pmWhy do betfair not just void all bets on markets during the outage. All they lose is commision (fair enough, it's their fault) and everyone else (layers/backers) get their money back.
Or am i displaying a fundamental misunderstanding? (Probably!)
Oh look its gon completely again. This would be quite comical where it not for the evident pain being expressed on here.
But if they know what markets are affected. The fair thing to do is retrun all monies for those markets. It is an exchange so they must accept outages prevent people from trading and potentially incurring losses. Straight bets returned may prevent you profiting, so i guess thats what you mean. And I accept that would be very annoying.
sorry you have not someone else as, I failed to explain properly.
what if someone at say 11:30 this morning in all good faith places a bet on the fav in the feature at say bangor. a straight win/back, no trading or intention to lay off, just a back much the same as placing at bet in the betting shop.
it would not be right if this persons bet was cancelled because their infracture is weak and cant do the job, especially if his bet won and quite rightly he would have the right ache that the winning bet he placed was voided.
Derek, you are being far logical, this is betfair we are talking about.Derek27 wrote: ↑Sat May 18, 2019 4:21 pmThey could easily test an algorithm that identifies traders as people who've placed back and lay bets on the same selection to within a defined percentage, void those bets and see what their position would be. It's possible the mass of remaining bets would to some extent balance out. Given near 100% overrounds I would expect it to balance out to near zero long term. Not a perfect solution but it could protect the traders they rely on for PC from losing big time.to75ne wrote: ↑Sat May 18, 2019 4:05 pmwhat if you placed a straight back(or lay), before the feckups start, with no intention of trading, how do they resolve that?greenmark wrote: ↑Sat May 18, 2019 4:02 pmWhy do betfair not just void all bets on markets during the outage. All they lose is commision (fair enough, it's their fault) and everyone else (layers/backers) get their money back.
Or am i displaying a fundamental misunderstanding? (Probably!)
Oh look its gon completely again. This would be quite comical where it not for the evident pain being expressed on here.
Unfortunately not, Derek you're forgetting that someone is on the other end of your trades.
All bets have 2 participants — you can't void 1 side only. If you're on for any decent size you're probably paired with 10s, possibly 100s of other customers.
There is no 'one size fits all' approach to satisfy the diverse range of customers.
When you place a bet you're accepting all risk(s) associated with it and as such the current method is the fairest for the bigger picture.
All bets have 2 participants — you can't void 1 side only. If you're on for any decent size you're probably paired with 10s, possibly 100s of other customers.
There is no 'one size fits all' approach to satisfy the diverse range of customers.
When you place a bet you're accepting all risk(s) associated with it and as such the current method is the fairest for the bigger picture.
You're right. It is difficult to differentiate between true trading and betting activity and therefore they shouldn't merely 'void all bets' (why should they get off so lightly?).to75ne wrote: ↑Sat May 18, 2019 4:05 pmwhat if you placed a straight back(or lay), before the feckups start, with no intention of trading, how do they resolve that?greenmark wrote: ↑Sat May 18, 2019 4:02 pmWhy do betfair not just void all bets on markets during the outage. All they lose is commision (fair enough, it's their fault) and everyone else (layers/backers) get their money back.
Or am i displaying a fundamental misunderstanding? (Probably!)
Oh look its gon completely again. This would be quite comical where it not for the evident pain being expressed on here.
Rather, what they should do, is pay out all winners AND refund/void bets for all losers. This might actually give them an incentive to fix things properly. If they find themselves losing money doing this i.e. total compensation outweigh commissions generated, then they should probably rethink their whole operation. The level of incompetence shown here is just baffling
Ok I get that.to75ne wrote: ↑Sat May 18, 2019 4:22 pmgreenmark wrote: ↑Sat May 18, 2019 4:15 pmApologies if I'm aggravating you by missing the point. Just trying to understand in case I'm at risk but don't realise it.
But if they know what markets are affected. The fair thing to do is retrun all monies for those markets. It is an exchange so they must accept outages prevent people from trading and potentially incurring losses. Straight bets returned may prevent you profiting, so i guess thats what you mean. And I accept that would be very annoying.
sorry you have not someone else as, I failed to explain properly.
what if someone at say 11:30 this morning in all good faith places a bet on the fav in the feature at say bangor. a straight win/back, no trading or intention to lay off, just a back much the same as placing at bet in the betting shop.
it would not be right if this persons bet was cancelled because their infracture is weak and cant do the job, especially if his bet won and quite rightly he would have the right ache that the winning bet he placed was voided.
I just think an exchange is a trading platform. What would happen if the FTSE platform crashed I wonder?