Betfair Down / Betfair site crash
I agree entirely Peter.Euler wrote:
It's fine saying, there is no money there, but if nobody puts anything there then nothing happens. So putting a little there may set off the same upward spiral that occured on Betfair.
Even if everyone withdrew there Funds from Betfair for a week
I have and it just takes others to do the same.
Why be dictated to by a uncaring and unreliable Institution.
It worked for Egypt why not for us.
We can force change if we really want to.
Dobbin
Dobbin,
When you consider how BF have only grown in the past 2 years due to increased charges, I wouldn't be surprised if their finances are more precarious than we imagine
If everyone started to withdraw money, it would send them into financial meltdown.
When you consider how BF have only grown in the past 2 years due to increased charges, I wouldn't be surprised if their finances are more precarious than we imagine
If everyone started to withdraw money, it would send them into financial meltdown.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Betfair say they have our funds in a ring fenced company that is not touched and not used other than to earn them about £7million a year in interest.
I never keep more than I need to with them especially in the current financial situation where I don't believe our banking system has changed. IF the bank who they have all our funds on deposit with were to go bust we can kiss goodbye to our money. We will be at the back of the queue when it comes to hand outs.
I never understand why people allow their balances to build up past what they need. It takes seconds to withdraw your winnings so why not do it daily and earn interest on it for yourself rather than effectively pay Betfair to hold your money as that is what you are doing. You don't get the interest and Betfair do.
The sooner they bring in instant withdrawals the better imo.
So if we all withdrew our money in theory the only impact would be that they would lose out on interest as they should not be using it all to run their business. They have substantial cash deposits of their own if you look at their balance sheet.
They highlight the ring fenced issue in the recent FAQ they posted in relation to the move offshore - so I have no reason to doubt Betfair's ability to pay my funds - it is the banks I don't trust.
To say we should all remove our funds from Betfair for a week is all well and good but I am not willing to miss out on a weeks earnings - yes you can say I would be cutting off my nose to spite my face long term but I can't see the change happening quickly.
But I would definitely urge people not to keep more than they need in their BF accounts and if you don't plan to say trade for a week get it out and into your own account and earn 5% or whatever on it - stop paying Betfair to look after your money - it is an easy way to hit them in the pocket - the interest on OUR deposits represents about 10% of their entire yearly profit (from memory)!
I never keep more than I need to with them especially in the current financial situation where I don't believe our banking system has changed. IF the bank who they have all our funds on deposit with were to go bust we can kiss goodbye to our money. We will be at the back of the queue when it comes to hand outs.
I never understand why people allow their balances to build up past what they need. It takes seconds to withdraw your winnings so why not do it daily and earn interest on it for yourself rather than effectively pay Betfair to hold your money as that is what you are doing. You don't get the interest and Betfair do.
The sooner they bring in instant withdrawals the better imo.
So if we all withdrew our money in theory the only impact would be that they would lose out on interest as they should not be using it all to run their business. They have substantial cash deposits of their own if you look at their balance sheet.
They highlight the ring fenced issue in the recent FAQ they posted in relation to the move offshore - so I have no reason to doubt Betfair's ability to pay my funds - it is the banks I don't trust.
To say we should all remove our funds from Betfair for a week is all well and good but I am not willing to miss out on a weeks earnings - yes you can say I would be cutting off my nose to spite my face long term but I can't see the change happening quickly.
But I would definitely urge people not to keep more than they need in their BF accounts and if you don't plan to say trade for a week get it out and into your own account and earn 5% or whatever on it - stop paying Betfair to look after your money - it is an easy way to hit them in the pocket - the interest on OUR deposits represents about 10% of their entire yearly profit (from memory)!
Last edited by andyfuller on Sat Mar 12, 2011 10:16 pm, edited 1 time in total.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
As for their customer relations I am past paying any attention to them saying we are sorry and that we will do better next time - simple they wont.
The service site said there were no issues, they were advertising at Man United saying you could place such and such a bet on national TV when you could do no such thing - false advertising if ever I saw it! They ignored my suggestions as posted earlier on this thread at the last Q&A - they didn't have the decency to say they were stupid ideas - which they weren't. They could be implemented near instantly and would improve the situation massively but they continue to use the good old method of sticking the head in the sand and pretending all is fine.
Anyone offering odds on how long it is until the message on the announcement page about the outage disappears?
I say it will be gone by morning and it will be as if today never happened.
The service site said there were no issues, they were advertising at Man United saying you could place such and such a bet on national TV when you could do no such thing - false advertising if ever I saw it! They ignored my suggestions as posted earlier on this thread at the last Q&A - they didn't have the decency to say they were stupid ideas - which they weren't. They could be implemented near instantly and would improve the situation massively but they continue to use the good old method of sticking the head in the sand and pretending all is fine.
Anyone offering odds on how long it is until the message on the announcement page about the outage disappears?
I say it will be gone by morning and it will be as if today never happened.
http://service.betfair.info/
time here is 22:32 the service website states "There are currently no reported problems with any Betfair site". no mention of any problems during the previous 8/9 hrs.
"Anyone offering odds on how long it is until the message on the announcement page about the outage disappears?
I say it will be gone by morning and it will be as if today never happened."
not long at all
time here is 22:32 the service website states "There are currently no reported problems with any Betfair site". no mention of any problems during the previous 8/9 hrs.
"Anyone offering odds on how long it is until the message on the announcement page about the outage disappears?
I say it will be gone by morning and it will be as if today never happened."
not long at all
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
I was talking about the one on the Betfair Forum Announcements Page, which is still live. I don't have an issue with it not being on the service site as that should show the current state of affairs but it would be nice to see a mention on that page of something along the lines of we experienced issues with out site between x and y, these faults were fixed by z and the site has been up and running okay since.
That way people checking could know that they should perhaps tread carefully due to earlier issues.
That way people checking could know that they should perhaps tread carefully due to earlier issues.
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carlharris
- Posts: 1
- Joined: Wed Apr 15, 2009 7:36 pm
I read with interest the article about Betfair's problem been behind them. In fact I found it rather funny.
yesterday was a disaster for them. Happily personally I decided to take the weekend off but I will be spending today sorting out a Betdaq account and BA for BD.
I have been ill recently and decided that my immediate future is in the markets.... big problems like this are a big red flag !
Anyone know what Betfair have said? Are the sure its fixed?
yesterday was a disaster for them. Happily personally I decided to take the weekend off but I will be spending today sorting out a Betdaq account and BA for BD.
I have been ill recently and decided that my immediate future is in the markets.... big problems like this are a big red flag !
Anyone know what Betfair have said? Are the sure its fixed?
LOLmugsgame wrote:I'm with you Brother! I have a couple of spare RPG's somewhere in the garage. It's meet up in Betfair square and piss on their flowerbeds!Dobbin wrote:It worked for Egypt why not for us.
We can force change if we really want to.
Dobbin
Doesn't take violence. Just the realisation that you are being treated like a Mug.
You always have 2 choices.
1. Accept that you are happy to continue being treated like a Mug.
2. Do something positive to make them realise that you will not continue to be treated like a Mug
The thing is that you may lose more in the long run maintaining the Status Quo.
Who is to say that you will not end up with a 30% Premium Charge because they know they can, after putting up with crap service, as everyone is too scared to move.
Real change does not come about by the majority sitting on ther arses and letting the minority dictate to them.
Ok so I will lose money in the short term. There is more to life than greed. That is what got us all into the mess that the country is in.
Make a difference and let your principles do the talking.
my tuppence worth
Dobbin