Betfair account closed - Funds with-held

[megarain]

I can only think they are scared of a huge fine.

For a long time, dubious money laundering between accounts used to be a thing - and maybe they have been given warnings by governing bodies.

The thing is, their Comms are so poor no one knows.

I am far from convinced the people working there (at least the recent once’s I have dealt with), are competent.

[The Silk Run]

I'm really sorry to hear about your plight megaraine. Truly I am.

Judging by the content of your post you are at the complete opposite end of the spectrum. Myself being at the bottom ....

Get your money back. They have no legal right to withhold funds. If they suspect fraudulent activity they are obliged to notify the relevant agencies.

Not attempt to enforce it upon themselves with silly rules like we can withhold monies for up to six weeks !!!

Don't roll over darling and take it up the ass. You [expletive] them ....

GOOD LUCK & please do keep us all posted

[megarain]

Thx.

It’s a little odd, people commiserating etc when it might be
a win to do other things.

Betfair was an enjoyable part of my life, but it’s impossible within the current framework.

I will find something else.

I fully expect to get my money back - I left in 400 so it was
just enough so they read this every day and it will be a
pleasure to update the lack of comms.

I have 2000 followers on twitter .. just posting the updates will be fun.

[Fugazi]

Thx.

It’s a little odd, people commiserating etc when it might be
a win to do other things.

Betfair was an enjoyable part of my life, but it’s impossible within the current framework.

I will find something else.

I fully expect to get my money back - I left in 400 so it was
just enough so they read this every day and it will be a
pleasure to update the lack of comms.

I have 2000 followers on twitter .. just posting the updates will be fun.

Perhaps try your hand at financial markets ?

[Crumpets]

I can only think they are scared of a huge fine.

For a long time, dubious money laundering between accounts used to be a thing - and maybe they have been given warnings by governing bodies.

The thing is, their Comms are so poor no one knows.

I am far from convinced the people working there (at least the recent once’s I have dealt with), are competent.

Is it worth trying to contact one of the "higher-ups" at BF?
Cut out the middle men?

Or is the 40% commission the death knell for you?

[megarain]

Thx - am gonna go fishing for a while.

Believe me, Betfair is VERY far from being the only solution.

[Kai]

I have 2000 followers on twitter .. just posting the updates will be fun.

Btw noticed years ago that your Twitter handle on the forum profile is wrong, think you forgot the underscore so links to some random inactive guy with 6 followers

Keep us posted please like others have said, would love to hear where you go from here etc, I'm a big fan of seeing the silver lining

[megarain]

The twitter field in the profile box doesn't allow a few characters.

My twitter account is [email protected]

I have put 3 kids thru university and my youngest at Imperial College is 2 yrs in and about to start an Internship with Goldman Sachs.

I had a great start, invested some of it wisely, lavished a lot on people and generally wasted the rest.

Nothing wrong.


I genuinely feel sorry for professionals who feel Betfair is their only option. Maybe it's time to get out of your comfort
zone and find a new gig. Betfair probably won't last forever.

[LeTiss]

That's terrible, I'm sorry to hear that. It's also extremely worrying for the likes of myself, who have Betfair has their only source of income and have a sizeable chunk of money deposited with them

You'd think after all these years, and all the money you've given them in commission and Premium Charge, that you'd get access to somebody higher up the food chain than some fella working from home with a barking dog. That is actually disrespectful rather than poor. That's not the way to treat customers. I can only guess you've triggered a money laundering algorithm, by losing a shed of money on Betfair followed by a large deposit to replace it

These are worrying times for Exchanges, especially with new affordability rules. I don't think the rule makers have any concept of the difference between betting and trading

The markets are dead these days pre-event. There isn't the punters to nibble away at prices anymore.....they have either moved to the Sportsbook or been closed due to not passing affordability rules. So, you invariably have traders sparring with each other which is terrible for the fill-rate. Personally, I think automation has been catastrophic for pre-event markets. People just have money doing nothing until conditions are met, which is why some people try to trick bots with spoof money, leading to much market manipulation

Your Twitter handle btw is @Mega_Rain

[Kai]

The twitter field in the profile box doesn't allow a few characters.

The https://twitter.com/ part is already included so it doesn't allow that, only needs the correct handle, in your case mega_rain

Then it links correctly to https://twitter.com/mega_rain

[ilovepizza82]

It's hard to express feelings after being with them for 20-odd years, being told the account is closed by someone who can barely speak English and often has a dog barking in the background.


PC.jpg

Better a dog than cows and chickens.

[megarain]

Fixed the twitter profile. Thx.

[Kai]

Believe me, Betfair is VERY far from being the only solution.

Would be amazing if you could pave an alternative path forward for the next generation of traders etc

[Kai]

So are we reaching the point then on BF where the general consensus for risk management is to include more price averaging overall if and when needed depending on strategy, to smooth out variance overall and eliminate or minimize the need for further deposits that could potentially flag more accounts, which obviously leaves some value on the table and plays right into the hands of BF with PC

Maybe should have posted that in the White Paper thread instead, where jamesedwards is kindly providing regular updates on the matter

[Dai_Young]

So are we reaching the point then on BF where the general consensus for risk management is to include more price averaging overall if and when needed depending on strategy, to smooth out variance overall and eliminate or minimize the need for further deposits that could potentially flag more accounts, which obviously leaves some value on the table and plays right into the hands of BF with PC

Maybe should have posted that in the White Paper thread instead, where jamesedwards is providing regular updates on the matter

This is definitely one consequence. Another is that arbing (between exchange and bookmaker) must be becoming far more difficult as moving money around between accounts becomes perilous.