Leopardstown - 14:00 - Christmas Hurdle - Voler la vedette

mcfc1981 · Wed Dec 28, 2011 3:20 pm

poor person who was laying the 14s and backing the 29s on betfair if they void.

i think the bomber has just upped his game

mugsgame · Wed Dec 28, 2011 3:22 pm

The way the markets work they will have to void the whole in play part of the race if they want to wiggle out of it

andyfuller · Wed Dec 28, 2011 3:24 pm

How much CASH did Betfair have at the last set of accounts?

mcfc1981 · Wed Dec 28, 2011 3:24 pm

the person lost around 23m
it could have been around 600m
just hope its not citys owner

Euler · Wed Dec 28, 2011 3:24 pm

andyfuller wrote:How much CASH did Betfair have at the last set of accounts?

Quick, withdraw your cash now!

Groovyelms · Wed Dec 28, 2011 3:28 pm

Amazing,

I had a very modest win prerace and wondered why it had not settled... now I know.. good luck to you all guys who took the price
groovy

mcfc1981 · Wed Dec 28, 2011 3:31 pm

what if this was a nick leeson situation and he was trading on betfairs behalf, would they have to pay out???

JollyGreen · Wed Dec 28, 2011 3:34 pm

I know they say "a fool and his money are soon parted" but would anyone have £600M in Betfair? Okay so Betfair may offer credit terms to some people but that amount seems most unlikely.

I think Betfair has made an error here and they will come up with a yarn that says "to be fair to all concerned this race will be voided" which means when reading between the lines..."we made an horrendous cock up in this market with our cross matching bot. If the horse had lost then the result would have stood but we have to protect the interest of our share holders so sadly the race is void!"

andyfuller · Wed Dec 28, 2011 3:37 pm

Euler wrote:
andyfuller wrote:How much CASH did Betfair have at the last set of accounts?
Quick, withdraw your cash now!

If it were to turn out it was Betfair serious questions need answering. They don't have access to £600m of their own money as far as I know.

So that would raise numerous serious questions.

JollyGreen · Wed Dec 28, 2011 3:39 pm

Here is a screenshot showing how much was matched at 29!! Nice if you grabbed some and it stands!

Voler error 2.jpg

Euler · Wed Dec 28, 2011 3:43 pm

To be able to place that order you would need £599,530,624 in your account (£600m). Who thinks it's a punter anymore?

I doubt Betfair have an account with that in it, but the fact that have a house account with unlimited liability active in the markets would be a bit shocking.

PeterLe · Wed Dec 28, 2011 3:44 pm

If it was Betfairs fault; expect a PC4 !

mugsgame · Wed Dec 28, 2011 3:45 pm

For this to have happened the way it did poses some very serious questions.

The simple truth is it surely can't happen by all known parameters.
This leaves the question of exactly how Betfair match up bets. As I cannot see how this is possible if the XM is how they say it is.

I have a bad taste in my mouth

What I would say is don't get to hung up on the 1 punter has xxxx in his account

andyfuller · Wed Dec 28, 2011 3:54 pm

Euler wrote:To be able to place that order you would need £599,530,624 in your account (£600m). Who thinks it's a punter anymore?

I doubt Betfair have an account with that in it, but the fact that have a house account with unlimited liability active in the markets would be a bit shocking.

If it was them they could now in theory be filing for bankruptcy as they wouldn't have the cash flow to meet their liabilities.

Also who would run a company in such a way....

If it doesn't stand big questions are raised....

Iron · Wed Dec 28, 2011 3:55 pm

Let's say this is classed as a palp.

Is there anything in Betfair's Terms and Conditions that lets them cancel bets in this circumstance?

Even if there is, I'd have thought that there's someone out there with extremely deep pockets who will fight Betfair all the way...

Jeff

Leopardstown - 14:00 - Christmas Hurdle - Voler la vedette

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