Is it possible to increase the amount of potential liability you are allowed on Betfair without actually depositing the hard cash? i.e. if Betfair know you're good for it, will they allow you to play with a bigger notional bank?
With spread betting they use a formula to calculate such things meaning you can trade with leverage - same kind of thing with margin reqs with futures etc.
Question on Betfair bank and max liability...
I did pick this with Betfair once especially knowing that you need minimum of £2 lay bet even for odds of say 800 but they said they don't offer the service of going the account over the limit. Basically you need to have sufficient amount in the account to place a bet and if it breaches that limit then your bet won't go through. I did push to see whether they allow for a client or two but it was categorical no. Their basic policy does seem to be that you need to have your bank to be more than your liability. So I would be really annoyed if some accounts have that flexibility as there's delay in most markets but especially UK racing for the account to be settled some time after the race is finished and that may prevent you from utilising maximum your bank at all time.
I don't think it will ever be allowed by BetFair.
I know somebody who lost around 500pounds when BF accepted a lay beyond max liability (due to a error). And the account blocked as there were no funds to close out the position. And later when a deposit was made money did not appear until the balance got positive.
btw BF are still investigating ...
they did nothing regarding this issue, although there were some screen shots provided, and of-course they had the logs.
I know somebody who lost around 500pounds when BF accepted a lay beyond max liability (due to a error). And the account blocked as there were no funds to close out the position. And later when a deposit was made money did not appear until the balance got positive.
btw BF are still investigating ...
they did nothing regarding this issue, although there were some screen shots provided, and of-course they had the logs.-
superfrank
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I remember reading on a trader's blog (but I can't remember which one) when they said they were gonna call Betfair to get their exposure limit upped before Cheltenham or some other big meeting. I think it is probably is offered to a select few.
Anyone can get there exposure limit lifted.
you just have to ask them.
But you still carn't spend more than whats in your account.
Even if you did somehow manage to be red for more than your account balance, which is possible on rare occasions like the famous carling cup final incident then betfair carn't take the money off you legally anyway as debts are not enforceable.
I guess the exposure limit is only usefull if you have a large bank and don't want to be exposed to more than a small ammount of it at one time.
you just have to ask them.
But you still carn't spend more than whats in your account.
Even if you did somehow manage to be red for more than your account balance, which is possible on rare occasions like the famous carling cup final incident
then betfair carn't take the money off you legally anyway as debts are not enforceable.I guess the exposure limit is only usefull if you have a large bank and don't want to be exposed to more than a small ammount of it at one time.
For those that were not around at the time the Carling Cup 2007 final
The incident I refer to was when
Some numpty posted on a very popular interweb forum that he had just layed all the outcomes on the first goalscorer market to guarantee him self a big all green profit and that the book was still 150 % + if anyone was interested.
Others plonkers from the forum like sheep followed him smashing the book all the way into 100%
They were all getting very excited on how easy it was and how much they had all made, they were even looking at other markets above 100% like Horse Place markets ,
Finally some more sensible posters joined the discussion and pointed out that not all the players would be playing in the match and that under the rules those bets would be voided, hence the reason the book was 150% plus in the first place..
This of cause left people with some massive 4 figure reds far exceeding what they had in there Bf accounts and ofcause some mass panic and people trying to desperatly withdraw funds
.
Betfair eventually voided the market and know one was out of pocket in the end but it was a very very funny thread to read at the time , will try and find it later, its worth a read if you need a laugh .
The incident I refer to was when
Some numpty posted on a very popular interweb forum that he had just layed all the outcomes on the first goalscorer market to guarantee him self a big all green profit and that the book was still 150 % + if anyone was interested.
Others plonkers from the forum like sheep followed him smashing the book all the way into 100%
They were all getting very excited on how easy it was and how much they had all made, they were even looking at other markets above 100% like Horse Place markets
, Finally some more sensible posters joined the discussion and pointed out that not all the players would be playing in the match and that under the rules those bets would be voided, hence the reason the book was 150% plus in the first place..
This of cause left people with some massive 4 figure reds far exceeding what they had in there Bf accounts and ofcause some mass panic and people trying to desperatly withdraw funds
.Betfair eventually voided the market and know one was out of pocket in the end but it was a very very funny thread to read at the time , will try and find it later, its worth a read if you need a laugh
.The original thread
http://forums.moneysavingexpert.com/sho ... p?t=386063
and the follow up thread after original was locked
http://forums.moneysavingexpert.com/sho ... p?t=386241
shouldn't laugh really
http://forums.moneysavingexpert.com/sho ... p?t=386063
and the follow up thread after original was locked
http://forums.moneysavingexpert.com/sho ... p?t=386241
shouldn't laugh really
Hi Freddy
worth reading that thread...I could feel the anxiety in the posts; scary stuff...
it's true though, in that if something looks too good to be true...
Incidentally..what is the definitive..ie is it possible to lose more than in your "Avail to bet" balance??
worth reading that thread...I could feel the anxiety in the posts; scary stuff...
it's true though, in that if something looks too good to be true...
Incidentally..what is the definitive..ie is it possible to lose more than in your "Avail to bet" balance??
It is perfectly possible. I know there were legal issues with the enforcability of gambling debts, I don't know if that is still true but Betfair may face an issue if they tried to collect a debt.PeterLe wrote:Incidentally..what is the definitive..ie is it possible to lose more than in your "Avail to bet" balance??
I run a negative balance on one of my accounts most weeks as Betfair take charges from it but I don't bet on it anymore for security reasons.
I guess it would be the same as with the P.C, if you managed to get yourself a negative balance, then they would not come after you for the money as gambling debt are not enforcable,
but they can leave you with a negitive account balance and if you wanted to use it again you would have to pay it back.
but they can leave you with a negitive account balance and if you wanted to use it again you would have to pay it back.