“Unfortunate”

Trading on the exchanges carries risk. When I do my induction classes to my Mentees I tell them that having money in the market is like leaving your wallet on the bar in a pub unattended. There are plenty of robbing bastards out to relieve you of your hard earned. Betfair kindly provide the platform for us to trade on. They are not the only platform contrary to what they believe. We in turn pay for this service through commission and Premium Charge. I will now refer to us as “customers”. They provide the service and we pay for it. Similar to if you hire a film on Netflix. You pay and then you download it. If you pay and they knob you off, then you complain and they will refund your money. Makes good business sense not to piss off your customers all the time I guess.

Anyway enough of that nonsense. I have a video and a cracking trade. I edited the end of the video as I swore quite a lot and I know you lot are sensitive.

I was looking for a way in on this trade. There was a bit of a gamble going on Vikehal. It looked like I had missed it and it had stalled. However, the way they were lining up showed he looked like getting a soft easy lead. I took advantage of this and managed to build up a nice position over over £100 green book before the off. My intention was to capitalise on this easy lead in play, as I knew I could get an easy 6 or 7 ticks before a fence was jumped such was his lead. I could enhance my £106.

As you will have seen in the video this wasn’t possible as Betfair failed to put the race in play. I queried this with them vis my twitter account to their help desk .

I said ” 3:00 Ling not turned in play. My £318 liability. Can I have it back please? I have it on video – would you like to see it? “

They replied; “We had a technical error which prevented in play betting. Bet placed before the race would be settled normally”

My response was: ” Hiding behind T&C’s is not acceptable when people are losing large sums of money”

The reply  “We are looking to resolve this shortly, any SP bets will be settled manually”

And then “This is unfortunate, but the market did not go in play, we can only settle those taken before the race”.

Now if you take the £106 green book I had and add it to the £318 I lost. That is over £400. I realise there has to be rules. But how can you form strategies to try and profit when this sort of thing happens? Leaves a bad taste in my mouth.

Ah well, it was just “unfortunate” I guess.

One thought on ““Unfortunate”

  1. I think ,although they have T&C’s at one point somebody should take them to the court and force them to change this.They have obligation which is that the event is going ” in play “. If you would know that is not going -you would act differently .If from any reason is not possible to fulfil the obligation or the bets in my opinion should be cancelled ,because it is betting exchange and not a bookie . And betting exchange is for traders ,and traders have different perspective .Even if it is a bet it is a trade from current price to the price 1.00 .
    If think you should link this video to many forums and the community should support you to force Betfair to change T&C’s .The money they receive from PC is mostly from traders!

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