Betfair to pay out £21 million on error

Easy,If Betfair becomes legal for the American public,and you believe they will become ripe for the picking,why would would you need to move to the States to do the picking,as all activity would surely be on-line,on the worldwide web?
Any one of your matched bets,at present,on any market, could be from anywhere in the world so why would it help to move closer to your "victims"......lol
Is the US plan for Betfair to restrict access through special servers,and to exclude interaction with the rest of the world?

Rob

i am reliably informed that it will be a stand alone company (unlike aussie wallet)

I think it will be open season, they have never had (legally) fixed odds on sport (unless you in vegas) and they have never had inrunning betting.

I firmly believe that the USA company will become larger than the UK one

@ rob

sorry and it will only be available for USA bank acc holders

rob faux Wrote:

---

> Easy,If Betfair becomes legal for the American
> public,and you believe they will become ripe for
> the picking,why would would you need to move to
> the States to do the picking,as all activity would
> surely be on-line,on the worldwide web?
> Any one of your matched bets,at present,on any
> market, could be from anywhere in the world so why
> would it help to move closer to your
> "victims"......lol
> Is the US plan for Betfair to restrict access
> through special servers,and to exclude interaction
> with the rest of the world?


Probably..When im in USA,i use rhebus to cover IP address

I'm constantly amused at how Betfair has managed to sell itself with such a good guy image, and how it's bought hook, line and sinker here.

Above someone thinks they can win a million pounds on Betfair, and he thinks they are going to let him win. I have a friend on 40% and another who got closed when he got to 60% commission. LOL, and they were NOT nice about it.

This is how they put it nicely:

• Customers will only be subject to Premium Charges at higher rates if they satisfy all of the following conditions:

o Lifetime net profits* exceed £250,000
o Lifetime commission generated less than 40% of lifetime gross profits
o Bet in more than 1,000 markets

• Customers that satisfy all of the above conditions will be asked to pay Premium Charges at rates between 40% and 60% on all future exchange activity.

Betfair have similar history and problems as "P".......lol
A brilliant idea and everybody happy with a win-win situation........and then bought by a corporate and greed has sent it downhill ever since and shares continue to fall.
The good news about the UK, of course, is that at least there is competition and Betdaq is increasing market share quite rapidly....Betfair will be forced to respond I would guess.
At least there is a fair chance market forces will prevail in the end, even insofar as creating new entry opportunities.

Jesusmaryandchild

read the conditions, its for full time bot operators that are betting "in more than 1000 markets"

This is going to be introduced to curb the games players that are seeding all the markets and using betfair as a vehicle to generate huge income.

Easy,I agree that a hell of lot of the info chucked around SA,about Betfair,is based on unresearched hearsay which then becomes authorative bullsh!t......as you have seen over time on the various forums.
However,I make a point of at least every two weeks reading through some of the more sensible threads (few ,I might add) on the Betfair forums,and their relationship with their customers is not nearly as good as it used to be....the corporate malady is certainly showing through!

rob

certainly when they listed they lost alot of their "ghutspah" and are now just a juggernaught, having said that i cant see why anyone with a brain would take 2/1 when there is 5/2 around.

SEPTEMBER 2001

Joe Punter: Twenty tenners please.

Betfair Bob: You would be better off putting that on Betfair rather than this betting shop, It could be as much as 40 on there, less 5% comm, gives you over 37/1.

Joe Punter: Really? I will have a look at that.

DECEMBER 2011

Joe Punter: Twenty tenners please.

Betfair Bob: You would be better off putting that on Betfair, it could be as much as 40 on there, less your commission, which is your net winnings multiplied by the Market Base Rate, after your Discount Rate is converted from your Betfair Points Total, and applied to the Market Base Rate, unless of course, you have taken a Betfair Holiday, when your Betfair Points will not be credited, so your Discount Rate will remain the same, but you won't be subject to a 15% decay in your Points Total at the end of the week.

However, if you win you may qualify for the Premium Charge of up to 22.5% which is dependant on your forthcoming weekly profit in relation to the commission payable for that week or on a rolling 60 week average, which is when your commission and implied commission is calculated and divided by two, which is ok because it can be offset against the £1000 Premium Charge allowance, and at the end of the week you find out what price you got.

Also it’s only fair to warn you we reserve the right to void any winning bets if it suits us

Joe Punter: Twenty tenners please.

The fact that betfair themselves admit that they use bots,is a bit confusing to me

A bot?