£1k account caused £600m Betfair error

30/12/2011 | By More

Betfair have issued a statement this afternoon outlining the error that caused the exchange to misfire. The full statement is here: –

http://community.betfair.com/service/go/thread/view/94166/28801289/in-running-bets-void-on-200-leopardstown?post_id=514377961#514377961

But here are some bullet points:-

“This bet was placed by one of our UK customers trading the race via our API or Application Programming Interface (bdp.betfair.com/) using an automated program (a “bot”). Their bot had developed a fault causing it to try and place a very large number of bets on the Exchange. These bets were large in size and mispriced…… However, due to a technical glitch within the core exchange database, one of the bets evaded the prevention system and was shown on the site. This was an issue that was triggered because of a unique sequence of events that had never happened before.” – “In this case, the customer had less than £1,000 in their account so none of these bets should have been accepted.”

“The Betfair technical teams continued to investigate the details of the fault and, having identified the issue, worked on putting a fix in place which was applied at 10.15pm on December 28th.”

“Following extensive testing, we can confirm that there have been no subsequent occurrences of this fault and we’ve taken steps to prevent its reoccurrence in the future.”

“Again, I would like to clarify that the account in question has no commercial relationship with Betfair other than being a customer. Our reputation has been built on integrity and we have been pioneers in the industry in ensuring that betting is carried out in a fair and transparent manner. By making the voiding decision, I can assure you that this decision was not taken lightly and that we have implemented what we believe to be the fairest solution in these truly exceptional circumstances.”

 

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Category: Betfair

About the Author ()

I left a good job in the consumer technology industry to go a trade on Betfair for a living way back in June 2000. I've been here ever since pushing very boundaries of what's possible on betting exchanges and loved every minute of it.

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