Betfair WITHDRAWALS.

News, chat and debate about the Betfair betting exchange.
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Black Ladder
Posts: 47
Joined: Tue Jul 02, 2019 2:40 am

This evening I made a withdrawal from my Betfair account during which I noticed a new prompt explaining withdrawals will be made within two hours. Sure enough, fifty minutes and the withdrawal was in my bank account.
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Derek27
Posts: 23478
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Please to hear, as it sounds, that they're using the fast payment system. I've always used PayPal for withdrawals rather than wait 2-3 days.

If you're as old as I am you'll remember the days when you ordered goods through the post and had to wait 28 days for delivery! In this day and age 2 days to transfer money is ridiculous.
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ANGELS15
Posts: 844
Joined: Wed Mar 22, 2017 9:57 am

Yes I was wondering about this as recently I've made some withdrawals and then got a prompt saying the money would be in my account within 2 hours. In fact in my case the money has been there immediately. I was wondering if I had clicked on some special service which may have to be paid for but apparently not! I hope this is not just a trial or fluke and continues. Strange though that Betfair didn't announce it previously?
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PDC
Posts: 2272
Joined: Sun Jul 24, 2016 5:52 pm

I thought there was a 12 hour delay imposed by Betfair to protect themselves from situations such as the poker debacle of years gone by?
spreadbetting
Posts: 3140
Joined: Sun Jan 31, 2010 8:06 pm

I withdrew on Monday and only just got the text from my bank saying I've got a payment. Haven't checked my account to see when it actually went in but the text alerts are generally close to the deposit time. The two days has never really bothered me as I see it as some kind of protection if the account gets hacked and someone tries to transfer my balance to a new account.
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Tuco
Posts: 727
Joined: Wed Apr 15, 2009 1:43 pm

I always withdraw to PayPal which arrives the next morning (sometimes just after midnight) and then from PayPal to my bank account is literally instant as I'm well known to them.
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Derek27
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Joined: Wed Aug 30, 2017 11:44 am
Location: UK

PDC wrote:
Wed Jul 17, 2019 11:41 am
I thought there was a 12 hour delay imposed by Betfair to protect themselves from situations such as the poker debacle of years gone by?
PayPal and Neteller withdrawals take 12 hours. Most bookies delay PayPal withdrawals for 8-12 hours.
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PDC
Posts: 2272
Joined: Sun Jul 24, 2016 5:52 pm

I thought Betfair had a 12 hour delay though on any type of withdrawal because of that poker issue they had.
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Derek27
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Joined: Wed Aug 30, 2017 11:44 am
Location: UK

PDC wrote:
Wed Jul 17, 2019 3:08 pm
I thought Betfair had a 12 hour delay though on any type of withdrawal because of that poker issue they had.
What was the poker issue about? I don't remember it.
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PDC
Posts: 2272
Joined: Sun Jul 24, 2016 5:52 pm

I wasn't about when it happened but I read about it on a similar topic on here.

There was an issue with Betfair paying out everyone as a winner on every hand in poker games one night. Supposedly people made fortunes and withdrew the money quickly before Betfair spotted the error the next day.

They then bought in a 12 hour delay on withdrawals to protect themselves from something like it happening again.

Some of the old timers might know more.
eightbo
Posts: 2154
Joined: Sun May 17, 2015 8:19 pm
Location: Malta / Australia

Just noticed this today. This is a great update, the additional flexibility is very welcomed.

Technically a withdrawal is indeed a "payment" from Betfair to the account holder but perhaps not the clearest wording.
◘.PNG

It's my understanding that Skrill has had 2hr withdrawals for a while although it could've been Neteller (if not both)
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Derek27
Posts: 23478
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Great news. Tempted to withdraw now just to test it. :)
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Black Ladder
Posts: 47
Joined: Tue Jul 02, 2019 2:40 am

Derek27 wrote:
Sat Jul 27, 2019 2:24 am
Great news. Tempted to withdraw now just to test it. :)
Hello Derek. Yes indeed, very useful. I can confirm that not all high street banks have enrolled, I have one fast withdrawal, and the other 2/3 days. Interesting you mentioned PayPal, that's a new one on me. Have a good day ....
TipTopTrader
Posts: 462
Joined: Fri Feb 16, 2018 8:29 pm

No love for the Aussie account holders.Best I get is if I take it out before 12pm Aus time, I get it at 4pm,or its the next day.

It would be nice to have a ATM card like all of the bookies have.I think it would help them make more money, make it easy for the arb punters.

Thats why a lot of the Australian recreational dollars stay's with the bookies, easy access to their money and great promo offers.

They put their 200 in, have a bet on the races, on their football rugby teams, have a win. Then they have the option to get the money out or use the bookie atm card, like a normal debit card.

Or you put the money in Betfair, get better odds but no promos, and have to wait till monday late afternoon or evening to get the money.
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