gambler99 wrote:On saturday (27/01/12) my automated trading bet went crazy and emptied my betfair account.
I had set it up from the video on Betangel TV and had tested it on the friday morning and then run it live on friday afternoon using small stakes.
(it stopped working twice during racing on friday and I had to manually start it up again)
On the saturday I had increased my stakes and although I was out, I kept checking the progress on my mobile phone.
It was going really well for the first few races and I was showing a small profit, but when I checked again later it had stopped working.
I checked my account to see if I had finished with a profit or a loss and discovered that my betfair account was almost empty.
when I returned home and checked the log, my automated program had started placing back bets without placing the equivalent lay bets and had basically kept sticking money on a horse until my bank was gone.
unfortunately the horse lost so I was wiped out.
I contacted betfair and they checked and said there seemed to have been a problem with the API and they were looking at refunding my money.
In the end they refunded most of my bank but told me that if it happened again, I might not get refunded.
I was using the automated betting program shown on Betangel TV but it obviously needs some built in safeguards to ensure that it doesn't empty accounts like that.
I have already modified my automated program but haven't yet tried it in a live situation.
It will only be used with small stakes from now on with extra safeguards added in, until I'm sure that it's 100% OK.
The proof of the pudding and all that.
Anyway just thought I would post a warning about this.
Sorry to hear that, this is why when this came out it didnt interest me at all, i will always rather trade mannualy, if am not home or at the base office where i have a set up i cant trade thats how i see it
