Betfair announce end of trading then delete tweet

[brimson25]

This was a strange defence.

Let's hope they sort themselves out!

[LeTiss]

Yes. Very badly worded, and 2 fingers to traders

[northbound]

They didn’t announce the “end of trading” ffs.

They just reminded people that their platform is a BETTING exchange, built with bettors in mind, not traders.

Nothing new.

[Kai]

That's an interesting thread title, it may be slightly misleading. It wasn't Betfair announcing anything, it was just a random support guy answering a question to the best of his ability. He is clearly not a social media expert, his post was obviously deleted because it was drawing too much negative feedback due to his poor choice of words. Technically he's not wrong, there's hardly any guarantees in life in general, and especially when it comes to Betfair's unstable platforms and systems. But we already knew that, it really shouldn't be a big realization, it's just people venting their anger at an easy target.

[brimson25]

Yes, I apologise for my inaccuracy in the "tabloid" headline.

I am very sorry to have to been the first person to post in a sensationalist way on this forum.

[eightbo]

brimson25 posts clickbait title then deletes thread

[spreadbetting]

It's a pity they don't post tweets like that more often as traders do seem to have a problem understanding the exchange wasn't built exclusively for them.

[brimson25]

The only guarantee being not the one refuted in the tweet, but the nature of the replies....

[JTEDL]

traders do seem to have a problem understanding the exchange wasn't built exclusively for them.

This is a good point, saw a lot of tweets yesterday calling to void all bets. I totally agree it's nightmare scenario for traders (including me) but suggesting to void all bets just can't be done as so many just use the exchange to get better odds for a straight bet / punt, which could have been placed hours/days/weeks before the crash. Not to mention all the matched betting crowd as well!

Didn't Peter put some stats up on how many use Exchange for trading, can't remember the % was?

[Derek27]

The tweet has always been the case but obviously poorly worded. I believe it's in the T&C somewhere that Betfair is not liable for losses due to outages and many twit[ter]s don't understand that Betfair would soon go bust if they refunded people who lost but paid out winners.

[ShaunWhite]

Bloody hell brimson you had me going there! Headline should read, "Betfair states the bleeding obvious"

I had a mini panic about having to get a proper job

[greenmark]

Ok. I'm stupid. I suggested all affected bets should be voided. But it slowly dawned on me that people may not be trading. or even trading on BF alone.
It seems a bit of a Heath Robinson system. No reliability.

[Euler]

Betfair have always nominated this as a standard response, i.e. what you do is at your own risk and I can see why. No exchange would make themselves liable for losses, directly or indirectly caused. There is really no way to manage that, so I understand that stance. But what I have always be a champion for is Betfair voiding entire markets.

If Betfair void entire markets there is no payoff for them when they have problems. The current scenario rewards them massively when they have problems.

[ShaunWhite]

I agree about voiding the whole market, everyone comes out breakeven. But I don't understand how BF gain from the current situation, the net money won and lost is the same, larger positions might mean larger commissions but in a curtailed market the overall volume which is the main driver for commission is reduced. Where's their upside?

[Euler]

Trades turn into bets and the commission is much higher on bets than trading positions, way higher. I've seen the numbers.