Smarkets begins closing successful accounts

[james19]

They just replied to me.

"We do not have a policy of banning winning users. We will not enter into further discussion regarding your account suspension."

What complete twaddle. I was up £20k so they threw me out. If I was down £20k they would probably send me christmas cards.

They might not have a firmly worded policy on banning winners but that's certainly the way they behave in practice. They just don't want to admit it.

I will take this as far as necessary until they start to behave like a proper exchange, or admit that they are not.

[james19]

Comment deleted by user

[Iron]

This tweet from Smarkets doesn't really inspire confidence:

'Ongoing site outage will require major work to resolve. We currently have no ETA and do not expect one in the short term.'

Jeff

[PeterLe]

This tweet from Smarkets doesn't really inspire confidence:

'Ongoing site outage will require major work to resolve. We currently have no ETA and do not expect one in the short term.'

Jeff

I bet James19 has crashed it!

[james19]

I feel deeply aggrieved that this company is essentially ignoring all of my correspondence now.

I never imagined for the life of me that a corporate could be so unfair to one customer.

At least Betfair and Betdaq are happy to take my £120,000 a year in commission, but the fact remains that I have been denied freedom of choice as a consumer, and in many cases have to pay 2.5% comm at Betfair on the same bet I could have placed at Smarkets @ 2%.

I will continue to write a letter a week, and challenge this completely unfair decision.

[spreadbetting]

Somehow I doubt you sending a letter a week will make them change their mind What did the LGA say, if they haven't investigated yet I'd wait for their reply before looking at your next possible moves.

The more and more you keep recycling the same thing just makes you come across as some sort of crank for now. And your desperate need to use smarkets over Betdaq or Betfair kinda leads me to believe you found a flaw within their system to exploit that doesn't exist elsewhere. Not that I'd have a problem with that.

All I'm basically saying is if you're using this thread in the hope of embarrassing them to change their mind it's really not working.

[james19]

I am still plying my trade on Betfair and Betdaq. It's no skin off my nose, i'm just appalled at the way I have been treated by Smarkets.

LGA chief investigator is still compiling evidence, and I am awaiting their final verdict on the case.

I may come across as a crank but I would react the same way if Betfair/Betdaq were ever so stupid as to impose life time bans on winning traders. Many people make a living from exchanging trading, and this type of practice is fundamentally wrong.

[mugsgame]

I think you should read this http://blog.smarkets.com/2013/02/21/deu ... ing-round/

You should go and read my reaction to smarkets when they first appeared a couple of years back. Think I called it about right back then.

[Euler]

I would react the same way if Betfair/Betdaq were ever so stupid as to impose life time bans on winning traders. Many people make a living from exchanging trading, and this type of practice is fundamentally wrong.

But you haven't though James have you, despite all the things that Betfair have done to stop winning traders? So this does imply that you are exploiting a loophole; which smarkets have closed. All commercial businesses have the right to say yes or no to business. Nobody is obliged to deal with anybody if they don't want to. You can't sue somebody or run to a regulator for saying they don't want your business. Especially in the gambling industry.

[james19]

They will never make enough to sustain themselves charging 20p comm on the £10 rec punters. They need people like me who generate upwards of £120,000 in commission p/a if they want to grown and capture serious market share from their rivals.

[james19]

Unfortunately they are not prepared to engage in adult dialogue.

[spreadbetting]

To make matters worse initial investor Stefan Glaenzer is now on the sex offenders register:

http://www.dailymail.co.uk/news/article ... mpics.html

Clutching at straws now, James, not too sure how the actions of their investors are supposed to have an effect on their policy decisions. You'll be telling us some of their staff are ginger next

[Boing]

+1

That just makes you look a complete nutter. Some sort of stalker.

[freddy]

Well I don't see why legal action should be off limits.

James i understand that you were upset that your account was closed and I think you did the right thing initially by highlighting this to others.
We can now all make our own judgment on if we want to use them or not going forward, i personally will not bother, so your rants against them have have achieved something at least .

However I do think you are living in cloud cuckoo land if you think that anything legally can be done about it, any business can refuse service.
Why do you think no one has taken any of the high street bookies to court, when they close or restrict accounts, this is no different really is it ?.

So personally I would stop wasting your time,
let go and move on with your life,
you will get nowhere continuing like this, you are starting to come across as someone with a serious vendetta and int he process managing to discredit yourself which plays directly into smarkets hands.

[james19]

I guess we'll have to just wait and see what purple comes up with...