smarkets growth
I can understand them wanting to seed there markets to attract money from others but if there going to just void bets when someone takes the seeded money this is going to put more people off using them than there seeded money is attracting in the first place.
They need to re-look at how they are going to attract money and customers onto there exchange
They need to re-look at how they are going to attract money and customers onto there exchange
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
Seems yet another punter has had bets voided by smarkets market makers crying to mummy
http://community.betfair.com/horse_raci ... 1/smarkets
http://community.betfair.com/horse_raci ... 1/smarkets
3.40 Leicester Thatsallimsaying
Bot goes wrong on there site, 20k plus wanting to back at 1.01 , before they even start the race.
I take £3,302.75 horse does not win, settled as a winner money in my account , 45mins latter its gone gets a 2 emails..
This email is to let you know we will be voiding the lays made at a price of 1.01 on the horse Thatsallimsaying as these were clearly the result of a significant user error. The appropriate adjustments will be made to your account shortly.
Apologies for any inconvenience this may cause you.
Kind regards,
David
£3,302.75 was removed from your account.
The following comment was included: 15:40 Leicester - bets voided
This brings your total to £558.80.
Please contact us if you have any questions about this.
Thanks,
The Smarkets Team
Ring up speak to a man called Milo agrees that what ever is match at the price is the price, but cant do nothing as its not his department, am not allowed to talk to anyone else as all busy, told someone get back..
20 mins latter a Dave rings not paying ..
A warning to all !!!!!...
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
Can't be many of us that haven't cocked up putting bets into the exchange but they all stood. Seems it's OK to bet there as long as they're happy with the outcome 45 minutes after the result is known.
Hopefully he'll take it to IBAS so they'll rule on it confirming smarkets were the market maker in this case. IBAS are toothless and will no doubt let the bet be voided as a palpable error but could open the floodgates if smarkets clients can palp at will.
Hopefully he'll take it to IBAS so they'll rule on it confirming smarkets were the market maker in this case. IBAS are toothless and will no doubt let the bet be voided as a palpable error but could open the floodgates if smarkets clients can palp at will.
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
Apparently they've now rang him and said the persons account was hacked so that's why they voided.
So not only have they banned winners and voided bets in the past their security is crap also.
So not only have they banned winners and voided bets in the past their security is crap also.
Total scam company..just received new email from them now, guess seen my thread on here ?.
Further to my previous email and now that our investigation into the circumstances of this particular bet has been completed and I have sought the guidance of our compliance team, I have been informed that we may disclose that the bets in this case were the result of the opposing party's account being compromised. Whilst I understand that this is still a frustrating situation for you, we do not feel like any user of Smarkets should be penalised for the malicious actions of others and have taken the course of action we deem to be fairest in the circumstance.
Apologies that I could not provide this information whilst on the phone earlier, but our investigation was still being tied up and I wanted to have chance to speak to you personally before the end of the day. Please let us know if you have any further questions regarding this.
Kind regards,
David
must remember this story as if i have a bad day on here or on **** as do use that as well, can easily get my moneys back
What's that to do with the guy that won?? The person that got his account hacked should be the on that's trying to get his money back.spreadbetting wrote:Apparently they've now rang him and said the persons account was hacked so that's why they voided.
So not only have they banned winners and voided bets in the past their security is crap also.
What's palpable is the illegality of what they're doing, not to mention running roughshod over their own T&Cs, which clearly state that they "will not be held responsible for mistakes that could have been made during the placing of such bets, including the stake amounts, price or side of the bet."
The other bettor has the problem, not this guy.
What a rotten shower of scoundrels.
The other bettor has the problem, not this guy.
What a rotten shower of scoundrels.
What Smarkets don't realise, is they are distorting the whole integrity of Exchanges!
Was it an error? - Yes, of course it was, but that happens on exchanges. I've made loads of cock ups over the years, some of them not my fault!
They are running the risk of preferred customers backing a horse, but then crying foul play that they backed that horse by mistake etc
I know they used to read this forum, I have no idea if they still do, but they are making an appalling mistake here, they are going down the path of oblivion, as nobody will ever trust them. It confirms my suspicion, that those large matched amounts is a blatant lie, it's a form of false accounting
Was it an error? - Yes, of course it was, but that happens on exchanges. I've made loads of cock ups over the years, some of them not my fault!
They are running the risk of preferred customers backing a horse, but then crying foul play that they backed that horse by mistake etc
I know they used to read this forum, I have no idea if they still do, but they are making an appalling mistake here, they are going down the path of oblivion, as nobody will ever trust them. It confirms my suspicion, that those large matched amounts is a blatant lie, it's a form of false accounting
This was tweeted today:
"Hi @smarkets I think this rule is a tad unfair:
We reserve the right to void any bet for any reason before or after the event has occurred."
Utter scoundrels. Their credibility as a betting exchange has hit absolute zero.
"Hi @smarkets I think this rule is a tad unfair:
We reserve the right to void any bet for any reason before or after the event has occurred."
Utter scoundrels. Their credibility as a betting exchange has hit absolute zero.
FAO Peter Webb
Have Smarkets contacted you directly, or indirectly with concerns or anger at comments on here?
I keep making a reference to them having made comments here before, but now are very quiet, and don't even bite the bait to very confrontational, derogatory comments about their business.
Have Smarkets contacted you directly, or indirectly with concerns or anger at comments on here?
I keep making a reference to them having made comments here before, but now are very quiet, and don't even bite the bait to very confrontational, derogatory comments about their business.
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
It's a ridiculous state of affairs, because their sob story of a hacked account hasn't shut the guy up they're now accusing him of breaching their rule 28 and making out he's at fault for simply taking a bet on their 'supposed' exchange.
Probably best smarkets go under sooner rather than later as they just seem to be a front end for a few market makers who dictate what they can and can't do. They've been on about an API for years but I guess the market makers have decided that would be against their best interests so it's not going to happen. They just seem far too amateur and short sighted to be a real player as an exchange.
28. Our services are provided for legitimate betting purposes only. You agree not to bet on any market with the intention or effect of adversely affecting its integrity. You also agree not to obstruct or hinder Smarkets's business operations.
Probably best smarkets go under sooner rather than later as they just seem to be a front end for a few market makers who dictate what they can and can't do. They've been on about an API for years but I guess the market makers have decided that would be against their best interests so it's not going to happen. They just seem far too amateur and short sighted to be a real player as an exchange.