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Betfair - right to void bets?


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Those who haven't heard, Betfair made a bit of a cock up today after putting up a clear winner at 28-1.

They have voided all bets, citing obvious technical malfunction, on the race which has sparked outcry on the internet.

It angers me that people think this bet should still stand, and angers me even more than the massive 'lets sue Betfair' campaign is being organised by people who have no idea how it works.

Betfair are not liable for this payout. It was a technical glitch which meant that someone laying the bet somehow had an exposure limit (and ability to enter a negative account) of £600,000,000.

I am not fully aware of the mathematics, but is it just me who think Betfair have actually just done the right thing by suspending all bets immediately. Yes, it was a cock up.. but I'm not actually quite sure what else they could of done (short of not letting it happen in the first place...)

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Of course, if it turns out this was Betfair betting on it's own markets (which I've always thought it conflict of interest anyway) then I'll change my mind.

But people are actually campaigning for their obvious cheating risk-free bet to stand and for some sucker somewhere to get a bill for £23m.

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