A big farce over Betfair, when on the Leopardstown race this Wednesday afternoon, a lay bet of over £22,000,000 was placed on the winner Volver La Vedatte. More than £1,600,000 were matched at the price topping 28/1 (29.00 in decimal).
A small chaos is currently developing as punters have not been paid out yet. Betfair‘s official statement is “The markets will remain unsettled while we investigate the in-running betting patterns on this race. We apologize for the delay.” (betfair.com so everyone that has put money on this horse would have to wait.
Betfair says that this is not a technical issue, which means that whoever has placed the £22 million lay bet, could have had a liability of over £600 million if all of those were matched. This on itself means there must be someone out there with more than half a million pounds in their account. That is of course if this wasn’t some sort of technical bug/mistake.
So far there’s no more information available and you would have to await Betfair‘s official statement. The betting exchange market reputation is at stake here, so if everything happens to be legit, be sure that all of those winnings will be paid.
Updated December 28th 18:48 GMT: Betfair‘s final worlds:
An investigation has revealed that this was due to an obvious technical fault which allowed a customer to exceed their exposure limit.
In accordance with our terms and conditions, all in running bets on this race, both win and place, will be made void.
We fully appreciate the dissatisfaction this will cause many customers, and apologise for a very poor customer and betting experience.
Not happy with Betfair’s decision? An alternative would be Betdaq another betting exchange market.
For the UK players, recommended replacements of Betfair would Bet365 or Betfred.
For the Scandinavian players our recommended replacement is NordicBet.
The rest of Europe can enjoy flawless betting with Intertops, the sportsbook with the highest odds (2% margin) Pinnacle Sports & Ladbrokes.
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