Betfair, the worlds biggest betting exchange, suffered another outage on Saturday and the Betfair trading world was up in arms.
Bet Angel works on the Betfair betting exchange and also the Betdaq betting exchange. So my response was simply to switch my entire Betfair trading activity to betangel for Betdaq, but there is a lot of discussions to be had around these issues.
I have made my views on this apparent many times before, but I thought it was maybe about time to upload a video to record them while it was still fresh in mind.
You can learn a lot about the market and about other participants, or their lack of participation when the site goes down. So I see a site outage as a opportunity to learn about those things, to gather data, watch what happens and how the market changes.
But obviously, I would prefer if there were no outages at all. But to be honest, its would be exceptional to never have one.
Any how, here are my view on it. Join the discussion in the forum.
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Wholeheartedly agree that Betfair should void all affected markets on the exchange. If people just want to bet they'd be on the sportsbook and, as you say, there would be an incentive to improve on BetFair's part. It's not a good look when your customers suffer but you benefit from a problem that you are responsible for.
So we had an outage which affected me yesterday but only on horse racing? And what is the reason for the glitch i guess we'll never find out.
Agree all bets should be voided subject to an outage
I use to have up to 15 bets waiting to be matched every morning and i would lay any that were matched and had moved in nearer race time and on average i would have 3 or 4 bets matched and would lay them off, on a couple of occasions when betfair went down every bet was matched both times and the bets were not kept in play, that in itself tells you someone is taking advantage of everyones bets when the site goes down, its prob the staff at betfair getting their yearly bonus
Can I just put a couple of extra points on Betfair tech failures out there for people.
ALWAYS CHECK YOUR BETFAIR STATEMENTS! What you see on the green up / cash out screen is NOT always the amount that gets processed due to somebody being able to bypass aggregation and using thousands of 0.01 bets on the fractional side of markets. You can be hit for pounds in false accounting. Betfair does not pick it up. You have to spot it and pester for months for your refund. They refuse to answer my point about warning customers to watch out for this and they have no solution yet.Been going on for at least a year. I have had greened up profits processed as net losses.
Please watch out for Betfair soccer matches flagged as ''In Play' games NOT going in play. Predominantly small matches. A few get to within five minutes of kick off and get permanently suspended. Explanations vary from failed feed (everybody else's always OK) and the simple ''Dealers discretion'' to the bizarre ''The trader confirms that the market is suspended because it's an in play market'' Often they get switched on at half time (by which time you will probably be stuffed) As it took 43 minutes of argument last time, I suspect that may be the main reason. BE WARY OF TRADING NEAR KICK OFF UNLESS YOU CAN HEDGE ON BETDAQ OR BET365 etc
Now betfair outage again
And only a week later it's down again. I notice they put up some sort of apology message when you logged in earlier this week (Monday or Tuesday) but they never, never, explain why it's happening.
Sir i am from india
Sir i was played cricket in Betfair
But last 3 month Betfair closed in all over india .
Sir can you please provide me 1 verified account of Betfair and 1 Skrill account also .
I agree with all trades being voided if an outage occurs. Glad you made this video, very interesting.
Its simple. void everything. Too much of the turnover from which the exchange benefits is from traders to use "the exchange is for betters strapline" The exchange is advertised as the ultimate "cash out" tool, if you cant offer that option then you cant hold the cash in the markets.
I thought they did void everything if this occurred obviously not
Peter, how many outages has Betdaq had over the years?
Isn't the BF benefit of having trades turned into bets during an outage offset by the lost turnover during the outage?
At the time of the outage I was using the majority of my bank, needless to say I lost virtually everything, (lesson 1). I had no BetDaq account to offset my losses( lesson 2), for some reason it hadn't even crossed my mind it would be a problem. Even if I had a BetDaq account, I could not find out if Betfair would void all bets for that race, or honour them. Best I could do is reduce my losses by 50% and cover both outcomes.
This trading game is one big lesson. lol
In my opinion, The only two problems you might have with voiding all the bets is , a person might have there lay bets matched off with bookmakers. Also, a person might have already just had a really successful trade. I am sure if they came back later and saw their bets were refunded they would probably be very upset about it.😮
Good video Peter but more info on why the outage occurred would help traders and the betting public understand why it happened at a technical level. I am an ex techincal director so the technical side interests me greatly. Why do Betfair not have automatic failover to other servers this will allow faster recovery times? A 2 hour outage is a long time with this sort of revenue being lost. I think it's one of 3 things that probably caused this 1). Software release/patch went wrong. 2). Traffic spike or overload on the servers database, middle tier etc. 3). Database server corrupt or down. In my opinion the outage time is not acceptable as I have worked in high volume transactional server industries. It makes me wonder are they hitting scaling problems. These are just my opinions. Thanks
BF already will suffer from reduced commissions, for most events the volume tends to be concentrated towards the end, I'll wager that BF's commissions taken on Saturday were significantly lower than other Saturdays, not higher. (where I believe they benefit is from punters who switch to sportsbook and pay much higher margins).
Voiding all bets on the market being suspended is probably more risky for the platform long term. The bettor that the exchange absolutely depends upon is a retail user that places a bet there rather than with a bookie. If they've put a bet on and they come to collect the next day and get told their bet was voided because betfair had problems that would be far more damaging.
This is why I got out of matched betting and focus more on trading.
Just curious as to whether any of these outages might be caused by malware attacks? With the huge amounts of dosh sloshing around in the markets I'd hazard a guess that Betfair would be a prime target for criminal hackers all over the world.
I cant use betdaq im.australian lucky i had nothing on sat lol
Ur tweet said inlay did u mean in play lol