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Betfair’s forums are full with punter who want their bets settled after a £22 million lay bet was placed on a horse Volver La Vedatte and about £1,600,000 of those were matched at odds 29.00 (28/1) on Wednesday’s Leopardstown race.
Betfair is currently investigating whether this is a technical error or it was real. As you might be aware such a large lay bet on such odds carries a liability of close to £600,000,000 which would have had to be paid if the 22 mil were matched and there was no technical error of any sort.
Betfair’s stocks keep on diving as this situation hasn’t been resolved yet. Many forum posters say they will take Betfair to court if the bets r not settled.
Yikes… This better get resolved ASAP. Why would it take so long to confirm if this is a technical error or a legit bet?
The verdict has been reached. Here it is:
Customers betting in-play on this race will have seen that Voler La Vedette was available to back at 29 when the in-running market was suspended, and that a considerable sum was matched on the clear winner at that price.
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.
We have more details on the Betfair Horseracing Error Here:
