Does raise yet another viability problem for traders in general though, whatever the finer points, as the situation currently stands.
Even many winning traders only make a small % of profit from turnover. Yet when outage happens 100% of maximum staking can be lost in moments.
That's a lot of 'grinding' to just get back to even again.
Betfair announce end of trading then delete tweet
Even if you hedge your liabilities on the Sportsbook with their shit prices or elsewhere it's far from ideal, because if your exchange "bet" wins then you'll pay much more in premium charge, that scenario happened to me 2 outages ago which was more annoying than the outage. Everyone needs to accept that this is part of trading for now and stake sensibly and accordingly. That means if I use most of my bank for prematch footy trades like I usually do, I need to have another bank on Betdaq to bail me out, otherwise it's only a matter of time before it gets wiped out. Inplay football is more dangerous than ever, I definitely had to change my approach there after a lucky narrow escape. On the plus side, at least in football all bets should stand so it's easier to hedge out.
Hopefully things improve with time, they definitely need to do more maintenance, preferably just before the weekend. It may be an unpopular opinion but at this point if someone heavily gets caught out whilst trading it's probably their own fault more so than Betfairs.
Hopefully things improve with time, they definitely need to do more maintenance, preferably just before the weekend. It may be an unpopular opinion but at this point if someone heavily gets caught out whilst trading it's probably their own fault more so than Betfairs.
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stueytrader
- Posts: 863
- Joined: Tue Dec 15, 2015 6:47 pm
Having two banks (one to use as safeguard) with one in another exchange sounds like the logical solution, though there are practical issues with that too.
Not everyone wants to have large amounts in different accounts, and limits on deposits are also needed for security.
Other issue is for those who trade with large greens (i.e. at high prices) - to cover that liability in another exchange could take a massive bank, likely not feasible at times in trading.
Then there is always the problem that one exchange decides to suddenly void a market (like the famous case).
In short, it's difficult to create a full-proof security backup system for outages.
Not everyone wants to have large amounts in different accounts, and limits on deposits are also needed for security.
Other issue is for those who trade with large greens (i.e. at high prices) - to cover that liability in another exchange could take a massive bank, likely not feasible at times in trading.
Then there is always the problem that one exchange decides to suddenly void a market (like the famous case).
In short, it's difficult to create a full-proof security backup system for outages.