Following a tortuous 6 months of account review, I fully expected my account to be closed as these morons don't want
successful gamblers.
I can live with this - I feel it's generally been a long time coming, and I no longer enjoy dealing with the idiots who run customer service or generally the company.
It's hard to express feelings after being with them for 20-odd years, being told the account is closed by someone who can barely speak English and often has a dog barking in the background.
I don't feel 5-8% comm and 40 % PC is even remotely fair for a manual trader and am happy to support other exchanges.
Betfair markets are in decline - only cricket liquidity from Indian white labels is growing significantly. And what they offer here is available to lots of cricket traders under many skins.
It's hard to know what to feel - Betfair used to be a great innovative company. The Customer Service for the last 5 years has been steadily going south and they just don't care. I am glad to finally not have to deal with the grief of telling CS there are no markets open/no silks/wrong start times/bets voided in-play with no comms.
They arrogantly say funds will be withheld whilst under review. I have no idea WTF this means - my last deposit was months ago and it appears they finally closed my account over a 4k deposit in August of last year.
I am just posting this to mark the date of the account closure and will update after what I expect will be 1-2 months while they find the 400 GBP I left in my account.
I have included an image of my PC statement. You will notice it's rammed up to 40%, and I steadily withdrew usage over the last month, as I refused to pay them anymore. There are other profits elsewhere, but account closures never included them.
Betfair account closed - Funds with-held
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jamesedwards
- Posts: 2393
- Joined: Wed Nov 21, 2018 6:16 pm
Madness!
Hope you get some satisfaction from someone at Betfair with this.
Hope you get some satisfaction from someone at Betfair with this.
Bit of an anecdote, I had an Amazon business as a small side hustle 1 hour work a week for £400 profit a month, but decided against trying to scale it (wasn't as simple as work 2 hours a week make £800)
Not only will they suspend your account randomly, theyll charge you thousands to destroy your stock for you (didn't happen to me personally!)
I guess at the end of the day nobody cares about the seller / trader. There will never be a shortage of sellers / traders.
Customers are all that matters. As a trader, you are not the customer.
Not only will they suspend your account randomly, theyll charge you thousands to destroy your stock for you (didn't happen to me personally!)
I guess at the end of the day nobody cares about the seller / trader. There will never be a shortage of sellers / traders.
Customers are all that matters. As a trader, you are not the customer.
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Crazyskier
- Posts: 1180
- Joined: Sat Feb 06, 2016 6:36 pm
KInd of goes against their much-lauded 'winners welcome' philosophy, eh?megarain wrote: ↑Tue Apr 30, 2024 9:28 pmFollowing a tortuous 6 months of account review, I fully expected my account to be closed as these morons don't want
successful gamblers.
I can live with this - I feel it's generally been a long time coming, and I no longer enjoy dealing with the idiots who run customer service or generally the company.
It's hard to express feelings after being with them for 20-odd years, being told the account is closed by someone who can barely speak English and often has a dog barking in the background.
I don't feel 5-8% comm and 40 % PC is even remotely fair for a manual trader and am happy to support other exchanges.
Betfair markets are in decline - only cricket liquidity from Indian white labels is growing significantly. And what they offer here is available to lots of cricket traders under many skins.
It's hard to know what to feel - Betfair used to be a great innovative company. The Customer Service for the last 5 years has been steadily going south and they just don't care. I am glad to finally not have to deal with the grief of telling CS there are no markets open/no silks/wrong start times/bets voided in-play with no comms.
They arrogantly say funds will be withheld whilst under review. I have no idea WTF this means - my last deposit was months ago and it appears they finally closed my account over a 4k deposit in August of last year.
I am just posting this to mark the date of the account closure and will update after what I expect will be 1-2 months while they find the 400 GBP I left in my account.
I have included an image of my PC statement. You will notice it's rammed up to 40%, and I steadily withdrew usage over the last month, as I refused to pay them anymore. There are other profits elsewhere, but account closures never included them.
PC.jpg
CS
Increasingly walking and talking like bookies, ...they must be bookies.
An exchange owned by a bookie is a disaster waiting to happen. Is like leaving your sheep with the wolfs and expecting No conflict of interest.
The white paper review now seems like an inside job finding a legal avenue to get rid of certain kind of players (winners and loosers).
It feels like a Power grab when the exchanges didn't flex thier financial muscles , well enough to stop the onslaught of the legislature.They stood by and watched with a fairly coordinated late move.
How else would one explain some basic operational ' mistakes' with some out of date technical failures..
The pandemic was an opportunity for the exchanges to go off grid and clean house .
But then , why would one want to change a winning formula. And if it's not benefiting the end user ,it's certainly benefiting some one else.
Last edited by decomez6 on Wed May 01, 2024 8:38 am, edited 1 time in total.
Baffling stuff. If you've explored all available BF avenues, which by now I trust you have.
Whether it's more of this safer gambling nonsense or another issue that's truly the very last thing anyone wants to see.
Probably over withdrew or there was a good opportunity to pile some extra money into
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wearthefoxhat
- Posts: 3240
- Joined: Sun Feb 18, 2018 9:55 am
Sorry to hear that.
Can understand how it might feel when you have put a lot of yourself, over 20 years+, into a project, and be treated in a cursorily way.
Betdaq would welcome you with open arms I'm sure. (As long as you leave their XSP alone)
Can understand how it might feel when you have put a lot of yourself, over 20 years+, into a project, and be treated in a cursorily way.
Betdaq would welcome you with open arms I'm sure. (As long as you leave their XSP alone)
The 4k deposit into my bank was winning cash on the racecourse. I was hedging a v large punters on-course racing bets and gave Betfair maybe 6k in 2 hrs. Maybe this spike hits a detection algorithm and stuff ensues.
When you deposit money - even 1000 they ask you for the bank statements and where the money came from.
It’s clear depositing money into Betfair is bad. But the ecosystem will erode imho.More and more markets have no
users and look like a wasteland/will no longer be offered.
I am not that sorrry to leave. I have had no written Comms the account is closed/funds withheld. The 40% PC is a
deal breaker for me. I have other options and can use my time better elsewhere.
They do what they want and leave you in the dark.
That’s ok - I will bump this every week and start emailing trolling on twitter until I get the irrelevant 400 back,
When you deposit money - even 1000 they ask you for the bank statements and where the money came from.
It’s clear depositing money into Betfair is bad. But the ecosystem will erode imho.More and more markets have no
users and look like a wasteland/will no longer be offered.
I am not that sorrry to leave. I have had no written Comms the account is closed/funds withheld. The 40% PC is a
deal breaker for me. I have other options and can use my time better elsewhere.
They do what they want and leave you in the dark.
That’s ok - I will bump this every week and start emailing trolling on twitter until I get the irrelevant 400 back,
A great deal of oncourse bookies used to hedge with Betfair and get commission concessions. Over the year, bookies will lose / pay a ton of comm.
The grief they have given has caused a few bookies to leave. Matchbook / Betdaq are now getting significant hedging from Uk Racecourse’s, which is soft money.
The Betfair markets will get harder as recreational money inevitably declines.
The grief they have given has caused a few bookies to leave. Matchbook / Betdaq are now getting significant hedging from Uk Racecourse’s, which is soft money.
The Betfair markets will get harder as recreational money inevitably declines.
therein lies the rub - is it incompetence or managed decline that we're seeing??megarain wrote: ↑Wed May 01, 2024 1:47 pmA great deal of oncourse bookies used to hedge with Betfair and get commission concessions. Over the year, bookies will lose / pay a ton of comm.
The grief they have given has caused a few bookies to leave. Matchbook / Betdaq are now getting significant hedging from Uk Racecourse’s, which is soft money.
The Betfair markets will get harder as recreational money inevitably declines.
V possibly managed decline.
I ran a poll a while back asking if users thought Betfair would be the dominant exchange in 5yrs or so.
It’s now clear to me it’s a coin-flip.
I ran a poll a while back asking if users thought Betfair would be the dominant exchange in 5yrs or so.
It’s now clear to me it’s a coin-flip.
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On_The_Edge
- Posts: 151
- Joined: Sat Jan 15, 2022 1:09 am
Hi everyone, I haven't really kept up with the latest news regarding the gambling white paper and increasing number of people having their accounts closed. I am not knowledgeable on the Betfair "business politics" so to speak, and the general lay of the land...Can someone here explain why Betfair exchange would shut down a customer's account (regardless if he is profit or loss)? Doesn't their (and other exchanges') business model rely on commission? Why would it make sense then to close down accounts?