Is This A Joke?
Wasn’t going to post today but after this afternoons shenanigans it seems appropriate. Here’s a recording of a whole 2 minutes worth of lock-ups! You’ll see around half way it starts to respond once more for a second or two… and interestingly, once service resumes there is significantly less volumes of unmatched money sat around the prices in its thousands given the time to the start.
We know what caused this and are aware that this affected a number of customers. The freezes were due an external network interruption at ~1655. The root cause of the network interruption is currently being investigated.
Apologies to you and all of the other customers that were affected by this issue.
Saturday before last the exchange crashed, again. And this Saturday it slowed down and was rather disjointed between 3pm and 4pm, I experienced at least two lockup for a couple of seconds. Having looked at various trading forums at the same times several others popped up to complain about the same thing.
Thankfully I wasn’t caught out or didn’t lose any money as I have done in years gone by although its becoming a rather more serious concern on the lead up to Cheltenham. Typically I treble or quadruple my bankroll over the Cheltenham period purely because of the masses of cash running through the markets, having a smaller balance can prove troublesome when you can only place a few bets at higher prices because of the time it takes to eventually reach the bottom of the cue and get filled.
In the lead up to Cheltenham it’s becoming a growing concern for me as the only ever answer you’ll get is refer to the terms and conditions where, you are liable for all bets regardless of exchange failure. Admittedly each time this happens (which seems rather regularly lately) Betfair are quick to apologise but, if it happens over the festival (which seems far more likely with the increased load on the exchange) a simple sorry means nothing if you just lost £10,000 or more. I’m currently toying with the idea of using Betdaq totally or a mixture of the two. However cash-flow doesn’t really allow to load up both accounts with the same amount of money….
Also should the exchange crash during a big Cheltenham race while exposed to a liability of £10,000 say – What do you do? do you then back for the difference on Betdaq to secure your position? This week someone asked me a question on Twitter which led to this same question and @BetfairHelpdesk suggested
“We advise that you have a back up plan in place should an event like this occur. I.e having a second betting exchange account just in case this does occur or having an account with another bookies so you can hedge your bets as from time to time all sites will get certain problems and issues.”
That’s all well and good, but this happened in December 2011 and Betfair voided all bets – Here’s an article from the guardian about it So what if you close out on Betdaq and then they void your opening bets?!
Hopefully the festival will come and pass without issue on Betfair although im not particularly confident, since the new API changeover in November last year there has been quite a few issues. Some software related, some exchange related… either way it’s a bit un-nerving to say the least!
What plans and precautions are you taking over Cheltenham this year?