| Betfair Voids Bets to Avoid Massive Payout |
| Written by Mark Bennett |
| Friday, 30 December 2011 15:08 |
|
Earlier this week Betfair made the decision to void all bets on the race at Leopardstown in the Republic of Ireland, claiming an "obvious technical failure" would render it liable for a multi-million pound payout. While the ‘Voler La Vedette’ was the pre-race favourite at 13-8, punters were offered odds of 28-1 during the race. In excess of £1.6 million was staked on the in-race odds and as the horse crossed the line first easily, Betfair was liable for massive payouts. The company management investigated and discussed the matter at length prior to cancelling all in-race bets. "An investigation has revealed that this was due to an obvious technical failure, which allowed a customer to exceed their exposure limit," Betfair claimed. "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."
|
