Betfair face storm over bets fiasco as gambling exchange sees share price tumble
Betfair say they would be happy to discuss issues surrounding Wednesday’s void bet fiasco with the Gambling Commission.
The betting exchange was battling to limit the damage to its reputation as conspiracy theories swirled around the gambling world as to what caused a client to expose himself to a possible 600million pay-out.
Betfair said they had fixed the technological glitch that had allowed a lay bet on Voler La Vedette in Leopardstown’s Christmas Hurdle that saw the client offer to lay over 21m at 28-1 on the winner on the ‘in-running’ market as it strode over the line.
In-play mistake: Favourite Voler La Vedette won at Leopardstown
The nature of the account was the subject of fevered speculation as Betfair denied the meltdown was caused by an in-house automated system.
Punters who have not been paid accused the company of hiding behind its terms and conditions in voiding all in-running bets.
Betfair spokesman Tony Calvin said: ‘We are an honest and transparent business and should the Gambling Commission contact us and want to discuss this matter, our door is always open but I think we have enough integrity and confidence in our market to deal with this in house.
‘It was a unique set of events. These have been replicated and fixed.’
The urgent need to clear up the issue was reflected in Betfair’s share price. It fell 25.5p on Wednesday and by a further 20p (2.6 per cent) on Thursday.