TradeSports’s side of the story, in my words:
Todd’s trades on NHL games was reversed by TradeSports under Contract Rule 1.2 (“unrepresentative price”).
_NHL.CAL@SJS.OVER5.5_ (mailto:NHL.CAL@SJS.OVER5.5)
Sold 40 contracts at a price of 38.0 at: 05:32:27 AM GMT 01/04/08
Pre-game orders failed to cancel and were later filled at unrepresentative prices.
All pre-game market maker orders that were matched in-game were reversed for all customers – this included winning and losing trades.
Todd’s e-mail #1 to TradeSport:
Subject: Re: NHL Games – Reversed Trades
From: Todd73NJ—–aol—com
Date: Fri, 4 Jan 2008 19:54:40 EST
To: help@tradesports.comTS -
Straight up – this is bullshit. No other way to put it.
You explain to me how this is an unrepresentative price?? The game is tied 2-2 at the 2nd Period intermission – The total is 5.5. I sold the over to someone at 38. Therefore more than 72% of the total has been achieved in 66% of the game. If ANYTHING the advantage was given to the person I sold the [event derivative] over to. In addition, as anyone who gambles knows, in 1 goal games – an empty net goal is a possibility of over 60% – giving a complete advantage to the person holding the over contract. Had ONE goal been scored in 19 minutes of action (After having 4 in 40 Mins of action) – there would have been a 60% chance of an empty net goal in the FINAL 1 MINUTE of play.
The only person who gets screwed here is me. I GAVE AWAY advantage selling this line because I wanted action in the final game of the night. And now your pulling this bullshit?? I want a $152 trading credit – and there is no alternative resolution. You are STEALING money from me that I won fair and square. I risked $248 to win $152 on a contract that should have been 50/50. Do the math yourselves.
If an NBA team leads by 3 going to the 4th qrtr and is a 4 point favorite – ask your MMers what the price should be. 75. If an even money pre game line is tied at half time or at the end of the 3rd qrtr and it right on pace for hitting the line – line is 50. THIS GAME WAS AHEAD OF PACE FOR THE OVER AND I SOLD THE OVER TO SOMEONE AT PLUS VALUE!
You need to change your action on this event immediately. This is a fraud to help your market maker - as had it gone the other way – first off, I would have NEVER asked for an over turn – and secondly this conversation wouldn’t even take place. I have never asked for a sports over turn on a misrepresentative price. Someone I’ll sell a position at a disadvantage just to have action and have something to watch – JUST AS I DID last night…
And now what happens? You take the $$ from my account. It’s fraud – it’s theft – call it what you want – but this is DEFINITELY NOT a misrepresentative price. And correct me if I’m wrong but doesn’t a misrepresented price need to be 20 points from actual??? So your saying actual value of this over was 17?? I’ve talked to many high volume traders and the price range they give me is from 55-80 as fair value.
This is straight up bullshit. Look at the facts. You STOLE money from me.
Todd
Todd’s e-mail #2 to TradeSports:
Subject: Re: NHL Games – Reversed Trades
From: Todd73NJ——-aol—com
Date: Mon, 7 Jan 2008 20:59:02 EST
To: help@tradesports.comI don’t care about win or lose – $152 is meaningless to me.
So does this mean if I accidently leave up an order pre game that is matched in game I can get my trades reversed?
I’m not exactly sure what rational your company uses anymore. When I come onto live help to ask how to get a MMer to come back to a featured event – I am told “We have nothing to do with the market makers’ making markets”. So shouldn’t the same policy be in effect if a market maker leaves me hanging with a position I don’t want because YOU advertise it as inrunning. So does that mean youll refund me? You are so one-sided in these issues it’s disgusting.
I bought a position at a MORE than fair price. Canceling my trade is stealing money from me. I’ve lost before on markets that appeared to be left up – and those weren’t reversed. Tradesports owes me $152 and needs to clarify its rules so everyone understand the market maker protection.
And clarify this for me please. When I see a market posted at halftime in a game… how do I know if it’s from pre-game or not?? I sold my lots to someone for a bargain price – and now you screw me.
There is no rational to your decisions, and I do not plan to let this one go.
You and the MMers are either partners or you’re not. If you protect them – hold them accountable. Don’t just do it when it’s convenient for both of you.
$25,000 + in fees later – and I’m still getting screwed.
Todd
I’ve very slightly edited Todd’s e-mails.
