How BetFair markets are settled in the situation where their integrity team are unhappy about some aspect of the betting on that event
Deep Throat May 12th, 2008
If suspicious betting is detected then the winnings of the specific accounts in question are frozen until such time as BetFair have had the chance to investigate and determine one way or the other. That has no effect on BetFair’s ability to settle the market for every other customer. If one trader has placed a bet on a match in good faith, that trader’s bet wins, and there’s a subsequent investigation, there is no reason whatsoever to disadvantage that trader by withholding settlement, particularly as a full investigation could take weeks.
That applied for the Hernandez v Brezezicki match.
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Deep throat,
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you seem very knowledgable, hopefully you can answer this question.
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quote : the winnings of the specific accounts in question are frozen until such time as BetFair have had the chance to investigate
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How long can betfair freeze those assets legally ? Surely they can’t hold on to people’s money, that rightfully or wrongfully belongs to them, for ever ?
And what does their policy state on this ?
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Also, IMO, the best way to deal with insiders is to take preventive measures.
I would be thrilled to hear some constructive comments on how to achieve that, other than those which have already been brought forward by Ed Murray and myself.
[...] BetFair actively report betting that appears to them out of the ordinary. And, if any sport regulator has concerns, then BetFair provide them with additional information. BetFair, of course, has no say in whether a criminal offense has been committed, and no input into the prosecution (the Crown Prosecution Service). [...]
[...] BetFair employs many specialists in their “integrity team” to deal with such occurrences. [...]