As somebody who likes to “-back and lay”- on UK horse racing, I was more than annoyed, when having placed a bet on a UK horse race, Betfair’-s software malfunctioned, meaning that I was unable to lay off my bet as was my intention.
To those of us that engage in backing and laying, the result of the race is irrelevant- we are trading on price movements and price movements alone. It was my belief (mistaken) that the contract that I had entered into with Betfair, would ensure that at all times Betfair would provide me with the means to back and lay, and that where it was unable to do so, the company would rule that as a proper market had not been formed on the race, my bet would be declared void, and my stake monies would be returned.
Alas, this was not so, as the following reply from Betfair makes clear-
“-As the site was not available to any customers between 2 –- 4pm, no bets were placed during this time and as this was due to matters beyond our control, our terms and conditions (11.3) state that:
We are not liable for the failure of any equipment or software howsoever caused, wherever located or administered, or whether under our direct control or not, that may prevent the operation of our betting services, impede the placing of orders for bets or the matching of bets, or prevent you from being able to contact us. In particular you should be aware that if you place a bet with the intention of subsequently placing a separate bet to reduce the liability incurred by the initial bet, there can never be a guarantee that the Exchange will be available at the point you wish to place the subsequent bet.”-
As it happens, the race concerned was the 2.45 at Fontwell, which somewhat contradicts Betfair’-s statement that- “-As the site was not available to any customers between 2 –- 4pm, no bets were placed during this time.”-
That aside it would seem that I have been snared by Betfair’-s all encompassing exclusion clause, to the effect that-
“-In particular you should be aware that if you place a bet with the intention of subsequently placing a separate bet to reduce the liability incurred by the initial bet, there can never be a guarantee that the Exchange will be available at the point you wish to place the subsequent bet.”-
I do not accept that this exclusion clause is fair or equitable, and accordingly I shall seek legal advice as to its efficacy. In the meantime, I will no longer use my Betfair account.
Betfair are rumoured to be lining up for a 1.5bn flotation- it is a disgrace that they do not have back up servers to prevent their site from crashing. When such an occurrence does take place, it is in Betfair’-s interest to return all bets. Betfair, the revolutionary betting company, have much to learn about the concept of goodwill.
