Whoops, Carling Cup betting mess

[Edenfield99]

I don't know if anyone has seen this, I couldn't find a post discussing it but this is quite interesting. It refers to betting on the Carling Cup football final last weekend in the UK. Read http://forums.moneysavingexpert.com/....html?t=386063
then
http://forums.moneysavingexpert.com/....html?t=386241

[sh1ftola]

yep, read the first bit and can see where this one's going. Do you know how many selections were on the bf market?

[livin_a_lie]

I've read halfway through the 2nd thread and cant believe no one has called those idiots out for trying to defraud betfair. It's their own GD fault they were so stupid! And yet everyone is telling them to WD their money and just don't answer the phone or door, LMAO!

British people piss me off... [img]/images/graemlins/grin.gif[/img]

[jaybert]

can someone summarize what these people were betting on? I dont sports bet at all, so I have no idea whats going on

[broiler]

The basic idea is that they were selling the "first player to score" contracts. Someone added up the totals and came to the conclusion that it was paying out 140% for every dollar wagered. The problem was that the bet value that they calculated included players that would not start or even play in the match and those wagers would be treated as no action.

The call to cash out started when someone finally realized where the "value" came from. Significant losses were incurred by those who got their series of contracts purchased.

[sixfour]

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I don't know if anyone has seen this

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Saw it yesterday. Was still laughing this morning. It's not like Arsenal haven't fielded reserves/youth in every single game in the competition.

[Thalum]

Why does betfair allow them to short all these contracts without having the funds in the account to cover them? At WSEX if you short a live betting contract for, say $20, they still take $100 from your account in case the bet wins.

This seems like a messed up way for betfair to run (not that those idiots didn;t deserve it for betting the way they did).

[NajdorfDefense]

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I don't know if anyone has seen this

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Saw it yesterday. Was still laughing this morning. It's not like Arsenal haven't fielded reserves/youth in every single game in the competition.

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[brendanb438]

Can't believe one guy dug himself into a hole of about $66,000 British Pounds. Stupid ufcking Brits. I hope Betfair comes after them, sorry but anyone who tries to find a loophole and rip off a book or an exchange deserves whatever they get.

-Brendan

[Edenfield99]

I'm not sure that a few idiots not understanding the market they were playing in makes all us brits stupid, just that small section of the population along with one or two thousand others I have met, but not all of us, I'm OK [img]/images/graemlins/smile.gif[/img] !!
Apparently they could keep betting because Betfair allows you to bet money you have yet to win if you are in an arbitrage position, however their own software doesn't understand the "non-runners" situation either so they just went on and on and on piling on the cash.