[Misc] Bet 365

seagullwedgee · Sep 2, 2019

Apologies if there is already a thread on this, could not find it.

Many people lost out last Saturday when Bet365 turned off their Cash Out option mid way through the 3pm kick offs. I had several bets in cash out positions, but could do nothing about it. I emailed them to complain, their response “we’re sorry, but our T&Cs say that we cannot be held responsible if our Cash Out facility fails”. What a crap way to do business, in such a competitive field. They rang me back to repeat their stance, I said I am part of a group of 12 considering a prima facie legal challenge. They more or less said bring it on. Long term loyal customer. This is not the first time they have done this, when early payouts become higher than what they have estimated or hedged for.

Anyone else affected by this outage? Any different treatment?

Billy Seagull · Sep 2, 2019

Not me as they help me out by not letting me bet with them.

Cash out is the scourge of gambling, all loaded in the bookies favour, in my humble opinion.

Jimmy Grimble · Sep 2, 2019

I thought it was just my internet signal at the Etihad letting me down. I was looking to cash out too as I heard that Salford (1-0 up) were on the back foot against Orient, low and behold Orient equalised late on and my bet was down.

Arthritic Toe · Sep 2, 2019

seagullwedgee said:
Apologies if there is already a thread on this, could not find it.

Many people lost out last Saturday when Bet365 turned off their Cash Out option mid way through the 3pm kick offs. I had several bets in cash out positions, but could do nothing about it. I emailed them to complain, their response “we’re sorry, but our T&Cs say that we cannot be held responsible if our Cash Out facility fails”. What a crap way to do business, in such a competitive field. They rang me back to repeat their stance, I said I am part of a group of 12 considering a prima facie legal challenge. They more or less said bring it on. Long term loyal customer. This is not the first time they have done this, when early payouts become higher than what they have estimated or hedged for.

Anyone else affected by this outage? Any different treatment?

When you say 'long term loyal customer' what do you mean exactly? If you are any sort of thinking punter they don't want your sort as a customer.

Paulie Gualtieri · Sep 2, 2019

I did ok, probably would have cashed out at £100 if I’d had the option to!

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Deanbha · Sep 2, 2019

Had the same argument with Corals on Saturday. Had a bet all in for £1512 and couldn't cash out. Every game was suspended from the 2nd minute onwards

seagullwedgee · Sep 2, 2019

Good call on Charlton there, Black Cab, nice one.

Postman Pat · Sep 2, 2019

Yeah saw that on Saturday, but again did me a favour as I stayed in when probably would have cashed out. Won £140 rather than £100 I would have bolted for.

Would have been livid if I'd lost.

Ludicrous that these sites seem to regularly crash between 3-5 on Saturday afternoons.

TomandJerry · Sep 2, 2019

Never had this issue with Betfair.

Juan Albion · Sep 2, 2019

Mug's game.

Weststander · Sep 2, 2019

I’m new to the betting game, it’s never been my thing. But after watching some NSC’ers do very well from matched betting, I’ve finally got my arse into gear and started matched betting a fortnight ago. Very early stages, but so far so good.

Have had two issues with bookies so far, their doing:

1. Betfair - I signed up to their new customer offer, which in effect gives £100 of free sporting back bets, if you wager £250. I found out yesterday that my offer will only give £20 of free bets. I checked carefully throughout signing up. Sly by Betfair imo.

2. Smarkets - they suspended all laying mid PL game, despite initially accepting my bet, there was enough liquidity and I had a large enough balance to meet the laibility. Belatedly post match, it showed my transaction as cancelled. Leaving me with a loss on a back bet elsewhere. The lesson I take from this is that it’s risky backing and laying mid action, so I’ll avoid from now on.

KZNSeagull · Sep 2, 2019

Weststander said:
I’m new to the betting game, it’s never been my thing. But after watching some NSC’ers do very well from matched betting, I’ve finally got my arse into gear and started matched betting a fortnight ago. Very early stages, but so far so good.

Have had two issues with bookies so far, their doing:

1. Betfair - I signed up to their new customer offer, which in effect gives £100 of free sporting back bets, if you wager £250. I found out yesterday that my offer will only give £20 of free bets. I checked carefully throughout signing up. Sly by Betfair imo.

2. Smarkets - they suspended all laying mid PL game, despite initially accepting my bet, there was enough liquidity and I had a large enough balance to meet the laibility. Belatedly post match, it showed my transaction as cancelled. Leaving me with a loss on a back bet elsewhere. The lesson I take from this is that it’s risky backing and laying mid action, so I’ll avoid from now on.

The market is always being suspended in play when something important happens (goals, yellow cards etc). The problem with smarkets is that it cancels your bets when the book is suspended if they have not been matched. There is an option to keep the bet in play, so look out for that when you place it. I don't think this issue happens on Betfair.

The Camel · Sep 2, 2019

You are losing 10-15% of your expected return every time you cash out.

It's the biggest moneyspinner around for the bookmaker.

Just sit tight and let your bets ride, you'll do better in the long run.

Paulie Gualtieri · Sep 2, 2019

seagullwedgee said:
Good call on Charlton there, Black Cab, nice one.

Crazy odds on them!

I had them early season at 9/2 as well, suspect they will shorten abit now

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KZNSeagull · Sep 2, 2019

Learn how to lay off a bet on an exchange rather when you want to cash out then you will not be at the mercy of a bookie and you will make more money out of the bet.

Paulie Gualtieri · Sep 2, 2019

The Camel said:
You are losing 10-15% of your expected return every time you cash out.

It's the biggest moneyspinner around for the bookmaker.

Just sit tight and let your bets ride, you'll do better in the long run.

Swings and roundabouts I find.

Cashed out early due to panic and an assessment that although I’m losing out on a 16/1 return, 12/1 is still acceptable and watched the original come in

Also had a few in the past that I’ve cashed out at 70-80% of the pot in the last 5 mins where there’s a single goal in it, in more than 1 game and watched the accum destroy itself in the last 5 minutes.

My approach is literally look at the table and form guide from (live goals app) and if the price is acceptable take it, that simple for me.

I used to work with a guy that did very well, took £14k profit from a £500 pre season credit last season but he did spend about 10 hours a week looking at everything and mean everything (wind speed on teams that play long ball etc!!)

I normally end up £500-£1,200 up over a season which isn’t bad based on the luck

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Paulie Gualtieri · Sep 2, 2019

This is the worse one from a West Ham fan I work with, 10 fold and he took the cash out of £450 9/10 correct with West Ham still to play Fulham in the 17:30 game which he bottled and West Ham won 2-0 and very comfortable from memory. He would have won £3,800

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Weststander · Sep 2, 2019

KZNSeagull said:
The market is always being suspended in play when something important happens (goals, yellow cards etc). The problem with smarkets is that it cancels your bets when the book is suspended if they have not been matched. There is an option to keep the bet in play, so look out for that when you place it. I don't think this issue happens on Betfair.

Thanks.

I laid the bet when there wasn’t a goal incident, but there had been some time before and another later .... the Smarkets odds were visibly jumping all over the place. I do understand that they have to protect their position in that scenario.

There was a very attractive situation yesterday, to use a free back bet, where Arsenal were 1-2 and playing well. The back and lay odds on an Arsenal win across bookies and exchanges were something like 5.8 and 6.2. You could see the money piling in, then Betfair suspended the fixture altogether very early on.

blue-shifted · Sep 2, 2019

Yes. Sensible man (i'm guessing man).

The cash out price is always at the opposite end of the bookies profit margin on any given bet. They are making money from the weak-willed, that's why they push it so hard, it's a massive money spinner.

I mostly spread bet and this makes it quite clear. If you have bought something, for example Brighton goals in a match, the cash out price is the sell price. My golden rule is that if i've gone long on something, the only time i'd ever then cash it out is if i've seen enough of the event to go full circle and actively short the thing I've put money on in the first place. Not the sort of thing to happen often. 99% of the time, better to put any mistake bets down to experience and hold back on taking any small profit in a cash out unless you've got loan sharks hammering at your door, (which does happen to me sometimes).

The Camel said:
You are losing 10-15% of your expected return every time you cash out.

It's the biggest moneyspinner around for the bookmaker.

Just sit tight and let your bets ride, you'll do better in the long run.

blue-shifted · Sep 2, 2019

London Black Cab said:
This is the worse one from a West Ham fan I work with, 10 fold and he took the cash out of £450 9/10 correct with West Ham still to play Fulham in the 17:30 game which he bottled and West Ham won 2-0 and very comfortable from memory. He would have won £3,800

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And the other question for him to consider is how much would he have made if the West Ham game hadn't been on the slip at all. I'm going to guess at least £700

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