Smarkets took 33483 EUR from my account (page 4)

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Author Topic: Smarkets took 33483 EUR from my account  (Read 6347 times)
Skaggerak
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Skaggerak

Re: Smarkets took 33483 EUR from my account
« Reply #45 on: May 15, 2016, 11:29:06 PM »

It's disconcerting to see Lukasz still hasn't been given any sort of positive resolution from this, even something proportional out of goodwill that acknowledges the situation at least. This seems to completely render their terms and conditions as obsolete, which in turn may lead many of us to take a much more suspicious approach to their company with conservative action.
In a competitive market, not dealing with episodes like this in an adequate manner that satisfies all parties means that they risk losing more money in the long run by exposing the fact that they show indiscretion to their customers.
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lukaszs
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lukaszs

Re: Smarkets took 33483 EUR from my account
« Reply #46 on: May 16, 2016, 09:26:01 AM »

There is nothing else I can do. I followed all available paths to get money back.  Smarkets doesn't want to talk.They knew exactly what they did and that's why they refused to comment my case here and on SBR's forum.They chose to bury head in the sand. I haven't got any email from them showing goodwill. They were sorry for the inconvenience - that's all.
I cannot expect each of you will withdraw balance from Smarkets after reading this thread. But I'm happy I was able to warn our community by describing their's bad practices.
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dealer wins
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dealer wins

Re: Smarkets took 33483 EUR from my account
« Reply #47 on: May 16, 2016, 11:14:23 AM »

I was actually considering trying SMarkets a while back, but a bit nervous as I have a betfair turnover of £100K + a week sometimes and some pretty big wins and losses.  No way I am touching SMarkets now after reading this.

A bet on an exchange once struck between 2 users should be final, with ZERO exceptions. 
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Paul Fairhead
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Paul Fairhead

Re: Smarkets took 33483 EUR from my account
« Reply #48 on: May 19, 2016, 10:32:32 PM »

@lucaszs -

Hi, I am currently assisting another Smarkets customer in a dispute very similar to yours. I'd really like to contact you so that I can try and help you receive the money which was withheld. I have some information which will be of great interest to you.

Not sure if I'm allowed to post my email address but if you Google my name with betting disputes it should come up.

Twitter handle is @BoycottBetfred.

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luctens
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Re: Smarkets took 33483 EUR from my account
« Reply #49 on: May 20, 2016, 01:35:54 PM »

Smarkets now have a very questionable set of rules under https://smarkets.com/erroneous-bets/ that they no doubt added in light of recent cases of voiding bets. It basically says that if the price you take is more than 15% out of line with the average market price at the time then they reserve the right to void the bet.

I think it is pretty common knowledge that they use their own people as market makers so these rules are there to protect their market makers from their bots making a mess up.

I am a big fan of Smarkets and I believe that they are the only realistic mass market competitor that can take over the Betfair Exchange's diminishing dominance of exchanges but in this case, they really should take the hit for their bots or market maker's mistakes, pay up what's owed and concentrate on correcting any bugs in their bots rather than bringing out these rules to hide behind.

If these cases go to court, I can only see them losing as the rules they now have are pretty black and white and if these bets happened now, they would rightly and wrongly have the right to void these bets, but these rules weren't in place when the bets in question were made and they can't retrospectively add rules to fight it. The fact that they have brought out these rules I think in a way is a sign that they know they were in the wrong for these previous cases and their previous rules weren't up to scratch for backing up the action they were trying to take. If the press pick up on any court cases and Smarkets lose, the bad publicity involved will cost them way more than the 33k in this case and however much it is in Paul Fairhead's case so in that regard, I see it as a pretty cheap price to pay for them getting information on bugs in their bots and then being able to take action to correct these bugs but instead of that they have gone into their shell on this.

I still will solely use Smarkets over any other exchange and have no hesitation in doing that as I have always played it straight with an exchange anyway and taken the same view as with a bookie that if the price is out of line on the exchange then as with the bookie, I don't go near it.

So if you're the kind of person who are looking to take advantage of these bot errors, I wouldn't even try it as Smarkets now have clear rules that they can void these kind of bets.

But if you're playing it straight and taking top of the market prices at Smarkets but not out of line prices, then I would have no hesitiation in carrying on as normal.
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Arbusers
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Re: Smarkets took 33483 EUR from my account
« Reply #50 on: May 20, 2016, 03:31:49 PM »

I believe that they are the only realistic mass market competitor that can take over the Betfair Exchange's

There is something out there called Matchbook.
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luctens
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luctens

Re: Smarkets took 33483 EUR from my account
« Reply #51 on: May 20, 2016, 03:45:29 PM »

I believe that they are the only realistic mass market competitor that can take over the Betfair Exchange's

There is something out there called Matchbook.

I know there is Matchbook but I say mass market competitor. Matchbook works for some people but if you are talking horse racing or other sports and markets where you have traders coming in and out of the market trading numerous times in the same market, Matchbook's commission per bet system just doesn't work for them so they are plenty of traders that provide vital volume for an exchange that won't go near Matchbook for that reason.

If for example you get a movement of high volume Betfair traders like them that would move anywhere from Betfair, and with the obvious continuing disillusionment they have with Betfair I believe it is only a matter of time before they will start to move, it would be to move to a net win commission model exchange. With Betdaq/Ladbrokes Exchange dead in the water, Smarkets becomes the only alternative option.

So when I say mass market competitor, I mean Smarkets is the only exchange that has the potential to work for all kinds of exchange customers, whereas Matchbook doesn't cater for everybody. I think the Matchbook IPL Cricket 2% net win commission promotion shows that they are at least trialling that style of commission, probably realising that the horse racing they are trying to launch isn't going to work with their current commission model and they probably realise in general that the commission model they have has a ceiling on the types of customers they can attract.
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tiha_patnja
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tiha_patnja

Re: Smarkets took 33483 EUR from my account
« Reply #52 on: May 20, 2016, 07:13:40 PM »

What about betdaq?

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luctens
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luctens

Re: Smarkets took 33483 EUR from my account
« Reply #53 on: May 20, 2016, 08:14:40 PM »

What about betdaq?
Betdaq have far lower liquidity, much worse prices and far higher commission than other exchanges. I see no reason why anyone would use Betdaq over Smarkets, Betfair or Matchbook
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tiha_patnja
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tiha_patnja

Re: Smarkets took 33483 EUR from my account
« Reply #54 on: May 21, 2016, 12:16:14 AM »

I have 2%, an API, and in my opinion a decent lvl of liq depending on the event. For trading its better then smarkets and matchbook for sure.
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dealer wins
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dealer wins

Re: Smarkets took 33483 EUR from my account
« Reply #55 on: May 21, 2016, 05:31:17 AM »

For all Betfair's faults, at least it is a genuine exchange, where you know your bets will stand no matter what.

I would not go near Smarkets with my sort of volume, not in 1000 years after the OP's terrible experience with the shysters.
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Dentz
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Dentz

Re: Smarkets took 33483 EUR from my account
« Reply #56 on: May 21, 2016, 08:01:09 AM »

I am taking now and then value trades with betfair and used to take them with smarkets too. With value trades I mean some small leagues and correct scores that are way out of line sometimes 30-50% due low liquidity. But these are more of a mug punts with high value factor. As I said earlier I am not using smarkets anymore and with these recent rules taking them is impossible cause those bets I am taking are always at least 30% way off the marketline.
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lukaszs
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lukaszs

Re: Smarkets took 33483 EUR from my account
« Reply #57 on: May 21, 2016, 08:33:45 AM »

I'm in contact with Paul Fairhead. There is some light at the end of the tunnel again.
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lukaszs
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lukaszs

Re: Smarkets took 33483 EUR from my account
« Reply #58 on: November 14, 2016, 04:22:57 PM »

hi guys,
Just want to inform you that my story will be continued:
https://twitter.com/BoycottBetfred/status/798125145193783296

If you want to read about previous case where Paul Fairhead assisted,  IBAS was ruling in favour of player and at the end voided bets were paid out you can read it here:

https://www.theguardian.com/sport/2016/oct/03/ibas-bet-declared-void-should-be-paid-out
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Arbusers
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Arbusers

Re: Smarkets took 33483 EUR from my account
« Reply #59 on: November 14, 2016, 04:59:31 PM »

Best of luck to get your money back.
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