« Reply #38 on: April 15, 2016, 11:47:05 AM »
I just got a MGA response. As most of you expected (I expected this as well) MGA complaint changed nothing in my case.
Smarkets' arguments were standard ones: obvious error, price out of the market boundaries and T&C signed by me. My case prooves that rules are not rules for every Smarkets' client.
But one argument is interesting:
Smarkets claim that on 19th March they had system error (
!!!!) and resulted incorrect prices displayed. I really don't know what and whose system error it was. If VIP client's betting mistake = system error then it's truth. I was trading just after these "system" errors and my orders (priced in market boundaries) were matched in standard mode.
I'm dissapointed that MGA haven't looked further in my case.My arguments was like: Smarkets was acting against their own rules, only some VIP client(s) have a right to cancel bets, double standards, Smarkets are full of betting markets with orders priced much more outside market boundaries than in my case and it's allowed when market makers are beneficiaries, but standard client hasn't got any chance to cancel bets. But it sounds like all this stuff mean nothing to MGA.
Smarkets refused to comment my case here and on SBR forum. It's really dissapointing. They chose silence because they knew exactly what was betting community's reaction. I thought that reputation was priceless but now it seems we know how much it's worth.
Unfortunatelly we never know whose money we take from the market. Smarkets doesn't act as a betting exchange from time to time. It would be fair enough to see some rule in T&C like:
By taking money from our privileged client you are aware that your bets could be voided.