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Smarkets took 33483 EUR from my account (page 3)

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Author Topic: Smarkets took 33483 EUR from my account  (Read 5398 times)
qbet
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« Reply #30 on: March 30, 2016, 11:45:19 AM »

Update: Smarkets declined to discuss my case futher with SBR (you can find the statement on SBR site).
Don't they want to fight for their reputation? I've had a hope to get some detailed statement with heavy arguments. I't time to follow MGA path.

And the question: have they got a right to put their own money on the market? I mean officially, not through market makers. I suppose they cannot be side of the bet but i want to make sure.

Officially it is illegal,  but this case doesn`t help you too. In fact that they keep your money
 
Why is it  illegal? 
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fairpunter
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« Reply #31 on: March 30, 2016, 12:18:13 PM »

Update: Smarkets declined to discuss my case futher with SBR (you can find the statement on SBR site).
Don't they want to fight for their reputation? I've had a hope to get some detailed statement with heavy arguments. I't time to follow MGA path.

And the question: have they got a right to put their own money on the market? I mean officially, not through market makers. I suppose they cannot be side of the bet but i want to make sure.

Officially it is illegal,  but this case doesn`t help you too. In fact that they keep your money
 
Why is it  illegal?
Because if bookie wants to put their own money on the market they must have exchange and soft bookie rules like Betfair honestly does (exchange and sportsbook).
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qbet
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« Reply #32 on: March 30, 2016, 04:15:17 PM »

Update: Smarkets declined to discuss my case futher with SBR (you can find the statement on SBR site).
Don't they want to fight for their reputation? I've had a hope to get some detailed statement with heavy arguments. I't time to follow MGA path.

And the question: have they got a right to put their own money on the market? I mean officially, not through market makers. I suppose they cannot be side of the bet but i want to make sure.

Officially it is illegal,  but this case doesn`t help you too. In fact that they keep your money
 
Why is it  illegal?
Because if bookie wants to put their own money on the market they must have exchange and soft bookie rules like Betfair honestly does (exchange and sportsbook).
Why they must ? It may seem unfair but this is different.
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my_username
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« Reply #33 on: March 31, 2016, 09:25:51 AM »

maybe there's a different licence regulating?
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Arbusers
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« Reply #34 on: March 31, 2016, 12:46:21 PM »

I have to say that I alerted Smarkets with a pm asking them to comment here. I received no answer.
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tiha_patnja
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« Reply #35 on: April 01, 2016, 06:03:44 AM »

I have to say that I alerted Smarkets with a pm asking them to comment here. I received no answer.

And what will they say? their customers are mostly arbitrage, advantage players and when this happens is just a big red sign to all of us.
You can even trade on horses, I have never tried but after this I am a bit unsure what would happen if I get a 50€ swing on something.

I saw a few months ago a job advertisement in a computer science group on facebook from one guy that works there that says that this is the industry on the rise. And yes that could be true, for betfair or especially betdaq. Maybe Matchbook can squeeze into somehow with a lot of conferences ( lol ) but I do not see smarkets doing anything special here if they dont pay the winners.
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lukaszs
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« Reply #36 on: April 01, 2016, 12:40:37 PM »

I filled in the complaints form on the MGA website. I got auto response that typically a complaint case takes between 3 to 4 weeks to be concluded. we'll see how MGA judge my case.
« Last Edit: April 01, 2016, 02:15:03 PM by lukaszs » Logged

blackjim
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« Reply #37 on: April 01, 2016, 01:04:53 PM »

If they don't reply to Arbusers, I think everyone can understand what that means.
I would stay away, or keep a very low volume there.

That said, good luck lukaszs and I hope you get back what's owed to you.
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lukaszs
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« Reply #38 on: April 15, 2016, 11:47:05 AM »

Hi guys,
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.

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Arbusers
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« Reply #39 on: April 15, 2016, 12:03:35 PM »

This is really sad to hear, and re-confirms the poor response from MGA. From what lukas is saying I understand that they didn't even care to spend some time and take a deep look into it.
This should also work as a signal for all of us who are tempted to take bigger than the average arbs.
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lukaszs
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« Reply #40 on: April 15, 2016, 12:20:08 PM »

Quote
I understand that they didn't even care to spend some time and take a deep look into it.

It's exactly how I feel. I cannot see nothing in MGA message about my arguments and nothing why these arguments are wrong. When I'm reading MGA message I've got a feeling I read Smarkets statement. I was hope I've got at least some detailed answer. I still can't be sure whose money I took, I still don't know what were the differencies between incindents from 12th and 19th March, why they were acting in a different ways etc.
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GrayFox
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« Reply #41 on: April 15, 2016, 01:14:22 PM »

From my experience Smarkets is voiding bets when it costs them.
They are manipulating prices EVERY DAY trapping inexperienced players & when a mistake happens they just act on their own interest.
Sometimes when an error happens they can void your loosing bet too after you complain but ONLY when this bet is pennies compared to the previous bets you lost.

Hope you win again this amount from them & you can send a picture with your middle finger as a gift.
Good luck lukaszs.
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tiha_patnja
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« Reply #42 on: April 16, 2016, 09:17:17 PM »

If there was a system error then they should have inform all players and void bets when it happened. To be honest I think that every player with overall loss there should send and email requesting their money back. We can have a system error cant we?!
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lukaszs
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« Reply #43 on: April 16, 2016, 10:37:37 PM »

If there was a system error then they should have inform all players and void bets when it happened. To be honest I think that every player with overall loss there should send and email requesting their money back. We can have a system error cant we?!

It's obvious for me there was no Smarkets' system error. Some VIP client put wrong orders in the random markets. We do such betting mistakes everyday and market makers are beneficiaries. In this case everything is fine and we cannot cancel bets  according to Smarkets rule which says that everyone is responsible for placed bets.  But if some VIP client does betting mistake he is able to act risk free thanks to "system error" whatever it means.  Is it a fair game?
I'm sure that representative of Smarkets follows this thread. Please explain us what kind of SMARKETS system error (if any) happened.


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Dentz
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« Reply #44 on: April 17, 2016, 07:29:20 AM »

I recently suspended my action with them and withdrew all from my account after reading this thread.
Sad to know that exchange could be crooked   :-\
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