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21bet exchange problem...admin that was your suggestion

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21Bet
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Re: 21bet exchange problem...admin that was your suggestion

Wed Apr 25, 2018 4:39 pm

Hi All,

Just another further update - I can see many of you have been in touch with customer service to find out further details which is great but I would just like to clarify two things:

1) Commission - when you play on the 21Bet Exchange now powered by Matchbook, you will only pay commission on winnings markets (the same as when it was powered by Betfair). You will NOT pay commission on turnover or losing markets, as on the original Matchbook exchange.

2) Withdrawals - unfortunately we have to wait for Betfair to finish the migration before we are able to process withdrawals from your Exchange balance. We hope this will be completed  in the next 72 hours but as we are waiting on Betfair, I cannot give a specific date yet.

Thanks again for your patience and I will continue to post updates here as and when we have new information.

Best regards,
21 Bet Team
Last edited by Guest on Thu Apr 26, 2018 9:02 am, edited 1 time in total.
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blizard
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Re: 21bet exchange problem...admin that was your suggestion

Wed Apr 25, 2018 5:32 pm

This Is  Interesting !  i wasnt interestef trying it, but now i will.

*** powerd by betfair exchange  was on winning MARKETS not bets , so you made mistake there (it whould be game changer if it was on markets) , but still is very interesting consept to think
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Re: 21bet exchange problem...admin that was your suggestion

Thu Apr 26, 2018 7:10 am

My balance at your new exchange is 1295 euros. This amount is about 1000 euros less than my balance before disruption and about 2500 less than the balance i expected to be since i had been matched a large stake before disruption which won finally.
My clear question is if the balance of 1295 is my final balance (if so its a pure theft at least to my account) or you wait further data from betfair  regarding the bets from all players before disruprion and you will made new adjustments with their balances (in this case we will be able to see our history with profit and loss with every matched  bet the day of disruption and the settlement from betfair for them).
I wrote for my issue at 21bet directly but i will also appreciate an answer from its representative here on behalf of me and other big players they have come up with a possibly unpleasant surprise regarding their balances after disruption.
21Bet
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Re: 21bet exchange problem...admin that was your suggestion

Fri Apr 27, 2018 8:21 am

Hi All,

@Blizard, you are correct, my apologies for my incorrect wording. The Matchbook powered 21Bet Exchange commission will be based on winning markets, rather than winning bets and there will be no premium charges as before.

@Koulkos, with regards to your question - If you have bets in-play currently and they go onto win or have won, these winnings will be added to your Exchange balance once they have been settled and Betfair have sent over confirmation.

We are working to get player history from Betfair so that you as a player can see previous bets - I don't have a date for when this will be available but I will of course post on here as soon as it is ready.

Best regards,
21Bet Team
manos
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Re: 21bet exchange problem...admin that was your suggestion

Fri Apr 27, 2018 9:02 am

21Bet wrote: Hi All,

@Blizard, you are correct, my apologies for my incorrect wording. The Matchbook powered 21Bet Exchange commission will be based on winning markets, rather than winning bets and there will be no premium charges as before.

@Koulkos, with regards to your question - If you have bets in-play currently and they go onto win or have won, these winnings will be added to your Exchange balance once they have been settled and Betfair have sent over confirmation.

We are working to get player history from Betfair so that you as a player can see previous bets - I don't have a date for when this will be available but I will of course post on here as soon as it is ready.

Best regards,
21Bet Team
Tell us why you dont let us withdraw our remaining balance?WHY we must wait for betfair?
What kind of excuse is that?
I will withdraw all my balance and after you get the extra info from betfair ill come back(if you are still in business...) for the rest.Where is the problem in that ?

Their exchange is under Curacao jurisdiction.Curacao gaming is not  bothered with player complaints.
Last edited by manos on Fri Apr 27, 2018 9:27 am, edited 1 time in total.
zveka
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Re: 21bet exchange problem...admin that was your suggestion

Sat Apr 28, 2018 5:55 pm

any news about transfer
manos
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Re: 21bet exchange problem...admin that was your suggestion

Sun Apr 29, 2018 11:48 am

zveka wrote: any news about transfer
I came in contact today and they assured me""We are unable to process withdrawals until we have completed all of the migration to the new exchange, so please allow 72 hours before we can process your request."

They are mocking us...

I wonder what they are doing with their new "victims"?
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blizard
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Re: 21bet exchange problem...admin that was your suggestion

Sun Apr 29, 2018 4:39 pm

Yes it is semi automated responce ...I also mailed  them my withfraw request and my 72 hours period due today, but i dont have  much hope,

Mundial is coming, if  they really have a new exchange ready , it will be smart for them to pay fast so they can  go with that before any reputation  destroyed
dealer wins
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Re: 21bet exchange problem...admin that was your suggestion

Sun Apr 29, 2018 10:11 pm

Just sounds like a total and utter shambles at best, a scam at worst.
Never trust a goose!!!
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Re: 21bet exchange problem...admin that was your suggestion

Mon Apr 30, 2018 8:20 am

Well I am missing about 500€ as well and all my pending bets ended more than 10 days ago. I still can not withdraw my money even when I was guaranteed I will be able to finally get my money...that was 6 days ago. This has been going on for 2 weeks,we are unable to bet or to get our money for 2 weeks, they then steal 500€ of the money I have and all the blame is on betfair. I opened an account and deposited my money to 21bet not to betfair, I pay the commission to 21 bet, and now they dont have my money and I can not withdraw what they have not stolen from me yet. This is a disgrace and the admin should think twice on who they decide to advertise here and recommend, and you can say 10 times it is not arbusers fault. If they had not recomended it and adverised 21bet, I would have never opened an account with them. So really thank you.
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Re: 21bet exchange problem...admin that was your suggestion

Mon Apr 30, 2018 9:51 am

And now I am suppose to have 160€ in oppened bets with them, the only problem is that the bets ended 10 days ago and they simply never credited me the winnings. But there is nothing they can do as their hands are tied and it is all betfairs fault. But they are doing their best that we will be able to withdraw our money in the next 2 days. I am done with this. People stay away from 21bet in the future and think twice before listening to advertisement here.
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Re: 21bet exchange problem...admin that was your suggestion

Mon Apr 30, 2018 10:33 am

As I mentioned before the business practice of taking 50 % of the customers' bets might have been the real problem for 21bet. Not only could this have been exploited easily but maybe they just had some bad outcomes. Assuming that (arbing) customers lose in the long run  could turn out to be a big mistake. Even if these customers (we) are only performing like the market (i.e. zero P&L in the long run as it as zero sum game) this produces a lot of volatility (=risk). The 5 % commission for winning bets will probably not compensate enough for this high volatility. By the way, also orbitexch is doing this, but with only ca. 20 %. I really don't have any clue why anybody would like to take customer bets on an exchange for only a small fee. This is just a bad risk/reward profile. A bookmaker has his over-round but on the exchange there is nothing like this. You cannot assume to make any profits from just taking the opposite side of customer bets. It is IMHO more likely that the arbing community even has a small advantage over the rest of the market and therefore can extract money from the use of exchanges (ignore commissions) in the long term. This means, in turn, that 21bet and orbitexch will, in the long term, lose from taking the opposite view.

So let's hope I am wrong and we will get our money back soon!
zveka
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Re: 21bet exchange problem...admin that was your suggestion

Mon Apr 30, 2018 11:05 am

soo is orbitexchange on same way like 21bet exchange ?
DPG
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Re: 21bet exchange problem...admin that was your suggestion

Mon Apr 30, 2018 11:09 am

The bookmaking industry is not regulated properly and there are plenty of unreputable and outright scam bookies out there. You really need to do your research before you deposit with any company.

I did warn you at the beginning that 21bet was not a respectable and honest company with me as they voided winning bets of mine on their sportsbook for no reason. Be careful where you deposit your money, it really is a jungle.
tomtom70
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Re: 21bet exchange problem...admin that was your suggestion

Mon Apr 30, 2018 11:53 am

zveka wrote: soo is orbitexchange on same way like 21bet exchange ?
I don't know. The problem is I need access to betfair or smarkets and for some strange reasons these companies have stopped accepting customers from my country (AT). So I have to accept the credit risk of the clone sites. It is always a good idea to diversify this risk (i.e. opening accounts with more than one company and splitting the amounts). I work with orbit exch since their start (about one year ago) and I did not have any problems with withdrawals (using bet-football.com). Nevertheless I have put some money to 21bet which is currently stuck there (hopefully not lost) in order to diversify. Please bear in mind that smarkets and matchbook also do come with a credit risk. betfair should be OK because of their trustee solution but they are not an option anymore unless you move to the UK. Credit risk is - together with operational risk (including fraud) - the main risk in the arbing business. You will have to accept this or stop arbing. But you  can diversify or reduce risk if you perform a due dilligence / research before depositing. This does, of course, not mean that there is no risk left but you will most likely not lose big amounts if you have a rigorous risk management.

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