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Fund passing at Betfair

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thorocska
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Re: Fund passing at Betfair

Fri Feb 24, 2023 1:33 pm

Wolfie wrote: I think with european new rules for online payments your pain will come to an end. Fund passing will almost die. So there will be less and less cases where betfair confiscates funds.
What are the new rules and when they will start to apply?
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Wolfie
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Re: Fund passing at Betfair

Fri Feb 24, 2023 10:48 pm

thorocska wrote:
Wolfie wrote: I think with european new rules for online payments your pain will come to an end. Fund passing will almost die. So there will be less and less cases where betfair confiscates funds.
What are the new rules and when they will start to apply?
Mostly its the 3D Secure Code and it already has started applying.
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Re: Fund passing at Betfair

Sat Feb 25, 2023 7:25 am

arbusers wrote:

As you understand fund passers are damaging the genuine business of the smart bettors (arbers, value bettors, etc). In addition, a lot of criminal activities might be hidden behind fund passing that spawns far beyond the trivial crimes of money laundering, terror funding, etc. There is a lot of bad will and no real smart betting in this technique.

Back in the days, betfair was providing master accounts whereas the sub-master account was able to open hundreds of betfair accounts.

The sub-master holder was a betting shop, either legal or illegal betting shop.

Via master accounts, betfair accounts were opened for betting shop customers.

Via those accounts you could bet either at exchanges or direct against betfair.

Once the sub-master realized how clueless the average bettor was, he usually asked betfair for a USD/CAD or even HK master account.

They did this in order to take position on the mugs bettors.

So when a customer was loosing lets say 1000 euros, the betting shop was loosing 1000USD or 1000CAD or 1000HK dollars. The betting shop was earning the currency difference. Back then, difference was from 30% for AUD to 90% for HK dollars.

Yet, there were some ''clever'' bettors.

What they tried to do was to try to pass funds from Euro accounts to USD or HK accounts.

For example, a customer was loosing lets say 1000 euros in betting shop A, his friend (or even the same guy) that had account from betting shop B was able to earn 1300USD.

Remember that in betting shop B, 1300USD equals 1300Euros, so the customer was able to earn 300 euros risk free from betting shop.

In my country this lasted till 2012. Betfair was no longer accepting customers from my country.

No idea if betfair still provide those master accounts in other countries.

If they still provide those master accounts, i wouldn't be surprised if some ''clever'' guys still wants to exploit the loophole of the system.

P.S Having that master account wasn't easy. The betting shops who didn't had the right contact in UK, they simply open 10-20 real betfair accounts in family members, relatives etc. The system there was a bit different. When a customer wanted to bet with 1000 euros, the betting shop owner was depositing 500 euros in one of his accounts. That way, he was simply taking 50% position in customer bets. Funds passing was working in the same way as before.
Last edited by apoel81 on Sat Jan 23, 2021 7:37 pm, edited 1 time in total.
MikkoH37
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Re: Fund passing at Betfair

Sat Feb 25, 2023 4:34 pm

Why do the bookmakers like arbers but they dislike value bettors?
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Re: Fund passing at Betfair

Sun Feb 26, 2023 8:34 am

MikkoH37 wrote: Why do the bookmakers like arbers but they dislike value bettors?
Sharp bookies like arbers because they profit from them but dislike value bettors because they lose from them. Soft bookies dislike both of them, because they lose to both of them.
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Re: Fund passing at Betfair

Sun Feb 26, 2023 1:33 pm

It's been a while since we lastly heard a story for fund passing. Are they quite now or did they get smarter?
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arbusers
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Re: Fund passing at Betfair

Mon Feb 27, 2023 5:05 pm

blackjack wrote:
Tue Mar 01, 2022 4:33 pm
It's been a while since we lastly heard a story for fund passing. Are they quite now or did they get smarter?
I can never be sure but seems to me Betfair and white labels did a good job to tackle them. Of course there must be left overs, but the majority of fund passers moved to other forms of sneaky betting.
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Re: Fund passing at Betfair

Tue Feb 28, 2023 10:27 am

But the problem is that the people investigating "fund passing" have no idea what it is and how to interpret the bets on the exchange. I used to use Orbit through BetinAsia and on 11/8/2022 I found an arbitrage opportunity between Orbit and another website on a tennis match between Nikola Milojevic and Mats Moraing. My bets on Orbit ended up winning 4040 EUR and my bets on the other site ended up losing 3900 EUR (so I won around 140 EUR net on that match). Hours later, I received an email from BetInAsia saying that the match is under investigation and they blocked my whole balance of 13,650 EUR!

After weeks of not being able to use Orbit, I got an email from BetInAsia in which they accused of me of fund passing and they told me that my account is permanently closed. I provided them with all the details of the bets I made on the other website to prove to them that I made those bets for arbitrage reasons only, but they just keep replying to me with copy and paste messages without giving me any details. Now it's been more than 15 days and they are still blocking my whole balance of 13,650 EUR!

How were my arbitrage bets interpreted as fund passing? they were made in-play in a very active market with odds ranging from 1.48-3.05!!
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Re: Fund passing at Betfair

Tue Feb 28, 2023 1:48 pm

Ziad wrote:
Fri Aug 26, 2022 10:27 am
have no idea what it is
They all say the same thing. Probably a signal they do fund passing.
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arbusers
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Re: Fund passing at Betfair

Tue Feb 28, 2023 2:51 pm

@ziad,

What a nice way to bypass our forums policy on complaints. I will now delete your account and next time you come back with your new profile understand an arbusers membership as a privilege and not a right.

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