Skip to main content

Betfair copping a hiding in the news this week

First there was Betfair taking money from punters' accounts, thinking they had successfully placed their bets on the huge Tote jackpot day last week, only to find out when they went to check their winnings, that the bets never went through. There is nothing more frustrating for a punter than not knowing whether your bets are on or not. Betfair's policy on tech glitches like this is all about covering their arse, and not compensating customers. Betfair punters rarely place just one bet - often it is a series of bets and trading positions which change frequently, so knowing exactly what your position is at all times is critical. Otherwise, punters might as well just use a regular bookmaker....

Today news broke that Betfair had a customer data breach just before the float and conveniently kept it quiet. However minor it was, if police all over the world were involved, then customers deserve to know. Another bad PR story further eroding Betfair's once pristine, now terminally stained, image.

And yet more high-ranking execs leaving, including the Head of Security who took over just before the data breach occurred.


Working in PR for Betfair at the moment would be like working for the power & gas companies who post massive profits then immediately increase their customer bills. And they will keep copping it until they start focusing on the punter again, like they did when it all began....


(Sorry for infrequent postings, hectic time with work at the moment. Doing a lot of driving commuting rather than by train which would allow me to post by email....)

Comments

  1. One wonders what the Auditors opinion of the Internal Controls were on this matter and how they were not concerned enough to think this would not effect the financial statements to warrant a disclosure.

    ReplyDelete
  2. Great article, Betfair seem to have lost all sight of where they should be and what they should be doing....used to be looking after punters, now its MONEY.

    Can you add my blog to your links...hope you enjoy

    http://betslayer.blogspot.com/

    ReplyDelete

Post a Comment

Thanks for your comments, but if you're a spammer, you've just wasted your time - it won't get posted.

Popular posts from this blog

lay the field - my favourite racing strategy

Dabbling with laying the field in-running at various prices today, not just one price, but several in the same race. Got several matched in the previous race at Brighton, then this race came along at Nottingham. Such a long straight at Nottingham makes punters often over-react and think the finish line is closer than it actually is. As you can see by the number of bets matched, there was plenty of volatility in this in-play market. It's rare you'll get a complete wipe-out with one horse getting matched at all levels, but it can happen, so don't give yourself too much risk...

The Melbourne Cup preview 2019

We're back again for the greatest race on turf, the world's richest staying race and the only race in the world which creates a public holiday for millions of locals.




Once again a fine international field has been assembled and it's worth a deep look at the race. So get a cuppa and find a comfortable seat to plough your way through my preview!

--------------------------------

The Lexus Melbourne Cup
Group 1, Handicap, 3200m
AUD 7,750,000
Flemington 1500 local, 0400 GMT
Broadcasters - Network 10 (AUS), Racing.com (worldwide), SkySportsRacing (UK)


1. Cross Counter
Trainer - Charlie Appleby (one previous Cup win)
Jockey - William Buick
Breeding - Teofilo - Waitress
Drawn 5, Weight 57.5kg

Last year's impressive winner who doesn't get the 3yo weight advantage this time. Won first up at Meydan in March but has run fourth, third, fourth in the big set weights staying races in England and Ireland, never quite making it as the next big staying star. While running close behind Stradivar…

hope for investors in the Centaur scandal?

In a breaking story, it has been reported that directors of the failed sports investment fund Centaur have had their assets frozen in order to repay investors. It is believed that managing director Keith Sobey skipped town trying to avoid prosecution however he either naively thought Ireland was a safe enough place to hide or had a lingering feeling of guilt and sat waiting for that knock on the door.

Sobey, the name behind Centaur (read the original story here), is believed to own four houses, worth more in total than the missing £1.6m. His willingness to sell them to repay investors is likely to keep the matter out of the courts, and at least one other director, Andrew Cork, will apparently follow suit.

All this adds weight to anecdotal evidence that the collapse of the fund came down to mismanagement rather than fraudulent deeds. As costs grew (why would you set up a training academy in central London?), margins evaporated and keeping the business afloat went through money like a…