Betfair Blunders and a Bad Beat

It’s reasonable for new visitors to site to expect the settlement NOT to be based on the election, given the election happened last month isn’t it?

I think this is an excellent point. As I’ve mentioned before, there were clearly a lot of Trump backers who weren’t familiar with Betfair, and seeing a market open several weeks after Election Day with the name ‘Next President’, could perhaps be forgiven for thinking that they were betting on who would be the next President.

For the most part, these are people who are not the most discerning of individuals, spreading and believing disinformation that makes them think, even today, that Trump will stay in office, and seeing an opportunity to – in their minds – make money, the “Next President” at 20-1 apparently looked too good to be true, which of course it was.   

Ultimately it won’t matter because Biden will be the next President, but telling people they were actually betting on something that was decided more than five weeks ago doesn’t seem right. Yes, they should have read the rules before parting with their money, but I’m not sure all of them can read. Honestly though, how many of us read the Terms and Conditions on our phone contracts for example?  

Beigemartin also asked: 

Similarly, don’t Betfair usually prevent betting on impossible outcomes? Such as 0-0 after a goal.

No, Betfair don’t prevent its customers from betting on the impossible. After a goal is scored, the (assuming a Home goal) 0:0, 0:1, 0:2 and 0:3 scores are still available in the Correct Scores market, typically at 1000-1, while other impossible outcomes such as Under a certain total are also available to back, even after the total has been exceeded.

Heading into the game, the Browns were three-point underdogs to the Ravens. When Justin Tucker hit a field goal with two seconds left to give the Ravens a three-point lead, it appeared bettors would be getting a refund on their money due to a push in the spread.

However, on the proceeding kickoff, the Browns attempted several laterals that ultimately led to a safety. That put the final score as a five-point Ravens victory. If you put money on the Browns to cover, that safety cost you severely.

Fan Duel Sportsbook reported that one customer placed $40,000 on an “alternate spread” of the Browns +4.5. With -130 odds, that bettor was set for a payout of more than $70,000 after Tucker’s field goal. But the Browns’ safety gave the Ravens a five-point lead and all that money went to the sportsbook.

Interesting that these outcomes are always referred to from the side of the loser suffering a ‘bad beat’ when there’s always a winner on the other side.

Misery loves company.