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Betfair offer selected Leopardstown compensation

12/1/2012
Betfair are to compensate some of the customers who had winning bets voided in a Leopardstown race last year.

The Christmas Hurdle contest on 28 December caused a stir when a UK-based account laid eventual winner Voler La Vedette on the online exchange for £21.4m at a price of 29 in-running, leaving the account with a maximum liability of nearly £600m.

Many punters snapped up the tremendous value on offer, only to later have their bets voided, with Betfair declaring that a technical fault involving a “bot” had led to the price being offered at such great liability.

The company have now released a statement confirming that, following an internal investigation into the events on the 28th, some punters who saw their bets voided would be compensated.

Anyone who placed a bet, before the technology failure, on Voler La Vedette winning the race will receive an “ex gratia payment”, as will customers who, at any time during the race, wagered that the horse would be placed.

Punters who backed the horse to win the race after the technology failure will not receive any money.

"We have reviewed our decision to void all in-running bets matched on the race and, in the interests of fairness, certain categories of voided bets will be compensated by way of ex gratia payments from Betfair,” the statement read.

“This compensation complies with, and goes beyond, the Gibraltar Gambling Commissioner’s recommendations.”

"The categories of bets that will be compensated are:
1. In-play winning positions in both the 'win' and the 'to be placed' markets which were achieved before the technology failure; and

2. In-play winning positions in the 'to be placed' market achieved at any time through to the completion of the race

Bets matched in the 'win' market after the technology failure will remain void.”
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