This story is sponsored by BetfairBetfair is breathing a sigh of relief today after an independent adjudication body supported its decision not to pay out £23m won by punters after a software glitch.
Around 200 customers staked £800,000 on Voler La Vedette in the Christmas Hurdle at Leopardstown last December after it remained available at in-running odds of 28-1 throughout the race.
But the betting exchange decided to void bets and refund stakes, blaming a software failure sparked by a multi-million pound “lay” bet on the horse that its checking systems had failed to detect, declaring that the problem been caused by the client’s use of a faulty automated “bot” to place bets on its behalf.
While Gibraltar-licensed Betfair made discretionary payments to a number of affected punters who had participated in place markets on the Christmas Hurdle, 34 others complained to the Independent Bookmaking Adjudication Service (IBAS), that acts as an impartial adjudicator on disputes between betting operators and customers which still persist after the latter have exhausted the bookmaker’s internal dispute procedures.
However, these punters heard from IBAS on Sunday that it would be backing Betfair’s decision, with the body stating that the length of time it had taken to reach the decision reflected how thoroughly its independent panel had considered all arguments raised by both sides in the dispute.
Betfair justified its decision based on a clause in its terms and conditions that it cannot be held responsible for technological failures.
However, while IBAS said that the adjudication could only be reviewed where there was “compelling evidence” it was flawed or based on wrong information. The ruling is not however thought to close off the possibility of further legal action from the 34 complainants.
