I've already spoken about the topic of 'Cash Outs' offered by the bookmakers, and how the option is there in an attempt to increase their profits, despite marketing the feature as one that would benefit the customer.
There has now been another debacle with this temperamental feature on Betfair that occured last night and had around 400 people on their live chat support to try and find out what was going on! I have since spoken to several people since, on top of searching twitter to find a large number of disgruntled Betfair customers.
The game in question was the Premier League tie at the Emirates between Arsenal and Swansea. Understandably, many people had Arsenal to win in their bets, so after two second half goals in 60 seconds from Podolski and Giroud turned the game on its head after Bony's early header, many opted to cash out and take any profit they had earned so far. With Everton and Man City winning the other games 2-0 at the time (both favourites), a lot of people were set to profit with the Gunners 2-1 up for the final 15 minutes. This caused a lot of people to take to twitter in search of answers, and thus far to no avail.
Betfair seem to be trying to sort something out, but at the minute are staying pretty tight lipped. The one thing is for sure is that they won't be paying out the values that people had tried to cash out whilst being unable to. It seems as though they are likely to try to refund the stakes - with some rumouring them to be refunded as a FREE BET... Not sure yet if these are rumours, but I hope not.
I have spoken with a couple of people who had tried to cash out after Arsenal went 2-1 up but were unable to. So many were in the same situation that I'm sure that the punters were collectively down £1,000s as a result. Mick Swift tried to let Betfair know when he was trying to cashout, and asks if this request will be honoured - I doubt it will, unfortunately.
Nath Moss summed up how everyone was feeling about the service provided by Betfair. Perhaps if Betfair spent more money on a reliable product instead of advertising it, they would have a successful service, fewer complaints, and thousands of happy customers that would effectively advertise if for FREE by suggesting to their friends and colleagues. Instead, they get batch of bad publicity followed by batch of bad publicity and wonder why their company appears to be going down the proverbial swanny.
If you want to cash out - look at using somewhere else or the Betfair exchange to limit liability (even if it is a little more effort), why:
- It is much more profitable as Betfair take a cut when using the cashout option - no value, lower profits
- Protect yourself from the sporadic availability of the cashout feature.
Let me know what you think on Twitter, do you agree?