blonde poker forum

I am crying reading these, its great!

Great tip to make a fortune on betfair

http://forums.moneysavingexpert.com/showthread.html?t=386063 (http://forums.moneysavingexpert.com/showthread.html?t=386063)

The results

http://forums.moneysavingexpert.com/showthread.html?t=386241 (http://forums.moneysavingexpert.com/showthread.html?t=386241)

Well I checked my balance and it said £0.00.. I was baffled too..

Then I checked my statement and it says -11.8k

I'm not joking.

I'm just on the phone to Betfair to see if they're gonna help me out of this in any way because I don't have a penny to give em.

I feel really stupid now. numbers were good, didn't consider void bets at all..

I'm still speechless.. dumbest thing I've ever done in life...

I think I took the biggest losses here.. it did seem to good to be true... whats done is done now.. incredible..

I actually withdraw my money off betfair when Tim advised we were gonna get screwed.. whether or not I receive that money to my bank.

Off phone now.. manager is ringing me back.. I'm just gonna tell him I can only make token payments each month.. I cannot write a cheque for 12k.

I can only pray they write this debt off... god I dunno.. worst case, I'll have to leg it.


bloody brilliant, i love it.

It's the thread that just keeps on giving:

my exposure was 1,879.40 on each selection - there are 13 plus 5(?) that were void. A quick calc and £33k of liability!

5k down

pretty much wiped out my matched betting for the last 2 years


 rotflmfao

Wolvesfan18 is my hero

now hush up you silly little mugs, for this i hope you have sleepless nights worrying. and i will not sympathise
wolvesfan18 is offline      

Looks like some of the clowns lost a fair bit of money trying to make a quick buck.

 

And this Kids is why we shouldn't gamble unless we know what it means.

Just thought we haven't seen glasgow bandit for a while.....

Money Saving Expert - most ironic website name ever.

This is pure gold - thank you Flushy for making me giggle like an idiot first thing on a Monday morning.

guys I am not saying they shouldn't be shot for taking 1 persons advice and backing and laying without studying what happened.

But I don't think it is the right thing to do to say ''it's the funniest thing to happen'' If I lost 5k I would not know whjat to do, and alot of people would be in the same boat

Why do we laugh at someones else's expense

Because they thought they were all getting free money. They gave no thought as to where this money was coming from. Did they think it was magically appearing out of nowhere? They know that, as a betting exchange, Betfair simply brings punters and layers together. The killing they were 'guaranteed' to make was going to come out of the pockets of 'mug punters' - people just like them who just happened to be 'not as clever' as they were.

'Oh aren't we smart?', they all thought. 'We're all going to be rich - I can't believe it's this easy'.

The reason why we laugh at them is because they have all got their comeuppance - they have been pierced by the very sword they were wielding.

If I saw on some forum - 'Hey, here's a guaranteed way to make tons of free money' I would suspect there was a catch, and would do my own analysis to figure it out. If, and only if, I could work out exactly where the free money was coming from, would I take part.

As an analogy, from time to time we may be alerted to big value poker tournaments (like the current Mansion $100K). With the big overlay in this, there was something like $50,000 of free money every night. Now, it was clear where this money was coming from - Mansion were funding the tournament as a loss leader in order to get signups and people depositing and using the software. We know Mansion are a hugely money-rich company, so there was no danger of them not paying out on the value. It was a safe 'free money' as we could see exactly where it was coming from, and see the full thinking behind the money being there.

These idiots didn't do that - they saw 'free money' then piled in without fully knowing all the variables in their market. Betting exchanges are purely people willing to risk their own money on the basis that they have better information about the market than others do - information which is good enough to cover an commission and make a profit. If your knowledge of the market isn't as good as you think, you'll lose money. If you were so cocksure of profits that you put all your money on it, well, what's that saying about a fool and his money...?

One more reason why it's wrong to have any sympathy - they are openly discussing not paying up on their liabilities - essentially stealing money from the winning punters.

but on betfair you can only risk what you have in your account!!!!

with the software dutching, this has not been the case. Someone who had £100 in their account has now got a 33k liability!!!!!!!!!!!!!!!!!!

EXACTLY!! They knew they were scamming from the start. How can you stick more then 500£ in if you don't have it in your account? But they thought "No that'll be allright cus I can't lose"
they all just got greedy and got done for it.

Greed, like sex drive, makes folks do the most extraordinary things.

Do you recall when Barlow Clowes (I think it was he) was offering 20% Interest on Deposits, at a time when Bank Interest was 10%? (or whatever).

I was just amazed, half the population invested, they were genuinely shocked when the thing went belly up, & then thry expected the Government to compensate them.

Hey guys, I got  brand new BMW for sale, £2,000, any offers? ;)

I'll pay the full asking price.

I'm sending you a cheque for £5,000 though, to cover shipping as well. So if you could send me a cheque to cover the difference....

The thing is Tikay, that our whole financial system is based on this kind of thing. The housing market and the stock market are two places where money just seems to come out of nowhere. People buy houses and shares and then sit back and do nothing, watching their money grow. Where does all this money come from? What happens if it stops coming one day?

Who wants to buy some tulips?

IT will stop one day..and that's recession time and, although hard on some if not most people, all who have been clever can make a killing at that time.
everyone who borrows 5x their income to get a mortgage will lose their house with the next 5 years IMO. And then the housing market will also collapse (if not completely atleast by 40-50 % in my opinion)
 People should know this but they always assume they'll be fine.
I will save up money now to buy houses in  5 or ten years time...I can't wait for everyone who wants to keep up with the Jones's to get their comeuppance.

Gotta disagree. I've read all the posts on this subject and am amazed at the complete lack of any sense whatsoever. I honestly don't think they were scamming; they just thought there was a gap and closed it.

I don't have a great deal of sympathy for them; anyone who plays a Get Rich Quick scheme is asking for trouble. But I don't think there was malice in what they did, just a lot of barefaced stupidity and lack of thought.

These people were undoubtedly greedy fools, but Betfair messed up too.

It will cost Betfair because they will have to pay out the winners, to safeguard their reputation, and they have no chance of recovering all the money from the losers.

Betfair failed in their duty of care and may well have option but to write off all the losses.

Or want a decent house for them and their family to live in?

Rent?

My friend, most people I know who are buying at 5x their annual income do not need to buy those houses. they can buy a cheaper house but it's just "not as nice" or (and I've heard this from one of the Mrs' friends) "My brother just bought a new one in the same area and I really want one to"

Those people deserve what they will get.

Nobody needs to spend 5x their annual income on a mortgage..there's nothing wrong with renting. I have done this for years..living in a shitty flat simply because I couldn't afford to buy anything, or rent anything decent.
I still know quite a few people who would rather do this then get into debt for amounts they know they'll have a tough time paying back and I have a lot more respect for them then I do for the first mentioned group.

It seems to be acceptable these days to borrow tremendous amounts of money to get something you don't truly need, anyone who subscribes to that philosophy will get done in a few years time. It is not nice but that really is the way it is.
There is nothing wrong with not buying a nice house but renting some crappy thing because that's all you can afford...that after all is the way things used to be for decades, only in the last ten years does everyone think they should be able to have everything someone else has and that simply is not the case.

When the music stops - it ALWAYS does, it's cyclical - it's called "a correction". Snakes & ladders. My share portfolio went from £62,000 to £27,000 almost overnight in October 1987, but I was fortunate in that I could hang in there & wait for the recovery. Fortunately, it only took 16 years......

Guaranteed profit? No such thing, if it goes up, it can go down. And always does. If one is happy to take the profit, one has to accept the losses as well.

I think my favourite post has to be one where the guy offers sympathy, but has his signature attached to his post which says something like:

"In the spirit of gloating take a look at my avatar which is the guy I bought with my matched betting profits".

I agree that some people overstretch themselves to buy a house.  They don't take into account how much it will cost them to pay their mortgage should the interest rate go up to 10 or 15%. 

It's like playing outside your bankroll.

A collapse in the housing market wouldn't be a bad thing for me.  It would mean that the cost difference between what I'm in now, and a bigger house (for when we have a family, etc.) is smaller and more realistic.  We bought in a cheaper area in order to buy a house within our means.

I've re-read your original post, and can see that your point was aimed at those who over-stretch themselves.  So we're actually in agreement...

You're absolutely right. There's nothing wrong with renting. I don't understand this country's obsession with owner occupation.

HOWEVER - I don't think the bottom is coming out of the housing market any time soon. No signs of any imminent collapse, interest rates are being carefully controlled.

A collapse in the housing market wouldn't be a bad thing for me.  It would mean that the cost difference between what I'm in now, and a bigger house (for when we have a family, etc.) is smaller and more realistic.  We bought in a cheaper area in order to buy a house within our means.

Now thats a great angle! By the way, I met Mrs Kinboshi at the weekend - what a lovely lady she is. Don''t know what she sees in him though.

I remember reading something somewhere which took this example to its extreme and theorised the situation where, overnight, every house's value dropped by a factor of 1000.

Yes, your £200,000 house is now worth only £200, but in order to buy that mansion which was yesterday £1,000,000, today you only have to find another £800.

I can't remember what the point of the example was though, which isn't very helpful.

That you're best off keeping your bankroll where it is...

or building it big enough so you can buy houses and not have to worry about mortgages...........

No, no, no. Build your bankroll to a million, spend it on a house, and then have the value reduced to £1000? That makes even less sense than getting excited about a 140% overround on a first goalscorer market :)

My bankroll?  :dontask:  No, can't be that...

I was wincing when i first started to read it, why didn't they stop and think about it for a min.

Betfair will have to plug that hole and will have to pay the losses, no legal contract between the punters.

Nice one flushy fo bringing this to our attention.

Wow that read was like watching a car crash in slow motion. As someone who actually made their sole living for a summer abritrage betting, i have quite a bit of experience in this field. All i can say is idiots, all of them.

Before you do anything in this kind of field do some research on the rules, don't use a piece of software, you don't understand. Actually know something about what you are betting on, anyone with some knowledge of football knew that Wenger was probably going to play the kids yesterday.

Im not sure i find it funny, more amazing how greedy and dumb some people can be.

Im fortunate in the fact that there is a house waitin for me if i want it. Im only 21 though and just feel its a bit too early for all that malarky so will give it a year or 2 more.
But the reason im posting is the rent/buy debate and the answer is very simple and very logical.

People buy if they want to give an inheritance, or that is the way of thinking around here.
There is nothing wrong with renting but when you go, you leave nothing (well not nothing but im not sure what the deal on inheritance tax is with savings) and thats your choice.

But im sure maybe, 10 years down the line i will buy a house and i disagree that people cant aford to borrow 5x their mortgage because surely (speking from a logical and maybe very ignornant perspective) that the mortgage lender would not lend to someone they could not get the money back from! Obvously the house is there as a safeguard for them but surely it doesnt work like that!

my friend, that is exactly how it works. the bank doesn't run any risks in the deal and you personally stand to lose everything.

As i said it was a very ignornant perspective  ;)

Boldie, when everyone struggles to pay their mortgage, lots of them lose their houses, and you're busy doing your little dance for joy, won't they all have less money to play poker with?

If they are struggling to pay the mortgage then they shouldn't be playing poker in the first place!!

yep...

I think you're missing my point. A receding tide sinks all ships.

There are plenty more fish in the sea USA..............

it does..but a housing crash in the UK does not impact everybody worldwide. Most people don't stretch themselfes too far and yes it will hurt them but not with the same catastrophic consequences it has for people who, essentially, live above their means.

I have skimmed through the thread (haven't got time to read all that!)... but can't find how they got liabilities more than betfair balance. Can anyone point me to the post where this is explained?

These guys did all their laying, leaving themselves nice and green across the board - their total liabiilities were under their Betfair balance because whatever liabilities would be incurred from the first goalscorer were more than covered by all the stakes they'd collect from the losing players.

Then the players who didn't start were voided. Stake money (the stake money that these guys were relying on to pay the winning bet) was returned. These guys watched in horror as their screens started going red before their eyes.

That's how they were able to have liabilities bigger than their balance - it all happened when the non-participants were voided.

People also buy so that they can knock holes in walls and make the place they spend a lot of their time exactly how they want it.  You don't get that with rented accommodation.  I love making holes in walls...

Well, so much for inviting you round to my house when you come up for the Scottish APAT ;)

Is it yours, or rented?  I don't knock holes in rented accommodation walls.  If it's yours, I'll bring me SDS drill and lump mallet with me ;D. 

unfortunatly it's mine... lol

Great news.  I'll drive up then rather than take the plane...

(http://www.mobilehouse.info/_images/news/6064_big.jpg)

Isnt that called a Gloryhole (google it if you dont kow what it is!)

lmao...

 rotflmfao rotflmfao rotflmfao rotflmfao rotflmfao rotflmfao



WHAT MUGS!!!!!!!!!

I love that the mod had to lock the first thread before the entire populous of the site went skint!!!!!!

Even after the erroer had been highlighted the guy that done 11k was still posting: "props for the great spot"!!!!!

I think there all clowns because its absolutely obv that all bets are void on the non starting players in 1st goalscorer markets.

Cant believe how they just thought it was too good to be true.