Funniest thing in ages

[Royal Flush]

I am crying reading these, its great!

Great tip to make a fortune on betfair

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

The results

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

[Royal Flush]

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.

[Royal Flush]

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!

[Royal Flush]

5k down

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


 

[Royal Flush]

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      

[brummieboy]

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

 

[boldie]

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

[Royal Flush]

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

[AndrewT]

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.

[smithy69]

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

[AndrewT]

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...?

[AndrewT]

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.

[smithy69]

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!!!!!!!!!!!!!!!!!!

[boldie]

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.

[tikay]

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