What is happening with Bitcoin bets on Betfair?

NoRegretsCoyote said:
Cancelling the market is the least unfair option.

No one was "in the money" because the race was a long way from over.
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Maybe this will help explain. Betfair operate a "cash out" facility. On the click of a mouse you can cash out your bet even though the race/event is in the future. If you are "in the money" cash-out will cause Betfair to transfer money to your account and vice versa if you are "out the money". But even without the cash-out facility you can always "close out" your bet by taking the opposite position. If you are "in the money" that will result in a crystallized profit and vice versa.
 
elacsaplau said:
What's the craic here.....I had thought bets were unenforceable legally? Any good summary of what the law provides?
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My case was against the Betfair Casino , Betfair is an exchange so in general your just betting against other users Betfair doesn't have any liability.
I pursued the Casino through the Advertising Standards in the UK and so did other players , they found against Betfair but Betfair still withheld the funds , the only punishment for Betfair was not to use similar advertisement again. I hired a solicitor in the UK, my case against them was that they had no right taking back my money from my bank account. They froze my account for deposits and withdrawals with a considerable amount in it , I "chip dumped" the money to my wife's account and withdrew it. They settled out of court with a non disclosure clause.
 
Fella said:
My case was against the Betfair Casino , Betfair is an exchange so in general your just betting against other users Betfair doesn't have any liability.
I pursued the Casino through the Advertising Standards in the UK and so did other players , they found against Betfair but Betfair still withheld the funds , the only punishment for Betfair was not to use similar advertisement again. I hired a solicitor in the UK, my case against them was that they had no right taking back my money from my bank account. They froze my account for deposits and withdrawals with a considerable amount in it , I "chip dumped" the money to my wife's account and withdrew it. They settled out of court with a non disclosure clause.
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Incredible stuff. The NDA was a mistake. Knocks about 50% off the film rights.;)
 
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I see that the Journal.ie is running with this story

Leading financial commentator's expected Bitcoin windfall goes missing

A well known financial expert has come out on the wrong side of developments in a recent Bitcoin trade. In a surprising admission, Mr. Burgess claimed to be unaware of the regulatory, legal and contractual changes which have resulted in his undisclosed paper profit being negated. It is understood that sources close to Mr. Burgess, a Fella, has recommended legal action...……...
 
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