Account Restrictions – FYI
Something that was brought to my attention recently is that Betfair Sportsbook have been operating a Minimum Bet Liability (MBL) promise. Apparently, this has been in place for two years, but as I’m restricted to pennies, I wasn’t aware. They are committed to laying a bet to lose a maximum of £500 on bets struck after 10:00 a.m. so this might be useful. Hopefully all firms will soon offer something similar, in line with bookmakers’ licencing terms in Australia.
The Betfair Sportsbook promise does have the following caveats:
“BETFAIR RESERVES THE RIGHT TO EXCLUDE CUSTOMERS FROM THE GUARANTEE WHO, WE BELIEVE, ARE:
– Executing trades using automated systems or software;
– Acting in collusion with other accounts, or using multiple accounts to place qualifying bets; or
– Placing qualifying bets for the purpose of arbitrage (“arbing”). Examples of betting behaviour which indicates that a customer may be arbing includes (i) customers consistently or systematically placing qualifying bets when the price is greater than the corresponding back price on the same selection on the Betfair Exchange at the point of bet placement; and/or (ii) customers regularly cashing out qualifying bets before the race commences.”
If you are “arbing” remember that Betfair, Paddy Power and Skybet are all part of Flutter Entertainment and are sure to have algorithms to catch you out.