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Betfair Explains Racing Bet Glitch

01/01/2012 :  Mortified CEO pledges that software flaw has been fixed
 
Betting exchange Betfair was remarkably frank in describing the software flaws that led earlier this week to a voiding of bets on the Christmas Hurdle horse race at Leopardstown.
 
Describing himself as "personally devastated", acting chief exec Stephen Morana revealed that an account holder with less than GBP 1000 credit had been allowed to offer 28-1 odds on 13-8 second favourite Voler La Vedette. His generous offer was predictably matched to the tune of GBP 800 000 from some 200 punters who scented easy money, creating a liability of around GBP 23 million, Morana revealed.
 
Fortunately the bunfight was stopped before some GBP 21 million in offers from other hopefuls was accepted, which could have resulted in a liability of quite biblical proportions.
 
The fact that the punter's offer progressed as far as it did, bearing in mind the low funding in the account, was attributed to the accounts automated betting software going haywire, or as the Betfair report more diplomatically phrased it: [the account software] "developed a fault, causing it to try and place a very large number of bets on the exchange. These bets were large in size and mispriced [for the credit balance in the account] so none of these bets should have been accepted.
 
"However, due to a technical glitch within the core exchange database, one of the bets evaded the prevention system and was shown on the site. This was an issue that was triggered because of a unique sequence of events that had never happened before.
 
Morana assured interested parties that the fault had been identified and fixed, and that precautions had been taken to ensure there could be no reoccurrence in the future.
 
"Lessons have been learnt in terms of how quickly we need to respond and how we need to communicate with our customers,” an embarrassed Morana noted.
 
Reporting on the Betfair assessment, the Guardian newspaper published a follow-on quote from Morana that showed that the company realises how much damage the incident has caused to its reputation as well as its share price, which dipped significantly before the exchange closed Friday.
 
Morana told the newspaper that the incident was a "body blow" and that it had impacted the trust built over years with the company's customers.
 
”We’ve got to prove to people that it was a one-off,” he said.



Gambling News :

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

Dollars to Donuts Slot Launch - Firstly, it's a classically styled, easy playing 3-reel with five pay lines featuring a traditional icon set of bars and sevens.

Secret Symbol Slot - RTG will soon release 'Secret Symbol', a 5 Reel Video Slot on 3/15/2017.

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