Betfair get stung

[Dodger]

Just been to put my placepots on and the manager asked what I thought of what went on at Betfair Poker the other night (although it transpires this was a couple of weeks ago)...I hadn't heard anything. So...pinched from another forum is this post: Betfair Pays Out - Software Glitch Revealed Jan 15th, 2008 Between 3 AM and 6 AM this morning, a glitch was discovered on Betfair Poker. The Sit 'n Go payouts developed a glitch immediately after the site ran a software upgrade. Betfair's "6-Pack" Sit 'n Go's were not only paying the top two places, but also ALL the remaining entrants; all entrants were being paid 2nd place money, regardless of where they placed. Obviously, it did not take long for players to realize what was happening - groups quickly filled all the highest buy-in Sit 'n Go's and began to go all-in every hand. An organized effort was established with a small group of twenty players exploiting the glitch, and as the night progressed, others quickly realized the situation and began to profit as well. Betfair finally became aware of the problem around 6 AM. One report estimates the losses at over $1.7 million pounds, making this quite a fiasco for Betfair. Many players who took advantage of the glitch instantly, withdrew their newfound wealth via Paypal. Paypal has frozen many accounts, but some players were able to cash out and escape with their ill gotten gains prior to being discovered. This information was linked on the Betfair forums in a few threads, but at last check, they have been removed by management, leaving the public to wonder if Betfair is attempting to hide the scandal.

[Dodger]

Re: Betfair get stung and from another:

Anonymous said...

Not a scandal, but an exploit of erroneous code... maybe you could rename the title to something like 'Betfair SnG exploit!" :) It was occurring in the rare situation when players would tie for 2nd in a SnG ie possible by going all in on the very first hand (ie everyone who is all in having equal chips before the hand) The $1.7m payout sounds right - however that is not net loss on Betfair's part. Actual $ loss due to the increased prize pools was