What happens when Betfair stops working?
Interesting question eh? Well, for the more seasoned Betfair user, you will already be frustrated by the frequent outages over at Betfair. When Betfair stops working, It leaves a trail of devastation In Its wake, which Is now starting to annoy Its users, myself Included.
Just last Saturday during the afternoon football, Betfair Suspended halfway through a trade. In fact, It remained suspended for over an hour on the busiest day at the busiest time of the week. Clearly the merger between PaddyPower and Betfair has done little to strengthen their IT support. In fact, the last time that Betfair went down, It actually cost me £70 in losses due to me not being able to trade out of the match.
For that very reason, I am writing this post, so that you’ll be prepared when Betfair stops working again. And It will!
What I’ve found Is that people are now starting to use alternative betting exchanges as they’re just safer to use than Betfair. Years ago, these exchanges had very liquidity, now things are Improving considerable for them. If Betfair continue In the same vain, I expect them to get left behind shortly.
You need to ensure you have another account at one of the following, as a minimum.
If Betfair goes down mid-trade, at least you can trade out using your alternative exchange. Also keep a note of the Betfair Customer Services phone number to hand as well as your account number. You may be able to bet over the phone In such circumstances.
The concept of Betfair is absolutely revolutionary. Unfortunately they’ve had It too good for too long now, and they’re repelling customers. It took me almost a week to resolve a very simple Issue with a bet, and during that week, I contacted them no less than 5 times. The livechat staff are based in Malta, and their level of support Is simply not good enough. They give the Impression that they really don’t care about your Issue, and judging by the stories online, I’m clearly not alone.
Even the software developers have seen where things are going, and they’re developing trading robots for Betdaq, Matchbook and Smarkets. This will take a larger chink out of Betfair’s turnover. In fact, many professionals are using Betfair half-heartedly as Betfair are fleecing them with the “Premium Charge“. This Is an additional cost that Betfair charge Its successful users, just because they make money consistently. It appears that Betfair are clipping the wings of those that contribute most to the Betfair business. How’s that for stupidity?
If I were a shareholder in PaddyPower Betfair, I’d want answers as to why the site keeps going down. The amount of revenue lost just last Saturday alone will be eyewatering, and certainly in 7 figures. Why are shareholders letting that go? As I write this, the share price over the last 5 years has fallen by over 20%, that’s despite revenue more than doubling during the same period. The pre tax profits have remained virtually stagnant for the same timescale (Source: London Stock Exchange) This is definately not a business in a growth phase Is It?
I’m not sure what the future holds for Betfair, but It really needs to get the fundamentals right. If your storefront Is closed, you can’t make profit. To me It seems obvious, but who am I?