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Wednesday, 11 January 2012

Betfair to settle some Voler La Vedette bets

Super mare Voler La Vedette and Andrew Lynch win the Hatton's Grace FairyhouseBETFAIR have announced that some of the punters who backed Voler La Vedette in their controversial in-running market on the Christmas Hurdle at Leopardstown last month will be paid out.
Bets were initially voided after a technical fault allowed an automated program to lay the easy winner to lose over £21million at a price of 29 (28-1) on the betting exchange.

But successful bets placed on the win marketbefore the technology failure - which was judged to have occurred a minute into the race - and all successful bets on the place market will now be met via an ex-gratia payment.

In a statement, Betfair said: "Since the 2.00pm race at Leopardstown on 28 December 2011, we've looked in detail at all the circumstances surrounding the technology failure and the anomaly it created.

"In addition we provided our Gibraltar regulator, the Gibraltar Gambling Commissioner (GGC), with a detailed technical and operational report on the incident and the GGC made a number of recommendations. We have also consulted with customers and taken their feedback on board.

"Accordingly, we have reviewed our decision to void all in-running bets matched on the race and, in the interests of fairness, certain categories of voided bets will be compensated by way of ex-gratia payments from Betfair. This compensation complies with, and goes beyond, the GGC's recommendations."
Betfair share price closed on Wednesday up by 7.5p at 827.5p, having dipped to 760p at the time of the Voler La Vedette episode.  
Source: Racing Post