Who lost $300 000 yesterday at Betfair (Detroit vs Milwaukee)?

Guest · Apr 27, 2004

I read today than someone offered odds between -125 and -105 on Detroit ML at Betfair betting exchange. Usually there are $5-6 thousand matched bets in one game, but this time 550 000 Euros, which is about $650 000.

Everytime when $10 bet has been accepted it means $20 has been matched, so I guess this dude lost about $300 000.

D2bets · Apr 27, 2004

Hmmmm...interesting. I wonder if it was the same someone who was heavy short-selling Detroit ML at Tradesports. Wasn't quite that kind of volume but there was a lot of pre-game selling -- around 5000 contracts between 60 and 65, roughly -150 to -190 on Detroit. So whoever sold there lost around 20K or so. I am intimately familiar with that situation.

I also noticed Pinnacle's ML price inexplicably moving downward in a fashion incongruous with the spread movement -- looked to me like someone or several someones were hammering the Milwaukee ML there. It went down to like -233/+205 while it sat +225 to +230 at most shops. Very odd.

Guest · Apr 27, 2004

William Hill went from +230 to +190 also. I think a lot of people made arbitrage bets and guaranteed some easy money.

jip · Apr 28, 2004

Apparently this "problem" was due to an automated "bot" program that lays the odds for Betfair. It malfunctioned and laid the wrong price on the Pistons over and over again.

It developed its own "opinion" on the game and suffered a bad beat when the Bucks lost (I know how it feels).

D2bets · Apr 28, 2004

Really? But isn't betfair basically a P2P site where it just matches individuals up? Or does betfair itself take wagers? I'm confused.

Hmmmm...I wonder if that could possibly explain what happened at Tradesports as well. Maybe some of the individuals who were fortunate enough to buy Detroit over and over at -105 to -125 just wanted badly to hedge that off so they used Tradesports going the other way and were happy to get +150 to +190 on Milwaukee. Interesting.

Who lost $300 000 yesterday at Betfair (Detroit vs Milwaukee)?

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