Betfair 'sorry' after Voler La Vedette in-running betting error

Voler La Vedette

Voler La Vedette beat Mourad in the three-mile race

Betting exchange Betfair has voided millions of pounds worth of in-running bets traded on the Christmas Hurdle at Leopardstown because of a "technical error".

A single punter appeared to be offering to accept £21m worth of bets at in-running odds of 28-1 against Voler La Vedette, even as the 13-8 second favourite crossed the line in front.

In all, bets totalling £1.6m were staked, meaning a potential payout of tens of millions of pounds when the horse won.

In theory, the individual could potentially have lost £600m had his full limit of £21m been wagered.

Betfair suspended the market in order to investigate, and after lengthy discussions, it said the problem was due to a technical error.

Analysis

“Whatever the whys and wherefores of this drama, Betfair must be absolutely desperate that it doesn't happen again. Punter confidence in its online technology is vital in keeping the show on the road, and- with apologies to Lady Bracknell- to have one technical failure might be regarded as a misfortune, but a second would look like carelessness”

Cornelius Lysaght BBC racing correspondent

A statement read: "In accordance with our terms and conditions, all in-running bets on this race, both win and place, will be made void.

"Customers betting in-play on this race will have seen that Voler La Vedette was available to back at 29 (28-1) when the in-running market was suspended, and that a considerable sum was matched on the clear winner at that price.

"An investigation has revealed that this was due to an obvious technical failure which allowed a customer to exceed their exposure limit.

"We fully appreciate the dissatisfaction this will cause many customers, and apologise for a very poor customer and betting experience."

Betting exchanges allow punters to bet at odds set and requested by other gamblers rather than by a bookmaker. Members can make both "back" bets, which are normal bets on a selection to win, and "lay" bets, where the punter is betting against the selection.