Betfair have decided to settle some of the bets that were placed during the now infamous Leopardstown race won by Voler La Vedette during the Christmas period.
All bets on the race were initially voided after the race after it became apparent that 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.
The betting firm have now decided that successful bets placed on the win market before the technology failure – which was said to have taken place a minute into the race – and all other winning bets on the place market will now be met.
Head of Public Relations for Betfair Barry Orr said in a statement “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. Relevant accounts will be credited by us today. This compensation complies with, and goes beyond, the GGC’s recommendations.
“The categories of bets that will be compensated are:
1. In-play winning positions in both the ‘win’ and the ‘to be placed’ markets which were achieved before the technology failure; and
2. In-play winning positions in the ‘to be placed’ market achieved at any time through to the completion of the race.
Bets matched in the ‘win’ market after the technology failure will remain void.
“We would like to take this opportunity to thank our customers and the GGC for their feedback in helping us to achieve what we believe to be a fair conclusion to this unprecedented incident. We remain committed to providing our customers with the best betting proposition possible.”