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Wednesday, December 28, 2011

Betfair allows £21m LAY bet in Leopardstown Horse race.

Voler la Vedette (red jockey) in lead
Betfair have been hit by a system failure (or a hack?) during a Christmas Hurdle race at Leopardstown this week.

The winner, Voler La Vadette, was the 13-8 second favourite on-course and ran the race well always in contention and looked the obvious winner even before the final flight which it cleared to win easily.

Betfair allowed a punter to place a LAY at odds of 28-1, for a staggering £21,000,000+, of which £1,642,094 was matched.

The total lay bet had a liability of £600 million, and is clearly a hack, or a major system malfunction.

Betfair suspended the market in order to investigate, and then confirmed that in-running bets would be void, probably because the punter didn't have £50 million to pay the matched bets.

A statement posted on the Betfair forum read "An investigation has revealed that this was due to an obvious technical failure which allowed a customer to exceed their exposure limit. "

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