Can you cancel a bet on Betfair is a question we often get asked but, sadly, the answer is – NO!
If you read Betfair’s terms and conditions, the question of can you cancel a bet on Betfair is answered with the following definitive statement, “Once Betfair has confirmed your bet placement, you will not be able to change the terms of that bet or cancel or withdraw from that bet under any circumstances. Acceptance of your bet by Betfair concludes the bet.”
Why Can’t I Cancel A Bet On Betfair?
The best way to understand why you can’t cancel a bet on Betfair is to put yourself in their shoes. Betfair runs both a sportsbook and a betting exchange and they accept millions of bets every day. Just imagine how difficult it would be if lots of people started contacting their support team to try and cancel bets.
While cancelling bets on the sportsbook would be a possibility, the number of extra support staff they’d need to employ would cost millions of pounds, reducing their profits. But cancelling a bet on the exchanges would be impossible, because all matched bets also involve another member of Betfair, not the actual company.
The cancellation of bets is also a tricky area, as the reason why people want to cancel bets can vary. There are those punters that make mistakes, such as placing a £100 bet when they meant to place a £10 bet.
But lots of punters that try and cancel bets do so for different reasons. Punters have been known to ask to cancel bets because the odds of their selections have drifted, making people think they have less chance of winning. But Betfair or any other bookmakers can’t cancel bets because the odds have drifted, or the whole demand and supply mechanism that betting is based on wouldn’t work.
Some punters also try and cancel ante-post bets when rumours start circulating that a horse may miss the race. We’d all like to get our money back in these situations, but ante-post bets derive their name from the fact that your horse may not go to post.
Are There Any Ways I Can Get My Money Back From Betfair?
While Betfair does not cancel or amend bets, there are two ways that you could possibly get your money back from bets you wish you hadn’t placed.
If you’ve placed a bet on the Betfair Sportsbook, you may be able to get your money back by using the cash out feature. Simply go to cash out and see how much money Betfair are offering you to cash out your stake. You may get lucky and find that the cash out value is the same as your stake.
If you’ve placed a ‘back’ bet on the Betfair exchange, you may be able to get your money back by laying your selection.
But what you need to consider is, if the odds have drifted, the cash out offer may be less than your original stake. Equally, if you’ve placed your bet on the Betfair exchange and the odds have drifted, you may have to lay your selection back at a loss. However, these options may still be better than losing all your stake.
Why Do You Want To Cancel A Bet On Betfair?
When you feel the urge to cancel a bet on Betfair, you need to ask yourself why? And whether you manage to get all or most of your stake back by using the cash out option or laying your selection back on the exchanges, there are always lessons to be learned.
If you bet £100 instead of £10 because you were rushing to place a bet, are you the type of gambler that bets impulsively? Do you bet with your ‘gut feeling’ instead of applying form, logic, and good practices? Even worse, are you the kind of punter that chases losses when you’re having a bad day?
If you answered yes to any of those questions, you probably should be doing one of two things. You should either be giving up gambling or you should be taking your gambling more seriously – so what’s it to be?
How To Be A Good Gambler
There are two main types of gamblers, those that take their gambling seriously and aim to make money, and those that gamble for fun and tend to lose money. But we don’t think you can really be having fun if you’re losing money, especially if you’re making the kind of mistakes that make you want to cancel bets.
Professional gamblers may not look like they’re always having fun, but you’re got to remember that for them gambling is a serious business. Most professional gamblers will have their heads buried in a mountain of statistics and from for half of their working day, while they spend the other half watching and analysing the sports in which they specialise.
If a professional gambler doesn’t do his job properly, he doesn’t get paid, and making mistakes isn’t something they can afford to do. However, as serious as professional gamblers may look, they certainly know how to have fun when the winnings come pouring in.
Of course, becoming a professional gambler overnight isn’t easy. But, luckily, there are plenty of professional gamblers who are willing to share their tips and advice with you for an affordable monthly subscription. That means you don’t have to spend all the hours they do studying form and statistics, but you can still have all the fun of backing plenty of winners.
Here at Betting Gods, our stable of professional tipsters offer selections for a variety of sports, including UK and Irish horse racing, US horse racing, golf, tennis, cricket, ice hockey, basketball, and even eSports.
Our professional tipsters also offer advice about staking plans and betting banks. Our professional tipsters normally send out their tips for races or sporting events the previous evening or in the morning, meaning you’ll have loads of time to place your bets. This means you shouldn’t get flustered when betting, limiting the chances of you making costly mistakes that you’ll struggle to cancel.
You can check out a daily sample of tips from the Betting Gods tipsters by signing up to receive our daily free-tips newsletter. This is a great way to find your perfect tipster, after which you’ll have the option of purchasing an affordable monthly subscription to receive all their tips. Simply drop us your email address here and we’ll start sending you the Betting Gods free tips.
We hope that’s answered your question, can you cancel a bet on Betfair.