ExtraBet – Limits cut on all Markets Online
December 3, 2009Peter No Comments »Word is quickly spreading that there is a new corporate policy at Extrabet which severely limits stake sizes on sporting events. The reasoning behind the new rules appears to be a method of controlling risk. One cannot deny the logic here, no bets no risk. 
As an example a sports better was perplexed to find out that the maximum bet size the computer would let him have on Ascot 2nd to 3rd distances was just £1!! After this was taken they cut the price by a point.
I contacted IG and was told this was across the board and all bets / bettors were affected. It seems this decision was made at a level of management far above the front line staff who are equally unhappy with it.
A punter e-mailed ExtraBet with a good moan about this and a few hours later had a response…which by the way doesn’t sound promising for the future.
Reply was thus:
Dear Mr XXX
We have recently implemented new Trading Policies after a thorough review of our risk practices; the new policy is effective immediately. I am afraid that these new practices will result in a reduction in the size of stake that you are used to trading in, which is an unavoidable consequence of these changes. We will continue to review all of our trading principles and amend when and where we feel it is required, although we do not envisage re-thinking any of these changes in the near future.
Should you wish details of the maximum bets sizes that we are able to accommodate on your account then please do not hesitate to ask one of our Customer Service team, who will be happy to provide you with the details.
Regards
Nick Butchart
Head of Operations
http://www.extrabet.com
I have asked for them to send me my limits for my usual bets.
And here they are:
Horse Racing Lengths Jumps £0.50 (50)
Horse Racing Lengths Flat £2.50 (20)
Horse Racing 2nd-3rd Lengths Flat £2.50 (20)
Horse Racing 2nd-3rd Lengths Jumps £0.50 (50)
Horse Racing Starting Prices £0.25 (50)
Horse Racing Race 50 Index £0.50
Football Total Goal Minutes £0.50 (250)
Football Total Goals £20 (5)
Football Goal Supremacy £20 (5)
The bracketed figures are the stop loss limits.
Thus for Total Goals I risk £100. (5 x 20)
For distances £25
For SP’s we’re at £12.50
Now if this is the case their spreads seem not even worth pricing up surely its more effort than it’s worth for £1 bets here and there. I venture there is very little scope for trading with ExtraBet gives these stakes.
Comments: This follows an unsubstantiated rumour that IG are thinking about a sale of the sports division and spreads decimated by current owners whilst this process is taking place. I wonder if Betfair have the bottle to come in with a bid for the Extrabet business. The clamp down on stake size seems pretty much across the board. From what I’ve read/been told… That being the case how can it be financially viable for them to go to the trouble of pricing up and displaying the horse racing spreads for example if they’re only going to let people bet in 50p’s or something similar; probably more profit for them in simply not bothering. Spreadex and Sporting Index are now the only places where you can have a reasonable sports spread betting punt.
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