diff --git a/src/pretix/base/forms/validators.py b/src/pretix/base/forms/validators.py
index 50421e2986..c6a7c2df4b 100644
--- a/src/pretix/base/forms/validators.py
+++ b/src/pretix/base/forms/validators.py
@@ -66,7 +66,7 @@ class PlaceholderValidator(BaseValidator):
             return
 
         try:
-            format_map(value, {key.strip('{}'): "" for key in self.limit_value}, ignore_missing_keys=False)
+            format_map(value, {key.strip('{}'): "" for key in self.limit_value}, raise_on_missing=True)
         except ValueError:
             raise ValidationError(self.error_message, code='invalid_placeholder_syntax')
         except KeyError as e:
diff --git a/src/pretix/control/views/event.py b/src/pretix/control/views/event.py
index 3bdb032574..15f5f68018 100644
--- a/src/pretix/control/views/event.py
+++ b/src/pretix/control/views/event.py
@@ -756,10 +756,12 @@ class MailSettingsPreview(EventPermissionRequiredMixin, View):
                     with language(self.supported_locale[idx], self.request.event.settings.region):
                         try:
                             if k.startswith('mail_subject_'):
-                                msgs[self.supported_locale[idx]] = format_map(bleach.clean(v), self.placeholders(preview_item), ignore_missing_keys=False)
+                                msgs[self.supported_locale[idx]] = format_map(
+                                    bleach.clean(v), self.placeholders(preview_item), raise_on_missing=True
+                                )
                             else:
                                 msgs[self.supported_locale[idx]] = markdown_compile_email(
-                                    format_map(v, self.placeholders(preview_item), ignore_missing_keys=False)
+                                    format_map(v, self.placeholders(preview_item), raise_on_missing=True)
                                 )
                         except ValueError:
                             msgs[self.supported_locale[idx]] = '<div class="alert alert-danger">{}</div>'.format(
diff --git a/src/pretix/helpers/format.py b/src/pretix/helpers/format.py
index f85c200f5c..7a31775d08 100644
--- a/src/pretix/helpers/format.py
+++ b/src/pretix/helpers/format.py
@@ -30,15 +30,15 @@ class SafeFormatter(Formatter):
     Customized version of ``str.format`` that (a) behaves just like ``str.format_map`` and
     (b) does not allow any unwanted shenanigans like attribute access or format specifiers.
     """
-    def __init__(self, context, ignore_missing_keys=True):
+    def __init__(self, context, raise_on_missing=False):
         self.context = context
-        self.ignore_missing_keys = ignore_missing_keys
+        self.raise_on_missing = raise_on_missing
 
     def get_field(self, field_name, args, kwargs):
         return self.get_value(field_name, args, kwargs), field_name
 
     def get_value(self, key, args, kwargs):
-        if self.ignore_missing_keys and key not in self.context:
+        if not self.raise_on_missing and key not in self.context:
             return '{' + str(key) + '}'
         return self.context[key]
 
@@ -47,7 +47,7 @@ class SafeFormatter(Formatter):
         return super().format_field(value, '')
 
 
-def format_map(template, context, ignore_missing_keys=True):
+def format_map(template, context, raise_on_missing=False):
     if not isinstance(template, str):
         template = str(template)
-    return SafeFormatter(context, ignore_missing_keys).format(template)
+    return SafeFormatter(context, raise_on_missing).format(template)