Betfair is one of the oldest online casinos, sportsbooks and betting exchanges in the world. The company was founded in 2000 and to this day remains a very popular place for both punters and lovers of casino games.
People who like exchanges often come here, as Betfair is without a doubt one of the world’s largest betting exchanges.
Sooner or later, however, everyone’s luck runs out and they get into trouble, sometimes without intent. For Betfair, while their luck has not run out, they have certainly paid the price, or a price, to be precise, 150,000 dollars.
Paying Money Which is Not Earned
When you ponder on it, paying money to someone who did not earn that money is downright outrageous, especially in the case of an online casino and sportsbook. The house does not like to lose and it seldom does. But when faced with possible severe penalties and going to court, even casinos pay their due.
Here is what happened.
Mr. M – A Big Time Spender
Mr. M, as the person is addressed in the documents, loves to gamble. This person spent a lot of money placing huge bets, and for the most, losing all of them. On one particular day, on February 20 of 2018, Mr. M made a request to transfer money from his gambling account to his bank account. The problem happened that after making the request, Mr. M gambled away a significant sum of 86,000 dollars, which took no longer than 22 minutes.
Adding another 35,000 dollars, Mr. M managed to gamble those away, too, which took less than 50 minutes. Desperation led to Mr. M contacting Betfair, to ask for his withdrawal to be canceled. Betfair made this a one-off, which came back to haunt them.
Mr. M spent all of that money, as well.
Betfair – Paying More for One Bad Decision
Betfair was found guilty of allowing unlawful bets by the Northern Territory Racing Commission of Australia. They were also fined and had to pay 13,175 dollars. On top of that, they had to pay back Mr. M the 150,000 he already spent, as part of those unlawful bets.
Betfair was also criticized for not responding to obvious signs of a problem gambler, which presented themselves in previous years, and not just those already alarming situations in early 2018. Mr. M had a history of gambling and he had his gambling account suspended in 2016, as well as already having been denied a withdrawal cancel of 40,000 because of responsible gambling.
One of the other Brands, actually got point for good case practice when it comes to this problem.
Gambling is a double-edged sword, sometimes you win, but more often than not, you end up hurting yourself, which is sometimes true for casinos and sportsbooks.