Betfair Accused of Robbing Hundreds of People Through “Happy Hour” Promo

Written by:
Jagajeet Chiba
Published on:
Dec/01/2010
Betfair

The largest betting exchange in Europe, Betfair, has been accused of “robbing” players during a recent online casino “Happy Hour” promotion.

The allegations against Betfair were lodged by a representative of the website SBR Forum and via YouTube.

The November 13 promo promised to reward players a 50 percent bonus by transferring money to their casino.  A 10 time rollover (betting the amount transferred a minimum of 10 times) was required before the bonus could be claimed. 

“If you play Casino Hold ‘Em, which has about a 2 percent edge, you would expect to lose 20 percent of your transfer and still be up 30 percent on your bonus,” the SBR spokesperson explained.  “Not surprisingly, a lot of players used this ‘player-friendly’ promotion.”

The spokesperson goes on to claim that once Betfair realized it had made a mistake by offering such a generous promotion, they began locking player accounts.  Emails from players also revealed that Betfair was planning on recovering some funds lost during the promotion.  Those attempting to withdraw funds, as well as the bonus money, learned that payment solutions company Moneybookers had reversed some of the transfers.

“Betfair needs to honor the promotion but instead of honoring it, they secretly changed the terms of the promotion,” the SBR spokesperson stated.

A “before and after” terms screenshot is displayed at the 2:30 mark of the video.

Among the changes:  Betfair increased the rollover amount and the games that could be played as part of the promotion.

The spokesperson pointed out that such a move could not be considered “bait and switch”, but rather “outright fraud”. 

One player commented on YouTube:

“I have withdrawn all my money from Betfair while I await their response. Betfair are arrogant, incompetent and greedy. They seem to think their quasi-monopoly in the sports exchange is unassailable. It is not.”

In late October, Betfair listed on the London Stock Exchange as one of the biggest IPO’s of the year with company’s shares rising almost 20pc the very first day of trading.

The 10-year-old company is valued at £1.6billion, while co-founders Edward Wray and Andrew Black stand to make £18.9m and £16.6m, respectively, from the flotation.

The Betfair online casino operates out of the online gambling jurisdiction of Malta.

- Jagajeet Chiba, Gambling911.com

Gambling News

Maine Vote on Sports Betting Coming Shortly

Maine Vote on Sports Betting Coming Shortly

Maine legislators say they are 95% there but it is the other 5% they need to hash out, at which point sports betting could soon become a reality in the New England state.  Seven bills have been reduced to one.

Become a Bookie

How to Become a Bookie From Scratch

Becoming a bookie isn’t as difficult as you may think. In this guide, I will assume that you are starting from scratch and provide you with the steps to get started. There’s a lot to learn if you want to run a successful operation, but I don’t want to overwhelm anyone.

Sports Betting News: Disney Now Owns Share of Draftkings?

Sports Betting News: Disney Now Owns Share of Draftkings?

One small part of the massive deal between the Walt Disney Company and 21st Century Fox included the stake in daily fantasy sports and sports betting company DraftKings, Legal Sports Report confirmed on Monday.

Sports Betting Forums: Top Discussions

We tap into the hottest discussions on the sports betting forums and social media.  Hot now: Disney Takes Stake in Draftkings, Negreanu Talks Game of Throne Finale, Bitcoin Profiled on 60 Minutes, More

Holzhauer Returns

Top Gambling Stories: Holzhauer Returns, High Court Ends Kenya Gambling Ad Ban

One of the most prolific gambling and sports crazed nations, Kenya, will no longer ban gambling ads, at least for now, and professional sports betting Holzhauer returns to Jeopardy Monday

Syndicate