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Monday August 8,2011 : We've paid the money to the processor, says major betting exchange
The UK online gambling group Betfair is again the subject of player scrutiny following allegations that a player may have to wait for over two years to receive winnings of $3.1 million paid out in instalments.
The issue surfaced in a video report at from the respected internet sports betting information site Sports Book, where Betfair has a top rating.
The video claims that a Russian professional gambler using Betfair had requested payment of $3,5 million in February this year. At that point the player had received only $360 000, although to date, and over a period of five months, a total of $600 000 has apparently been received.
SBR has confirmed through Betfair that the complaint and payment is legitimate, although the betting company appeared to have largely washed its hands of the issue by commenting that it had paid the full amount owed to a [publicly unnamed] payment processor.
When contacted by SBR for an explanation on the slow pay, which could mean a delay of well over two years before the player receives all of his money, the processor cited unspecified laws restricting payments, writing:
"The current laws restrict transactions to up to $20 000 US a week. We have been paying $10 - $20 000 weekly via bank wire (we are trying to transfer larger increments soon) and in addition give him cash."
Contacted with a request for possible alternatives, neither Betfair nor the processor has so far responded to SBR.
The Sports Book Review vid also highlights other problems facing prolific punters at Betfair, namely the controversial imposition of a 60 percent premium charge on big spending pro players in addition to the normal commission, and premium charge "assessments" based on allegations of player fraud.
It is understood that some players legitimately multi-account at Betfair to keep track of their action on different sports, and that there have been instances where the betting exchange has unilaterally linked together several accounts, thus making these liable to the premium charge.
Late last year Betfair came in for strong player criticism when it erred on the now infamous 'Happy Hour' promotion. This allowed for unlimited bonus credits provided that players could satisfy the 10X casino rollover. On discovering its error the company discontinued the promo and allegedly reclaimed bonuses it had awarded instead of "eating" the mistake itself.
In one especially notorious case that lit up the player message boards, a Portuguese player claimed that Betfair had been allowed to withdraw over $32 000 he had won on the hapless promo from his bank account...without his consent or any warning.
SBR requested comments from both Betfair and the player's bank at the time, but reported that none was forthcoming. It has been claimed that Youtube vids on that issue were subsequently withdrawn after complaints from Betfair.

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Gambling News :

Oshi online casino now accepts fiat currencies - The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.

New Standards for UK Online Gambling - Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.

Pennsylvania Gambling Bill 1887 returned with additions - The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.

UKs Advertising Standards Authority vs Ladbrokes - A Ladbrokes Casino email promo has fallen foul of the UKs Advertising Standards Authority who deemed significant terms and conditions concerning bonusing to be unclear or misleading.

Mybet Earnings Struggle - The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".

Tom Horn Awarded Malta Gaming License - Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.

Calvin Ayre invests in new Antigua Business Center - Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.

Attack of the Zombies Slot - Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.

Why is FullFlush Poker Still Down - Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.

Time Running Our For Pennsylvanian online gambling - Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.

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