BETFAIR NAMED IN $3.1 MILLION GAMBLING SLOW-PAY COMPLAINT
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 http://www.youtube.com/watch?v=lIFThu-kX5c&feature=player_embedded#at=17 from the respected internet sports betting information site Sports Book Review.com, 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.
http://forum.sbrforum.com/sportsbooks-industry/1180128-betfair-3-1-million-slow-pay-other-pro-player-issues-video.html?slf=2
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.
