01/12/2012 : Certain categories to receive ex gratia payment
Betfair has released a statement following a backlash from punters and industry observers over the company voiding bets on the Christmas Hurdle horse race at Leopardstown last month following a technology failure.
Considering internal discussions, recommendations from the Gibraltar Gambling Commissioner (GGC) on a detailed report Betfair submitted to the authority and extensive customer consultation, the company has reviewed its decision to void all in-running bets matched on the race and will compensate, via ex gratia payments, certain categories of the voided bets, it announced today (Wednesday).
The relevant accounts are reported to have been credited and the company is quick to point out that the compensation goes beyond the GCC's recommendations.
According to the statement the following categories of bets compensated are:
1. In-play winning positions in both the ‘win’ and the ‘to be placed’ markets which were achieved before the technology failure; and
2. In-play winning positions in the ‘to be placed’ market achieved at any time through to the completion of the race.
Bets matched in the ‘win’ market after the technology failure will remain void with Betfair referring complaints to the Independent Betting Arbitration Service.
A refreshingly candid Steve Morana, interim chief executive officer at Betfair, said at the time that the company realised how much damage the incident has caused to its reputation as well as its share price, which dipped significantly before the exchange closed following the debacle.
Viewed as a show of good faith, this gesture is sure to count towards bolstering both its reputation and trust factor, with some punters at least.