The New Jersey Department of Gaming Enforcement (DGE) has ruled that bet365 acted illegally when it altered odds on sporting events without notifying customers over a two-year span.
According to the DGE ruling, a routine audit revealed that a significant number of wagers were paid out at adjusted odds rather than the originally stated odds when the best were placed. These were across 13 sporting events from December 2020 to November 2022.
The events covered NFL games and collegiate sports games including a New England Patriots vs. New York Jets in December 2020 and an NCAA basketball games between the University of North Carolina and Purdue University in November 2021. Other events included table tennis games, the Masters Golf tournament MMA fights, and numerous college sports events.
NJ gaming laws state that any changes to odds in this manner or the voiding of bets must first be approved by the DGE.
In its response to the charge, bet365 stated that its house rules allowed the changes to be made. But the DGE pointed out that while the house rules do state this, any changes to odds or voidance of bets must be approved by the regulator first.
As a result, the DGE has directed bet365 to pay $519,323.32 relating to 199 winning wagers during this period. This must be paid with 10 days of the ruling.
In the ruling, DGE Interim Director Mary Jo Flaherty said:
“These failures are both problematic as to bet365’s business ability to conduct online gaming and the integrity and reliability of its operational systems and, therefore, unacceptable as they resulted in misleading wagering information that was relied upon by its patrons and ultimately lead to incorrect payouts for numerous patrons.”
bet365 Stoke City FC Demerger Finalized
bet365 has also completed a demerger as part of the new ownership model of English Championship club Stoke City FC.
The demerger means that the club is now fully owned by John Coates through Stoke City Holdings as opposed to bet365.
The new ownership model also means that ownership of the club’s stadium and Clayton Wood training ground are now fully owned by the club.
Speaking of the demerger Coates said:
“My family and I remain steadfast in our commitment to Stoke City, so it’s very much business as usual. Infrastructure projects at the stadium and our training facility will continue during the coming years at pace, and Potters’ supporters can rest assured that investment in the playing squad will continue to be maximised within our competition rules.”
An experienced iGaming commentator and analyst based in New York City – Jenny reports on regulation and gambling industry news and events.
In a surprising turn of events, popular online betting platform bet365 has been ordered to refund a staggering $500,000 to customers who placed winning bets with altered odds. The incident has sparked outrage among bettors and raised questions about the integrity of the betting industry.
The controversy began when several bet365 customers noticed that the odds on their winning bets had been changed after the events had concluded. This meant that they were paid out less than what they were entitled to based on the original odds at the time of placing their bets.
Upon further investigation, it was discovered that a technical glitch had occurred on the bet365 platform, causing the odds to be altered without the knowledge or consent of the customers. This led to a significant number of bettors being shortchanged on their winnings.
In response to the outcry from affected customers, bet365 has issued a public apology and committed to refunding the full amount of $500,000 to those who were impacted by the error. The company has also vowed to take steps to prevent similar incidents from happening in the future.
This incident serves as a stark reminder of the risks associated with online betting and the importance of transparency and accountability in the industry. Customers should always be vigilant and ensure that they are aware of the terms and conditions of any bets they place, as well as the reputation and track record of the betting platform they are using.
As for bet365, this incident may have lasting repercussions on their reputation and credibility among customers. It remains to be seen how they will address the fallout from this costly mistake and regain the trust of their user base. In the meantime, bettors are advised to exercise caution and diligence when placing bets online to avoid falling victim to similar errors or discrepancies in the future.
