Following a homespun storm on Reddit, sports betting operator FanDuel has decided to honor NFL bets and pay out in full, following a glitch in the system at Meadowlands, which led a number of users to benefit from some decent value-betting situations. After initial attempt to dispute the winnings, FanDuel finally conceded.
FanDuel Honors Its Bets
It was on Sunday when the NFL betting bonanza began. A handful of bettors flocked quite cheerfully to the Meadowlands establishment to place their wagers, but only a few had expected to see a 750-1 on the Denver Broncos making a 36-yard field goal. With a hefty chance of the event to transpire, it was evident that it was a matter of a pricing error. However, in sports betting or any gambling activities for that matter, this is called “value”.
Fighting back any winnings derived thereof, FanDuel had a difficult time containing the ensuing criticism sprawling on social forums and by word of mouth. With the bookmaker having opened just recently, it would have been unwise to allow itself to incur all that press in a fresh market. As a result, the company has agreed to settle the wagers, but it also did something that it needn’t have done. FanDuel said it would dish out $82,000 over the weekend, depositing $1,000 into the accounts of 82 customers.
It was a real stroke of generosity, but FanDuel did see itself pressured to act quickly with the New Jersey Division of Gaming Enforcement (NJDGE) also stepping in to settle matters for everyone involved. FanDuel did comment on the event, saying that it was working closely with NJDGE to settle the issue, too.
A Pricing Model That Knows Some Fails
Operators have become increasingly sophisticated in creating pricing models that are without error. However, experienced bettors know that it’s quite possible for the odds to veer off course which happens a bit too often, really. Even though such mistakes only ever last mere minutes or even less, they can be costly.
In the case of New Jersey, the bet was up there for barely 18 seconds during which two lucky punters had the chance to claim the cumulative amount of $130,000 for it! Given the extra $82,000 the bookmaker is spending on their own, this has already cost the company over $210,000 for what could be called a minor oversight in any other industry.
Disputes over unpaid wagers have not been so uncommon as you may think. A British operator was caught in a lawsuit after a female customer had won GBP1 million but the said bookmaker refused to pay, coaching the refusal in legal legalese.
The fact of the matter is that bookmakers will always seek a way out, be that a million or several thousands. Breaching any of the outlined terms and conditions always leads to the same result – a contentious fight with the operator.
In honesty, though, bookmakers do have right to contest wagers if the gamers have decided not to comply with the all rules listed on the website.