Bet365 Fined $500K for Overcharging on Odds for 3 Years
Transcript
00:00So another story that you've covered recently is this huge number that was levied out in
00:08terms of fines to Bet365.
00:11The number, a half a million dollars in fines for odds over a three year period.
00:18Okay, so I'm going to need to understand, Pat, a little bit more about this.
00:23Did Bet365 overcharge odds to customers for three years?
00:29Is that what went on here?
00:30What exactly is this?
00:32It was across, I think, 13 events or something like that over the three years and they're
00:36being ordered to repay customers or refund customers for paying out at worse odds than
00:42those customers ended up buying in or betting.
00:47They saw or they noticed that there were bad odds up on the board and they corrected them.
00:53Now what normally needs to happen according to the New York gaming regulators is you have
00:58to go back to the regulators and say, you know, we need to do this and get approval
01:01for it.
01:02Well, they didn't do that.
01:03They went around it and let the customers kind of float on and then they paid out the
01:08odds, the worst odds.
01:11So they're just being told to refund those bets.
01:13And you know, I think that's just a good sign that regulators are paying attention, that
01:18customers are getting, you know, not getting shafted.
01:21And again, that's one of the good things about a legal regulated market is, you know, you're
01:25making sure the customer is getting rewarded appropriately.
01:30You know, if that was an offshore operator, they would have gotten away with that.
01:34Now did Bet365 do this on purpose?
01:37It does not appear that way.
01:38I don't think that was their intention.
01:40I think they just noticed a bad set of odds for any of these events on the board and said,
01:45well, we got to fix that.
01:46And, you know, things got lost in the shuffle at that point.
01:49So just kind of the regulatory market working as it's supposed to in short.