In November 2010 Betfair offered players a now infamous Happy Hour promotion. The promotion was so successful Betfair decided not to pay players because of all of the money they had lost. They also refused to enter into communications with players about it. They removed money from player’s accounts, reversed cashouts and in one reported case actually went into someone’s bank account and reversed a wire.
The Advertising Standards Authority (ASA) in the UK received ten complaints from players. These complaints stated that players adhered to the promotional terms but were refused payment of their winnings and bonus. Betfair refused to provide any information to explain their refusal to pay players stating it would jeopardize their security. The ASA then ruled against Betfair stating that the promotion had not been administered fairly.
While this ruling does not get players paid it paves the way for players to have some ammunition in their legal cases. This is the second time Betfair has lost a ruling with the ASA this month for misleading advertising.
Times are tough at Betfair but it is all their own doing. On top of these rulings and getting rogued at Casinomeister there was a major mishap with the cashier function in their poker software that made player’s money disappear that took quite a while to correct and to add to the misery Betfair’s stock has lost over one third of its value since going public and is trading at around 50% of its high.