Betfair is once again showing that they are no longer one of the reputable online gambling sites. Sportsbook Review posted a video about several complaints that they have received from Betfair players. The five minute video has some surprising complaints.
The first, and most serious complaint, involves a player that is owed over $3,000,000 by Betfair. A Russian player contacted SBR and told them that he was getting slow paid by Betfair on a $3,500,000 cashout. He was still owed $3,100,000 even though he requested the cashout in February. Betfair confirmed that the player is owed this money. They stated that they paid the processor but the processor could only process $20,000 a week of it. So Betfair paid a processor $3,100,000. At $20,000 a week the player will not get paid in full for 155 weeks. Even at just 1% interest Betfair would stand to lose about $50,000 that they just gave the processor the opportunity to earn. Obviously it is not a believable claim.
The next two items seem to come from Betfair’s controversial premium charges. This is a charge paid by players with a lifetime $250,000 or higher win. Betfair states that there are only about 500 players that fall under that category. Those players are forced to pay 60% of their winnings to Betfair in commission. Some of that is paid through the commission paid on winnings bets in the exchange. The rest is taken out of the total win. Players have been complaining that Betfair has been retroactively taking money out of their accounts by deciding that they are now a part of what is known as the “Betfair 500”.
The last complaint comes from a player that Betfair accused of multi accounting to avoid having to pay these premium charges. Betfair claims this player is associated with other player accounts. The player denies it and it does not seem that Betfair has provided any proof. They just helped themselves to money out of the player’s Betfair account. Considering Betfair has one of the worst reputations in online gambling it is hard to accept their word as the truth.
Betfair’s rogue behavior started in November when they offered players a Happy Hour bonus. Players hit the bonus hard but Betfair refused to pay them. They went into player’s ewallets, their sports accounts and even their bank accounts to recover money already cashed out. Some players that were able to clear their funds received threatening letters demanding that they pay Betfair the money they were paid from the Happy Hour promotion. All players that complained were essentially accused of being fraudsters and told not to email back as Betfair considered the case closed.
Betfair has also had issues with their stock price. After going public in October 2010 at £13 a share in London there was a short run up in price. The stock then started sliding almost immediately after the Happy Hour bonus debacle. It is down 56% from its IPO price and has lost almost two thirds of its all time high stock price.
I strongly suggest avoiding Betfair. With how far they have fallen in the past year you never know when they may just decide to steal your money like they have done to so many other players. There are so many quality sportsbooks out there to get tempted by Betfair’s exchange markets. I have to wonder how much longer Betfair can keep their A rating at Sportsbook Review. I have a feeling that will be changing soon.