Betfair Stock Collapses While Bonus Players Still Not Paid

It has been two months since Betfair offered their players one of the best casino bonuses in recent memory.  They failed to honor the promotion though.  Some argue it was a rogue bait and switch scam from the start, some wonder if layers of Betfair’s management just failed to realize how great the bonus was.  Whatever the reason the fact remains that Betfair still owes money to hundreds if not thousands of their players.  There is speculation that Betfair owes many millions to their players.

The Betfair Bonus threads where players made accusations ranging from denied cashouts to outright theft from bank accounts have quieted down.  This could be because Betfair privately caved and paid some of these players.  It could also be because players have retained legal counsel and have been advised to stay quiet.  I guess it might also be possible that everyone has given up on getting paid although I doubt that.

I’ve been very surprised that this story has not hit the mainstream media.  Betfair has been rogued at Casinomeister and there are countless webmasters that have done the same.  At some point this will hit the mainstream media though.  Maybe it will take some court rulings for that to happen.

There must be some discussion behind the scenes about this though.  Betfair’s stock price has tanked since this story broke.  Betfair’s stock has lost 38% of its value and hovers around its all time low.  Part of this was because of a poor earnings announcement in December but the continued decline tells me that there is more to this story.  Analysts and serious investors must know that there is an elephant in the room.  At some point Betfair will have to address this.  It will either hit the mainstream media outlets or the courts will force them to act.  When the word hits main street Betfair will not only have the devastated reputation they are already suffering from but will also be out the money that they should have paid anyway.  I see this further decaying Betfair’s stock price

When a company makes a mistake the only thing to do is make it right.  Not only has Betfair refused to make it right they have refused to discuss it with anyone, even the players involved.  Betfair once had one of the strongest reputations in online gambling.  I guess they decided there was a price tag on their reputation.  Until they decide to do the right thing, or are forced to do the right thing, they will continue to suffer within the industry.

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