According to the DGE ruling, a routine audit revealed that a significant number of wagers were paid out at adjusted odds rather than the originally stated odds when the best were placed. These were across 13 sporting events from December 2020 to November 2022.
bet365 Ordered to Repay $500k Over Odds Changes on Winning WagersNJ gaming laws state that any changes to odds in this manner or the voiding of bets must first be approved by the DGE.
In its response to the charge, bet365 stated that its house rules allowed the changes to be made. But the DGE pointed out that while the house rules do state this, any changes to odds or voidance of bets must be approved by the regulator first.
As a result, the DGE has directed bet365 to pay $519,323.32 relating to 199 winning wagers during this period. This must be paid with 10 days of the ruling.
In the ruling, DGE Interim Director Mary Jo Flaherty said:
“These failures are both problematic as to bet365’s business ability to conduct online gaming and the integrity and reliability of its operational systems and, therefore, unacceptable as they resulted in misleading wagering information that was relied upon by its patrons and ultimately lead to incorrect payouts for numerous patrons.”
bet365 Stoke City FC Demerger Finalized
bet365 has also completed a demerger as part of the new ownership model of English Championship club Stoke City FC.
The demerger means that the club is now fully owned by John Coates through Stoke City Holdings as opposed to bet365.
The new ownership model also means that ownership of the club’s stadium and Clayton Wood training ground are now fully owned by the club.
Speaking of the demerger Coates said:
bet365 Ordered to Repay $500k Over Odds Changes on Winning Wagers bet365 Ordered to Repay $500k Over Odds Changes on Winning Wagers
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.