Betfair Horseracing Error Gets Heated
The last thing the horseracing world needs is negative attention. Prize money is already low and many people are taking their money elsewhere. Unfortunately, Betfair has launched an attack on the BHA (British Horseracing Authority) as well as William Hill after the two decided to pursue legal action that cuts into an already small pool of prize money.
Check out the forum thread on this Betfair horseracing debacle.
Betfair is upset at both the BHA and William Hill for requesting a judicial review of the Horserace Betting Levy Board. This organization is responsible for collecting money from bookmakers, which uses the proceeds to fund prize money.
Betfair’s Chief Legal Officer, Martin Cruddace, had this to say:
“It is important owners, trainers and others within the sport are aware that the BHA, the sports regulator, is in this committed love-in with William Hill that will cost the industry over £3m in prize money.”
When speaking about the prospects of the BHA and William Hill losing their case he added, “We will be seeking costs against them. So the BHA is risking even more millions.”
Cruddace claims that the BHA was upset with the latest £72.4m annual settlement. However, its continued legal action could wind up costing the Levy Board and BHA more than £3.5m in legal fees.
Last week, Betfair made some of its own news. On Wednesday night, the betting exchange voided in-running bets on the Christmas Hurdle race in Ireland. Betfair claimed that there was a technical fault, but others have their own version of the story.
Following a win by Voler La Vedette, with 28-1 odds, the company was faced with a total payout of $35.5 million.
In the end, Betfair decided to investigate the happenings and eventually determined that the odds were related to a technical error. Unfortunately for those who bet on Voler La Vedette, all bets were canceled.
Betfair customer service released this statement:
“We fully appreciate the dissatisfaction this will cause many customers, and apologize for a very poor customer and betting experience.”
While easy to say, those who had money on the race are not happy with the answer.
From a legal battle with the BHA and William Hill to its own issues at the track, Betfair has been keeping busy – and not in a good way.
What are your thoughts on this? Leave a comment below.