Post by Old Timer on Jul 1, 2016 16:38:13 GMT
I came across this elsewhere so am unable to vouch for its veracity, although usually with such things there's no smoke without something burning!
"First an interesting tale from the world of bookmaking – one that involves bet365, sponsors of that £100k handicap at Haydock tomorrow (Old Newton Cup.)
When we punters place our bets, we do so with the expectation that the bookmaker will pay us out when we win….
But nothing can be entirely relied upon in the ‘through-the-looking-glass’ world bookmakers inhabit….
This week we learn that bet365 are dragging their heels on transferring winnings of £54,000 to a client’s bank account….
This despite repeated requests from the client; despite two months passing since the first request was made; despite their being no dispute about bets placed; and despite the customer’s identity being fully verified in accordance with regulations designed to combat financial crime.
The Staffordshire firm were happy enough when the punter deposited £30,000 in April and promptly lost £23,000 of it on the racing….
They were so pleased in fact that they immediately contacted the punter to let her know they’d increased the maximum bet they were prepared to accept from her. Bookmaking is all heart after all.
The following day the woman placed additional racing bets – bets that won £47,000 and increased her account balance to £54,000. The firm got in touch again to inform her that her account had now been limited to £1.00 stakes going forward – a standard ‘trading decision’.
The punter decided to withdraw the funds in her account. But bet365 have so far failed to comply. There’s been a protacted exchange of correspondence and phone calls since. All to no avail. Court proceedings are now on the cards.
I don’t imagine that will bother bet365. They are big enough and rich enough to sit it out until it suits. In the meantime the punter has to go to the trouble and expense of bringing in the legal team and going through the litigation process in order to get hold of her original deposit and her winnings.
The bookies don’t highlight the likelihood of this situation arising in their T&Cs when you open an account. But perhaps they should start doing so.
Perhaps the Gambling Commission should make it a requirement. Because this problem – bookmakers hanging onto customer funds for weeks and months on end – is a growing issue and will not go away until everybody (regulator, bookmaker and punter) is working to a clear set of consistent rules, procedures and guidelines that everybody understands. The current situation doesn’t appear to demand sufficient urgency from the bookmaker.
Meanwhile we are told bet365 – who haven’t commented on this case to our knowledge – have encouraged the customer concerned to bet (no limits on stakes) on their range of gaming products. That’s either a PR gaffe or someone at the Staffordshire firm has a particularly refined sense of humour…."
