Betfair ordered to repay AU$150k to "desperate" punter

[The Buzz]

On the heels of an Austria court awarding a slot machine addict $2.9 million in compensation, the Northern Territory Racing Commission told Betfair Australasia on Tuesday that it must refund AU$150,000 (US$108,500) to a customer the company failed to recognize had a gambling problem.

The man, "Mr M", asked Betfair to reverse a request to transfer $150,000 from his betting account into his personal bank account. The man had already lost $190,000 in one day and had a history of self-exclusion, and according to the Northern Territory Racing Commission, Betfair should have identified "red flag behaviour" and suspended his account.

From ABC Newa AU:

The Commission heard Mr M had already lost significant sums of money on February 20 this year when he made his initial request to shift the money into his bank account. But within 23 minutes of making the request, Mr M gambled away the remaining $86,388 that was still in his account.

Four hours later, after topping up his wagering account with $35,000, he was again close to zero after just 47 minutes.

In a "desperate mindset", Mr M then asked Betfair to reverse his earlier withdrawal request so he could top up his wagering account with $150,000.

After initially being told that Betfair "generally can't cancel" withdrawal requests, Mr M made three more calls to the company and a manager eventually agreed to reverse the withdrawal as a "one-off".

Mr M subsequently gambled away the $150,000 that was returned to his account.

Read more here: https://www.abc.net.au/news/2018-11-...-bets/10470952

And you can read the entire decision from the NTRC here: https://justice.nt.gov.au/__data/ass...2-nov-2018.pdf

[PROFRBcom]

Sure... because who needs personal responsibility right?

[matthewt]

Mr. M must have been really annoyed, to seek a lawyer to go to bat for him, to eventually get the court to award him the money.

[DanHorvat]

The title should be:
"Desperate punter has 150k returned by Betfair and loses it again"

[Cardy007]

I find it hard to understand how the court came up with the amount of $2.9 million in compensation, after he only gambled/lost a fraction of that?

[Cash Bonus]

Cardy007, that’s also what I couldn’t understand when I first read this story. It just says $2.9 million in compensation. I’m assuming the compensation amount given to this player is for his pain and suffering and this would explain it.

[Cardy007]

Damm, I need to become a hopeless addict and blow my life savings! jejeje (*Joke)

With a good Lawyer the returns could be incredible.. jejeje