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Sportsbook pays back more than $500K to nearly 200 NJ bettors
British sportsbook bet365 was ordered to repay bettors after unapproved odds changes.
The New Jersey Division of Gaming Enforcement completed an audit of sportsbook operator bet365 and ruled that the company owed 199 bettors a total of $519,323.
During its routine audit, the NJ-DGE determined that bet365 “unilaterally revised odds for a significant number of wagers over an extended period of time,” without approval from the regulator.
The sportsbook defended its actions by citing its house rules, which allow the operator to change the odds when clearly incorrect prices have been posted due to human or technical error. However, the operators’ house rules are approved by the Division of Gaming Enforcement with the strict caveat that all odds changes must be run by and approved by the regulator.
In total, the ruling impacted 13 events taking place between December 2020 and November 2022. A total of 199 winning wagers were placed and then edited. The changes cost bettors nearly $520,000, but the difference will now be paid out.
Impacted events included NFL games, NCAA basketball and football games, NBA games, MLB games, MMA matches and The Masters. The most impacted game was a college basketball game between BYU and Oregon from November of 2021, which saw 63 bets impacted. The only game involving local teams impacted was a Jets-Patriots game from December of 2020. The most recent game that was impacted was a November 2022 NFL game between the Tennessee Titans and Green Bay Packers.
Bet365 aims to improve, pays out bets
The British sportsbook has paid out more than $500,000 to impacted customers since the verdict was passed down by the Division of Gaming. All users with an active bet365 account have been paid. There are a few inactive accounts impacted, and the operator will work with the regulator to take care of those outstanding debts.
The New Jersey Division of Gaming held no punches when handing down the ruling.
“These types of multiple and serious violations cannot be tolerated in the New Jersey sports betting regulatory system. No further such violations relating to the unilateral voiding of wagers will be tolerated,” said Mary Jo Flaherty, interim director of the enforcement division.
The gaming division also instructed bet365 to investigate and address its software systems and trading habits to prevent future issues. The operator submitted a report outlining its efforts to prevent future issues.