Payout Issues Result in a Substantial Fine for Bet365

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For three years, bet365 paid out worse odds to New Jersey’s bettors. Now, they have to give back $519,323.32, which will be spread out to 199 customers. The fine was issued by the New Jersey Division of Gaming Enforcement, with the deadline for the payout being August 1.

So far, there’s no information on whether the money has been paid out.

Naturally, bet365 defended its actions by saying that most states allow sportsbooks to adjust payouts, which is true in the case of New Jersey. However, for everything to be legally done, the sportsbook first has to get approval from the regulator, and then proceed to action. Obviously, bet365 did not do that, which is why they weren’t able to convince the regulator that the odds were a mistake.

All of this is coming from a state with some of the least restrictive gambling laws in the United States of America. New Jersey started allowing in-state online gambling in 2013. Now that the casino operators have had a chance to infiltrate NJ’s market, professional and recreative players can find dozens of places where they can get uninterrupted access to their favorite games. If you are new to the online gambling community and are overwhelmed by the sheer number of options, there are a few things you can do to narrow down your options.

For starters, you can take professional opinions into account and find a few suggestions online. Reading reviews written by industry experts always gives you the best chance of finding a site that’s worthy of your time and money. Vlad Grindu recommends that players prioritize sites that partner with the most reputable gaming providers and that support many payout methods (source: https://www.techopedia.com/gambling/online-casinos).

Of course, it’s always beneficial to look for word-of-mouth recommendations and find the best online casinos that way, as that’s the fastest and safest way to reach the finish line. Luckily, because of NJ’s regulated market that’s focused on responsible gambling, there’s not much room for error to be made.

What happened with bet365 isn’t something that usually happens, especially with well-recognized names in the industry. Bet365 is an experienced sports wagering provider in the state, so they are well familiar with the gaming laws—which includes the Division’s prohibition of unilateral voiding of wagers by operators without previous authorization.

At the moment, it still remains unknown how and where these errors came to be. We know that all of them happened between December 2020 and April 2023, and the 13 different bets involved many different sports and leagues. They also happened in markets that aren’t very typical, such as table tennis, NFL football, and college basketball.

The refunds that bet365 has to pay are merely the beginning. They have also been asked to submit a report highlighting the actions they plan to take to identify and resolve the problems of their internal software systems and trading errors. They have been given a deadline of August 11, and they must ensure all of their data is accurate by that point in time.

If you or anyone you know has a gambling problem, call 1-800-GAMBLER.