Betfair Payout - GBP 367 000 Paid Out So Far

Published: Friday, December 03, 2004 Online-Casinos.com

BETFAIR PAYOUTS

GBP 367 000 paid out so far

Betfair spokespersons have been briefing the media that the betting exchange company has been "inundated" with compensation claims from former Sporting Options customers in response to its offer of a "lifeboat" to unpaid gamblers at the failed company.

Reports are that a total of 615 applications have been received, the majority having already been processed and paid out.

The rescue package, which was offered to Sporting Options' customers who have been adversely affected by its surprise collapse two weeks ago has been the subject of a rival offering from competitor IbetX.com. The latter has announced that all Sporting Options customers opening an IBetX account will receive GBP 1,500 in credit or 25 percent of their outstanding balance, whichever is the lowest.

Some 5,342 punters have been left out of pocket and Betfair, as part of an effort to restore confidence in the betting exchange model, have pledged to reimburse in full punters who have lost under £1000, while those who have lost over £1000 to receive £1000 or 20 per cent of their account balance, whichever is greater.

"We are delighted with the response so far to our rescue package and we look forward to helping more Sporting Options customers," Betfair's chief executive Stephen Hill said.