Bet365 Fined for Taking Bets on Games After Outcomes Already Known, Wynn Vegas Woes
- Bet365 fined $33,000 by New Jersey regulators for taking bets on games after the outcomes were already known.
- Wynn fined $130 million for allowing illegal money to reach gamblers at Strip casino.
- Harris-Trump Debate prop betting in full force ahead of Tuesday night event.
- Texas win over Michigan was big for gambling public.
Gambling News
Bet365 Fined for Taking Bets on Games After Outcomes Already Known
ATLANTIC CITY, N.J. -- New Jersey gambling regulators have levied a $33,000 fine on sports betting company bet365 for taking wagers on events in which the outcome was already known, and on games that were not approved for betting.
The state Division of Gaming Enforcement revealed Wednesday that the company had numerous instances in which it mistakenly accepted bets on games in which a particular thing had already happened.
In one case, it took bets on a mixed martial arts match that had been held a week earlier and was being shown on tape.
The company did not respond to messages seeking comment Thursday and Friday.
It was the second disciplinary action New Jersey regulators took against the British company in just over two months.
In July, the gaming enforcement division ordered bet365 to refund $519,000 to customers who won bets but were paid less than they were entitled to when the company unilaterally changed the odds when making the payouts.
In that case, the company told New Jersey regulators they changed the odds due to "obvious error." But the acting head of the enforcement division noted that any company wanting to void or alter a payout must seek approval from the agency before doing so, adding bet365 did not do so.
The most recent fine involves events beginning on Feb. 3, 2022, when the start time of a college basketball game between Louisiana-Lafayette and Arkansas-Little Rock was moved up by an hour, but pre-match odds remained in place.
Similar pre-match odds were available two weeks later on a Honda Golf Classic event for four hours after it had started.
That same day, bet365 took bets on two mixed martial arts fights after they had concluded, according to the state.
In April of that year, bet365 took bets on a Professional Fighters League match that had been held a week earlier, failing to confirm that the event had already taken place.
The company also took bets on unapproved events including European friendly soccer matches that were not approved for betting by New Jersey gambling regulators, and on the Rutgers University football team. Betting is prohibited on New Jersey college teams.
In most cases, bet365 voided the bets, totaling over $257,000, and returned the money that had been wagered to customers. But in one case, it unilaterally changed the odds before paying off winning bets without getting approval from regulators, the state said.
It offered several explanations to regulators for the mistakes, including human error in incorrectly loading event start times into the betting applications it used. It also said software did not function as designed in some cases.
The company told regulators it has retrained workers.
Gambling News
Betting Public Had Some Nice Wins in Week 2 of College Football
The most bet games of the week from our side of the counter: Michigan Vs Texas in the early slate was a CLASSIC big bettor vs little bettor game. We had 3 to 1 bets on Texas, and the public got there easily as Texas looks like a national title contender while winning big. Michigan seems lost at QB and will have to figure that out situation quickly if they want to bounce back. The other classic little bet vs big bet game was on Iowa vs ISU with a bet count of 2 to 1 to Iowa. The house took the cash in this game as ISU stormed back to win outright on a late FG after trailing throughout most of the game.
Read More From Behind The Desk at BetAmapola Here
Gambling News
Wynn Paying $130M for Allowing Illegal Money to Reach Gamblers at its Las Vegas Strip Casino
Casino company Wynn Resorts Ltd. has agreed to pay $130 million to federal authorities and admit that it let unlicensed money transfer businesses around the world funnel funds to gamblers at its flagship Las Vegas Strip property.
The publicly traded company said a non-prosecution settlement reached Friday represented a monetary figure identified by the U.S. Justice Department as “funds involved in the transactions at issue” at the Wynn Las Vegas resort.
In statements to the media and to the federal Securities and Exchange Commission, the company said the forfeiture wasn’t a fine and findings in the decade-long case didn’t amount to money laundering.
Politics
Harris-Trump 1st Debate Props Gaining Traction 48 Hours in Advance of Event
Will Kamala Harris and Donald Trump shake hands? Color of each candidates outfit and the Debate winner, these are all available for betting ahead of Tuesday night's highly anticipated Presidential Debate on ABC. You can watch on most other networks as well.
- Harris is holed up in Pennsylvania: The Vice President spent the weekend cloistered in a downtown Pittsburgh hotel, where she focused on honing crisp two-minute answers, per the debate’s rules.
- Trump is campaining like normal: The former President has eschewed traditional debate preparation, choosing to hold rallies and events. He made headlines Sunday for threatening to jail those “involved in unscrupulous behavior” this election.
- How to watch the debate: The debate will start at 9 p.m. EDT Tuesday and will be broadcast and streamed live by ABC News.
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