Bet365 Slapped with $500,000 Fine for Unlawful Odds Changes in New Jersey
Kate Marshal
07 August 2024
Comment 0
Bet365 has been directed by the New Jersey Division of Gaming Enforcement (DGE) to compensate players with over $500,000 following unlawful betting odds adjustments, as reported by Gambling Industry News.
An investigation uncovered Bet365’s misconduct, where they modified odds for numerous winning bets, resulting in discrepancies between the listed and paid-out rates.
The irregularities spanned 13 sporting events from December 2020 to November 2022, encompassing American football, basketball, table tennis, MMA fights, and a golf tournament.
Despite Bet365’s assertion that their internal policies permitted odds alterations due to analyst errors, the DGE refuted this claim. The DGE stressed that New Jersey regulations mandate operators to secure regulatory approval and inform players of any odds adjustments.
The bookmaker’s independent odds modifications impacted 199 settled bets, leading to players incurring losses due to the unauthorized changes. Consequently, the DGE imposed a fine of $519,323 on Bet365 to reimburse the affected players.
In a prior incident in April 2024, the UK Gambling Commission penalized Bet365 with a fine close to $740,000 for similar violations.
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