SBG refuses to revisit decision to lower payouts on winning Futures bet

2/11/2010 10:39:52 AM


SBG Global (SBR rating D-) will not reverse its decision to lower payout odds on a Formula 1 racing future for all players. On 1/10 SBR reported that it decided to pay one player who wagered $200 to win $14,00 on Jenson Button at 70:1. The player was not willing to accept a reduced odds settlement. SBG Global is refusing to pay other players who bet the 70:1 wager their full winnings noting that these players already accepted settlements. It is SBR's position that these deals were made under durress - players were given the option to ha ve the wagers voided, or settle at 10:1 instead of 70:1. The odds of 70:1 were fair market value when the wagers were placed.