WagerWeb (SBR rating B-) confiscates $37,451; cites wagering fraud
A player won $37,451 making over 60 football wagers through the month of October. At the end of October, the player requested his funds and was given $5,000, which equaled the total amount he deposited. He was told his winnings would not be paid due to wagering fraud. WagerWeb states the player stalled wagering phone clerks, giving him the ability to make bets after kick-off. The book has thus far provided evidence that the player bet six minutes after the start of one game. SBR has reviewed multiple examples of his NFL wagers which were found to have been placed prior to kick off. This dispute highlights WagerWeb's on-going problems with risk management and their inability to deal with issues in real time. If the book identifies a bet placed after the start of a game it is expected to cancel the wager immediately, informing the player of its error of failing to close the betting market on time- as opposed to allowing the player's funds to be risked and later canceling the bet upon auditing his wagering history. Regardless of past-posting claims, Wagerweb has unjustly punished the player labeling his account as fraudulent instead of addressing individual wagers. SBR has asked Wagerweb to address each individual bet and to pay the player for all wagers where he was allowed to put his funds at risk.
A player won $37,451 making over 60 football wagers through the month of October. At the end of October, the player requested his funds and was given $5,000, which equaled the total amount he deposited. He was told his winnings would not be paid due to wagering fraud. WagerWeb states the player stalled wagering phone clerks, giving him the ability to make bets after kick-off. The book has thus far provided evidence that the player bet six minutes after the start of one game. SBR has reviewed multiple examples of his NFL wagers which were found to have been placed prior to kick off. This dispute highlights WagerWeb's on-going problems with risk management and their inability to deal with issues in real time. If the book identifies a bet placed after the start of a game it is expected to cancel the wager immediately, informing the player of its error of failing to close the betting market on time- as opposed to allowing the player's funds to be risked and later canceling the bet upon auditing his wagering history. Regardless of past-posting claims, Wagerweb has unjustly punished the player labeling his account as fraudulent instead of addressing individual wagers. SBR has asked Wagerweb to address each individual bet and to pay the player for all wagers where he was allowed to put his funds at risk.