Betfair Pay out £367,000 to Sporting Options Punters

Betfair has announced that it has been inundated with compensation claims from former Sporting Options customers. The betting exchange has already received 615 applications, of which it has so far processed 414, as part of its rescue package offered to Sporting Options’ customers who have been left financially disadvantaged by its surprise collapse two weeks ago.

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 £1,000 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 told the Racing Post.