Imagine a scenario where a bookmaker, owing to an error, credited your account with double the amount you were supposed to receive.
The next question that may arise could be, Can I keep the extra money?
The straightforward answer is, no.
This Best Casino HQ blog delves into why you cannot retain the surplus money and the legalities surrounding such situations.
Do Bookies Legally Have To Pay Out?
In the betting industry, a common question that arises is whether bookmakers are legally bound to pay out.
The answer lies within the framework of the Gambling Act 2005, which was passed in the UK to ensure fairness and transparency in gambling activities, including horse racing and sports betting.
This act stipulates that gambling debts are enforceable by law. Thus, if you’ve placed a bet at the correct odds, without any fraudulent intentions, you should receive any potential winnings from the bookies without any hassle.
However, the payout depends heavily on the bookmaker’s terms and conditions. Also, there are certain caveats that may deter bookmakers from paying out, such as a palpable error or a rare occurrence of collusion between parties attempting to try and cheat the bookies.
What Happens If a Bookie Paid Me Twice?
A palpable error can occur if bookmakers make an evident mistake, such as allowing punters to place a bet that shouldn’t have been possible, or offering higher odds than they should have. If a bookie pays you twice due to such an error, they are within their rights to reclaim the extra amount.
Remember, mistakes are part of the human experience, and bookmakers are no exception. While they are generally well-trained to spot obvious mistakes, errors can still occur. Some mistakes may be quickly rectified without affecting the punters, but others, like double payments, may involve you in order to be solved.
Bookie Paid Me Too Much In Error: What To Do
If you find yourself in a situation where the bookie has overpaid you, the ethical approach would be to alert them about the error and refrain from using the money. Even if you decide not to inform them, the chances are high that the bookmakers will identify the mistake and collect the excess funds.
For instance, a Betfair punter who was supposed to receive £57 as winnings was erroneously credited with £650. He withdrew all the money and went on holiday without informing the bookmakers about the mistake.
Upon his return, he found himself in debt by the extra amount that he had mistakenly received. Therefore, to avoid such unpleasant situations, it may be best to notify the bookmakers if you notice an error payment.
Can a Bookmaker Cancel a Withdrawal?
Bookmakers can indeed cancel a withdrawal if they detect a palpable error or a breach in their terms and conditions.
For instance, a common mistake is when a bookmaker pays out on a losing bet. While this is a rare occurrence, it can happen. If it does, the onus is on the bookies to rectify it and recover the funds.
Another common error is when bookies pay out too much, that is, they make payments to the correct winner but payout more than what the punter won. In such cases, the bookmakers can rectify this mistake by requesting the punters to pay back the excess funds or deducting the extra amount from their account balance.
Can Bookies Make You Pay Money Back?
Yes, bookmakers can legally ask for their money back if an error has been made in the payout process. They have every right to reclaim the money, even if they learn of the mistakes after a considerable amount of time has passed.
If you owe a bookie money, it’s advised to pay it back as soon as possible to avoid any potential legal action, account suspension, poor credit history, or even a ban from other bookmakers or casinos. Remember, repaying your debts to the bookies is the easiest way to avoid any possible issues.
Overall, if you ever find yourself in a situation where a bookie has paid you twice or more than you were supposed to receive due to an error, the best course of action is usually to alert them immediately, and avoid using the extra money.
Keep in mind that while mistakes can happen, they can be rectifiable, and the onus is on both the bookmaker and the punter to ensure fair play in the betting industry.