FanDuel pays out $82,000 over NFL pricing error
FanDuel has paid out an $82,000 bet despite the given odds being the result of a huge pricing error. The operator had initially refused to honour the win, but has since reversed its decision.
Two weeks back, Anthony Prince placed an in-play bet of $110 on the Denver Broncos. At the time, the Broncos were down 19-17 to the Raiders, but they had just moved into the red zone in the last seconds of the game, making them huge favourites.
Prince spotted a pricing error, which offered 750/1 on the Broncos to win, with FanDuel stating after the fact the price should have been -600 (bet $600 to win $100). Prince was able to place the bet despite the massive pricing error.
After winning the bet at the Meadownlands racecourse in New Jersey, Prince took his ticket to the counter, but FanDuel refused to pay out. Instead, the sportsbook offered just $500 and tickets to three NFL games.
In a statement, FanDuel explained its decision, stating:
A small number of bets were made at the erroneous price over an 18-second period. We honored all such bets on the Broncos to win the game at the accurate market price in accordance with our house rules and industry practice, which specifically address such obvious pricing errors. We have reached out to all impacted customers and apologized for the error.– Statement, FanDuel
FanDuel reverses its decision
That move resulted in some bad press for FanDuel. While company policy dictates that they will only pay out at the actual odds in the case of pricing errors, the company were queried by New Jersey’s gambling regulators.
Prince also piled on the pressure. Refusing FanDuel’s $500 pay out, he instead planned to get a lawyer to dispute the issue.
Whatever the reason, FanDuel reversed its decision last Thursday, saying that it would pay out Prince and other individuals who capitalised on the same odds:
Above all else, sports betting is supposed to be fun. As a result of a pricing error this weekend, it wasn’t for some of our customers. Prince made his bet before a game-winning Denver field goal. A 36-yard field goal has approximately an 85 percent chance of success, so the astronomical odds offered on something highly likely to occur was very obviously a pricing error. These kinds of issues are rare, but they do happen. We want sports betting to be fun. So, this one’s on the house. We are paying out these erroneous tickets and wish the lucky customers well.– Statement, FanDuel