Betfair rescues SO & proves its class

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This package must cost at least $7m:

well done Betfair!!

Overview

Following Sporting Options being put into administration on 15 November, Betfair has put together a rescue package to help former Sporting Options customers who were owed money by Sporting Options when it ceased trading. We have reached an agreement with the administrators under which Betfair acquired a list of all customers and the amounts owed to customers. Under the package Sporting Options customers have the opportunity to apply to receive money and commission rebates from Betfair which, if the application is successful, could lead to every former customer of Sporting Options receiving from Betfair an amount equivalent to the full amount that was owed by Sporting Options.

This rescue package reflects Betfair’s commitment to the betting exchange punter and to the growing betting exchange industry. Betfair’s position as the global leader is in no small part due to the confidence that our customers have in the security of their deposits with us.

All Sporting Options customers who, according to the information provided to us by the administrators, were owed money by Sporting Options when it ceased trading will receive an invitation to apply to participate in the rescue package in the next few days.

Frequently Asked Questions for former Sporting Options customers

Q How does the offer work?
A Subject to meeting our Know Your Customer requirements, Sporting Options (SO) customers with up to £1000 in their SO account will have that amount credited to their Betfair account. Customers with over £1000 will receive a minimum of £1000 credited to their Betfair account, or 20% of their total SO account balance, whichever is greater. So, if you had £2000 in your account you will receive £1000, not £400; if you had £20,000 you will receive £4000 in your Betfair account.

Q I had more than £1000 in SO. Have I lost the rest of my money?
A No. There is the opportunity, through continued activity on Betfair, to recoup a large proportion of the balance through rebates of 50% of your monthly Betfair commission. In effect we will put half of your monthly commission back into your Betfair account at the end of each month. This rebate scheme will last either until you have been rebated the rest of your SO balance, or 30 November 2006, whichever is first. In effect we will allow you trade on Betfair at half price until you’ve earned back what SO owed you when it stopped trading.

Q So you’re really just forcing people to use Betfair if they want their money back.
A We are providing a rescue offer which SO customers are free to accept or not. Our first priority is to protect the most vulnerable punters. Larger punters don’t get fully compensated initially, but they will get a minimum of £1000 immediately and then if they want to can effectively trade at half price for up to two years. It’s up to the customer to decide what to do.

Q But why can’t I get all my money back right away?
A If you want to make a claim against Sporting Options, you can follow the instructions at Sporting Options’ web site. The administrators have already indicated that any money available to former SO customers is likely to be negligible, if there is any at all, and that the process of getting anything back at all will take time. The Betfair rescue offer is something we are doing voluntarily, with the agreement of the Sporting Options administrators, because we want to protect the most vulnerable customers, and ensure SO customers don’t lose confidence in betting exchanges.

Q So does this mean that Betfair has accepted responsibility to pay all SO customers their money?
A Absolutely not! Our rescue offer to former SO
 

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