FanDuel Sportsbook Cancels $82,000 Bet – Bettors Freak Out
UPDATE 9/21/18: FanDuel has reconsidered decided to pay the bettor his $82,000. They will also honor payouts of the other 11 users that made similar bets. It’s an interesting move by FanDuel that may see their betting lounges filled with people trying to pick off a pricing error, rather than handicap games. Although, by not paying the bet right away, they did garner a lot of publicity and ultimately ended up paying the player, which certainly seems to be what the betting masses wanted. How a situation like this plays out in the future and with other sportsbooks is still up in the air. However, the New Jersey Division of Gaming Enforcement says it is “encouraged” by FanDuel’s actions.
A New Jersey sports bettor wagered $110 on a bet ticket that was mistakenly priced that ended up paying out $82,000 instead of the $18 it was supposed to pay. The bettor placed a live NFL betting wager on the Broncos who were up 19-17 in the fourth quarter against the Denver Broncos. Quarterback, Case Keenum, drove down the Broncos down the field as he was making his way to the counter, and after a long pass, Case had Denver at the 18-yard-line and in position to win the game with a field goal.
FanDuel Sportsbook attempted to update the odds to reflect the Broncos as the firm favorite at -600, but an error in their software caused the best to be posted as 750-1 or +75000 underdogs to win the game. Prince placed the bet and got a ticket at +75000 at $110 and a massive payout of $82,610. The odds were only up for 18 seconds. When the Broncos’ kicker Brandon McManus successfully made the field goal, and the Denver won the game 20-17 – the bettor went to the counter to collect his winnings.
He was told that the bet would not be paid out at the 750-1 odds that were shown on his ticket. Anthony Price, the man who went to cash in his winning ticket, was offered $500 and tickets to three New York Giants football games. He did not take this offer from FanDuel and told local news he would hire an attorney. Meanwhile, the New Jersey Division of Gaming Enforcement is investigating the matter.
Mistakes in Sports Betting Are Nothing New
Twitter’s reaction and much of the sports betting media sided heavily with the bettor in this dispute, which genuinely shows their ignorance when it comes to the betting industry. Line errors are a regular thing when it comes to NFL betting online or in Las Vegas sportsbooks. How they are handled can vary, but in a situation like this, there is no chance an online or Vegas sportsbook would honor Prince’s wager. It was a clear mistake. As ESPN’s Scott Van Pelt stated, “you don’t get to keep a $200,000 check from the IRS if they meant to send you a $2,000 check.”
Line errors are nothing new. Most seasoned bettors won’t even wager against line errors, because they for one, they are probably going to get voided, second, the sportsbook may not decide to take your action anymore. It’s important to realize there is a big difference between an obvious line error, such as the situation with FanDuel and Price and “being asleep at the wheel.” The latter is when a sportsbook doesn’t move a line fast enough to react to market news or other sportsbooks adjusting their odds. In this case, bets should never be voided.
How Will This All Play Out?
There is no precedent under New Jersey law for something like this, so our guess is as good as anyone’s how this situation plays out. It was a clear and obvious pricing error, and the bettor deserved the $18 that the $110 bet would have paid at the appropriate odds of 750-1.