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Bookmaker Winnings - when does money become mine ??

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  • System
    System Posts: 178,348 Community Admin
    10,000 Posts Photogenic Name Dropper
    arcon5 wrote: »
    It doesn't take a geneous to figure out I wasn't referring to the payout you receive when you win, but what it costs when you loose

    I didn't ask was there large signs.. I asked if there was a notice, this doesn't really have to be anything larger than A4 but openly available for you to read.

    And the sign wouldn't say they won't pay out, in would explain their procedure for paying out larger sums. The former implies they don't intend to pay you the legally owed sum, the latter is an alternate procedure to follow in such events.



    Okay, do humour me.... what limit would you consider reasonable to be able to payout within ten minutes of winning?
    What if I won £10k perhaps?

    I've mentioned this before with you. You do love over the top examples. Its not 10k its 300 quid and don't think its unreasonable for a mainstream bookmakers like betfred which only deals in cash to have £300 available to pay out the op on demand. I won £800 in Ladbrokes in June and they paid me in seconds. Bookmakers take thousands of pounds a day. The only way they wouldn't have £300 available is if they had just paid a big win out
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • arcon5
    arcon5 Posts: 14,099 Forumite
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    goater78 wrote: »
    I am happy to be corrected but I was always lead to believe that legally a bookmakers doesn't have to honour a bet. However in practice they do because they operate a business so if for instance betfred didnt pay losing bets then people would not use them and they would go bust

    If you place a bet and they accept the that, you are creating a contract so if you win you have a legal entitlement to the payout & they cannot refuse this -- in the same way as if you lost, you cannot claim a refund.
  • arcon5
    arcon5 Posts: 14,099 Forumite
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    edited 30 September 2011 at 11:05PM
    goater78 wrote: »
    I've mentioned this before with you. You do love over the top examples. Its not 10k its 300 quid and don't think its unreasonable for a mainstream bookmakers like betfred which only deals in cash to have £300 available to pay out the op on demand. I won £800 in Ladbrokes in June and they paid me in seconds. Bookmakers take thousands of pounds a day. The only way they wouldn't have £300 available is if they had just paid a big win out

    The example I used, whether over the top or not is equally valid and puts my point across without taking the op out of context.

    I was trying to determine where op feels the line is for 10-minute payouts.

    The swings in cashflow for a bookies will be immense! They may well have days where they are cleared out by cash payout and have very little left and therefore unable to payout £300 whereas other days the opposite and have thousands available. I don't think it is unfair to ask a winner to return the following day to collect a payout over a certain amount -- where they will bea able to reset their cashflow.

    Maybe this forum should have some form of 'macro' tool (like in MS Word) so I can post the same reply each time we get into these situatons without having to type it all again ;):)
  • System
    System Posts: 178,348 Community Admin
    10,000 Posts Photogenic Name Dropper
    Although ironically if betfred posted a response saying why they only had £300 available you would kick off as it's against the rules of the forum :-)
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • System
    System Posts: 178,348 Community Admin
    10,000 Posts Photogenic Name Dropper
    arcon5 wrote: »
    If you place a bet and they accept the that, you are creating a contract so if you win you have a legal entitlement to the payout & they cannot refuse this -- in the same way as if you lost, you cannot claim a refund.

    I would be intrigued to see whether this us actually true and I would welcome someone who is an experts opinion. Gambling can often be subjective and there is not always a definite right or wrong. For instance I once bet on a first goslscorer bet where it was a dubious goal. Some bookmakers paid out some didn't. I don't believe any legal authority forced some bookmakers to pay, they just did for business reasons
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • arcon5
    arcon5 Posts: 14,099 Forumite
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    goater78 wrote: »
    Although ironically if betfred posted a response saying why they only had £300 available you would kick off as it's against the rules of the forum :-)

    That would depend on whether...........

    ..........oh wait, we're not supposed to feed the trolls :silenced:
  • bod1467
    bod1467 Posts: 15,214 Forumite
    arcon5 wrote: »
    Maybe this forum should have some form of 'macro' tool (like in MS Word) so I can post the same reply each time we get into these situatons without having to type it all again ;):)

    It's called Notepad and save as a file. HTH! :)
  • arcon5
    arcon5 Posts: 14,099 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    goater78 wrote: »
    I would be intrigued to see whether this us actually true and I would welcome someone who is an experts opinion. Gambling can often be subjective and there is not always a definite right or wrong. For instance I once bet on a first goslscorer bet where it was a dubious goal. Some bookmakers paid out some didn't. I don't believe any legal authority forced some bookmakers to pay, they just did for business reasons

    That would come down to what is in their terms and what it defines as a "first goalscorer", but if it is subjective there is no reason it cannot be challenged in court like any other sales contract.

    I don't see why using the services on a betting shop would differ to that of say a driving instructor for example.
  • System
    System Posts: 178,348 Community Admin
    10,000 Posts Photogenic Name Dropper
    arcon5 wrote: »
    That would depend on whether...........

    ..........oh wait, we're not supposed to feed the trolls :silenced:

    I always think when a poster accused another poster of being a troll that they've lost the argument....... Still if it makes you sleep better tonight I'm a troll :-)
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • arcon5
    arcon5 Posts: 14,099 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    bod1467 wrote: »
    It's called Notepad and save as a file. HTH! :)

    but then I have to open the file and copy and paste :)

    whereas the macro tool 'records' a set of actions (in this case, typing) then performs the same action on a single click of a button
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