Ladbrokes leaving Canada : Cancelling all open bets

[oddtodd]

I am not very aware of the rules/regulations that Sportsbook operate under but I believe that Ladbrokes decision to void all my open bets shouldn't be allowed. Ladbrokes is "leaving" the Canadian Market Oct 1st (i.e. won't be accepting any new deposits or wagers made from Canada). However, they have also informed me that they will be voiding all open bets from my account and refunding the wagers. This includes all my NFL/NCAA future bets of which there are about 10 all of which look on pace to cash. Is there any recourse available to me to fight the cancellation of my open bets? Does anybody else use Ladbrokes from Canada? Have you been informed that your open bets will be voided?
Thanks!

[Optional]

Another poster was complaining about the same issue in the last day or two. It's not just you.

SBR reported on it here: http://www.sportsbookreview.com/foru...tober-1st.html

[oddtodd]

Yep I think that was me as well. lol. Just hoping someone here has more experience on the issue - or atleast confirm that other people are having their open bets voided as well and they aren't targeting me because of the current status of the bets.

[Hareeba!]

Quite clearly the wrong thing to do.
At the very least they should cash them out at present market value.
Contrast what Pinnacle's statement said about honouring pending bets.

[LEOLEO]

IM with ladbrokes in canada as well, DO NOT HAVE AN EMAIL as of yet

IM with ladbrokes in canada as well, DO NOT HAVE AN EMAIL as of yet

CORRECTION

THEY MADE POSTING UNDER TRANSACTION HISTORY

[JoeyBagels]

Honorable books would mark to market on winning and losing futures. None will do it though and based on past experience just be glad you got initial wagers back instead of them screwing you outright. Welcome to the other side of the counter!

[lecubs28]

that is pathetic of ladbrokes. they are absolute slime.

[cap10]

trade pact?

could it be due to knew trade pact just announced between can and some euro nations?

[dynamite140]

There are only 2 correct things they can do on this issue.


1. Payout based on market price. If the bet already won, they should honor it. If the bet has a very high chance of hitting, they have to calculate the present value of it on based on futures lines. However that would be an issue for certain sports. However they would probably have to payout say 3 percent to someones bet if they calculate the bet to have 3 percent of hitting.


2. Wait until the end of the season and if the bet wins, then pay it out along with the other wagers.



In this situation, im sure most would agree they choose option 2. Option 1 is tougher b/c depending on the sport, calculating a present value for each bet might be very tough and there might be disagreements.

[Hareeba!]

Option 1 is tougher b/c depending on the sport, calculating a present value for each bet might be very tough and there might be disagreements.

Most markets would be on Betfair and/or Matchbook (?) so a current value for the wagers could be pretty readily ascertained.

[shaunovery]

Haven't betted with ladbrokes for years only on principal

Long story a few yrs back took them 4 days to settle a nfl bet

[Hareeba!]

Haven't betted with ladbrokes for years only on principal

Long story a few yrs back took them 4 days to settle a nfl bet

Haven't bet with Ladbrokes for years.

Short story: limited me to $1 bets on UK account and then closed my Aus account before I'd even tried to place a bet.