Sports Prediction Market Novig Pays Voided Bets After Social Network Backlash
The sports prediction market made the error while attempting to fix a bug.
- One user claimed to have had their balance negatively gotten used to the tune of $130,000.
- Novig said it is committed to openness and responsibility.
Novig, a still-young business that likewise uses the sweepstakes-style "double currency" model, revealed the choice after catching flak on social media.
We got this incorrect. In a rush to repair the SGP bug before NFL Sunday, we were too aggressive in cancelling trades that currently won. We have actually decided to honor all these trades and pay them completely.
Building the most relied on forecast market indicates listening to clients and owning ... https://t.co/aXRWqPt41v
One user stated he 'd placed NHL same-game parlays that were "matched" and paid on Friday, with the earnings then used to position more trades.
But on Sunday, the user said their balance was negatively gotten used to the tune of a $130,000 decline, and informed that the trades were accepted in error after already being graded as wins.
"We got this wrong," Novig's X account said. "In a rush to repair the SGP bug before NFL Sunday, we were too aggressive in cancelling trades that already won. We have actually chosen to honor all these trades and pay them completely."
Choppy waters
While the affected traders appear to have been made whole, the situation arose at a delicate time for both sweepstakes gambling establishments and forecast markets in the U.S.
Lawmakers and regulators have actually taken aim at the legality of both models of online betting with legislation, cease-and-desist letters, and legal filings.
Yes, it appears @Novig has chosen to do the right thing and reverse the modification on my account. I simply got off the phone with @j__fort and he humbly said sorry for withdrawing my jackpots.
The sports prediction market made the error while attempting to fix a bug.
- One user claimed to have had their balance negatively gotten used to the tune of $130,000.
- Novig said it is committed to openness and responsibility.
Novig, a still-young business that likewise uses the sweepstakes-style "double currency" model, revealed the choice after catching flak on social media.
We got this incorrect. In a rush to repair the SGP bug before NFL Sunday, we were too aggressive in cancelling trades that currently won. We have actually decided to honor all these trades and pay them completely.
Building the most relied on forecast market indicates listening to clients and owning ... https://t.co/aXRWqPt41v
One user stated he 'd placed NHL same-game parlays that were "matched" and paid on Friday, with the earnings then used to position more trades.
But on Sunday, the user said their balance was negatively gotten used to the tune of a $130,000 decline, and informed that the trades were accepted in error after already being graded as wins.
"We got this wrong," Novig's X account said. "In a rush to repair the SGP bug before NFL Sunday, we were too aggressive in cancelling trades that already won. We have actually chosen to honor all these trades and pay them completely."
Choppy waters
While the affected traders appear to have been made whole, the situation arose at a delicate time for both sweepstakes gambling establishments and forecast markets in the U.S.
Lawmakers and regulators have actually taken aim at the legality of both models of online betting with legislation, cease-and-desist letters, and legal filings.
Yes, it appears @Novig has chosen to do the right thing and reverse the modification on my account. I simply got off the phone with @j__fort and he humbly said sorry for withdrawing my jackpots.