Betfair Introduce New Rule Changes to Tennis Betting Markets
If you’re a Betfair punter who enjoys the occasional dabble in some tennis wagering you might want to listen up, because new rule changes are arriving imminently. On Thursday the sportsbook announced a change in their rules concerning ‘what happens to your money if you back a tennis player who throws in the towel’, in a bid to keep tennis betting customers happy.
In a statement on the company’s blog the following was said:
‘Have you ever backed a player who called it quits irritatingly early - causing you to lose money? We're always looking to improve things for our customers, so we decided to change our rules. Now, if your player retires, your bet on the match winner market will either be voided (stakes returned) or paid out as a winner, rather than facing that painful loss when the player throws in the towel.’
Good News for Betfair Tennis Punters
This will be a welcome change for tennis betting fans who for years have complained about the unjust nature of player retirements during a match. The new rules will apply to all ATP/WTA and Challenger matches and will take immediate effect. If a player retires during the first set all match bets will be voided alongside all stakes on the next sets. Where an outcome is known, winning bets will be settled as winners while selections that no longer could have been winners will be deemed losers.
If a player retires after the first set the player/team progressing to the next round of play is now settled as the winner, however if a player’s opponent is not a losing selection anymore the punter will get their stake back. If a player retires during any stage of an ITF or exhibition match the match bets will be voided and all bets on the next sets will also be voided. If the outcome was known for a bet it will be settled as a winner however if the outcome is unknown it will be settled as a loser.
Interesting Week for Company
It’s been an interesting week for the UK based operator’s parent company Paddy Power Betfair who have been making some large splashes in US waters with their new merger with FanDuel. Announced on Tuesday, the deal will serve as an entrance into the newly legislated for US sports betting market.
The Supreme Court of the United States (SCOTUS) recently reversed a ban on legalized sports betting, creating massive opportunity for the gambling industry in America. Multiple states have already proposed legislation for bringing sports gambling within their borders but it remains to be seen which state will be the first to do so.
The purchase of FanDuel is not Paddy Power Betfair’s first brush with daily fantasy. Draft! Was purchased last year by the company for $19m. The deal with FanDuel, however, is reported to be worth much more, with some quoting an agreed upon amount of $158 million dollars to secure 61% of the company.
It is likely that the US gambling industry will see more lateral moves like this across the water by UK based operators where the sports betting industry has been well established for years, and for many it would not be surprising to see Paddy Power Betfair tie up some more acquisitions before the end of 2018 in anticipation of widespread American sports betting becoming a reality.
