Just a question to the UK residents and Im not sticking up for anyone.
You see all the ads on TV for PPI saying were you missold. We can get the money back.
Well EVERY BANK in the UK missold PPI. The banks, by some peoples reckoning, could contact all their affected customers and refund the PPI. There would be no need for claims companies or for the FSA.
But ALL UK players will, at this time, be using a bank that has robbed people of their PPI and who have not contacted the customers affected so whats the difference?
The banks have been forced to set aside money to cover all such claims, and have also been forced to use mass media to inform people that they have been misselling PPI, and that people should be checking their statements.
The problem is that the banks deliberately kept incomplete records, such as asking people where they worked. This means that in order for the PPI to have been missold, the claimant has to complete the record by showing that he was self employed or out of work at the time it was sold. This would prove that the bank didn't verify employment status before selling the policy, and hence by definition it was missold.
The banks are doing the least they have to, but already it is unravelling as some have now been forced to set even more money aside because their records underestimated the number of policies missold.
Unlike the banks, Betfair have all the information needed to determine which players violated the terms, and which simply adhered to the terms so exactly that Betfair ended up losing out. The fact that Betfair initially paid winnings shows that this was not about violations of terms, but them belatedly discovering how badly they had screwed up, so they invented a new term and started applying it retrospectively by charging back winnings already paid.
Surely if they intended to put right past mistakes, they would have begun the process long before asking to be removed from the pit, hence it looks like the priority for Betfair was to improve their SEO rather than do the right thing for players.
Unless they follow through though, it will be a short victory, as they could end up back in the pit, which would create a NEW announcement, and possibly an even higher SE ranking than the 2 year old rogue listings are now.
Only time will tell, and if we know any players who got screwed, we should tip them off that Betfair is now in the process of putting things right.