Cheltenham bets from TGP Europe Ltd bookmakers

A number of people (match betters and non-match betters alike) are having their funds held by a number of bookmakers including TLC bet, Fun88, 12bet, 138 + more.  This is a developing story but early reasons they cite is ‘bonus abuse’. Profitaccumulator and moneysavingexpert is on fire with people who are currently awaiting hundreds or thousands of pounds in withdraws.  If you have an account with any of these bookmakers and participated in Cheltenham see if you have received a similar e-mail to the below..

Dear Valued Player,

We are writing to you as one of our valued customers in light of some recent press reports following our recent Cheltenham Festival offers in order to clarify the situation.

As a brand we are always aiming to reward and incentivise genuine customers such as yourself, however in order to protect ourselves from abuse we have in place a comprehensive list of terms and conditions so we can prevent abuse from those that we believe are trying to take advantage solely from our promotions. During the festival period we received unprecedented traffic, the majority of which was from genuine customers such as yourself. However we also received a high volume of multiple accounts and bonus abuse, contrary to our terms and conditions. As a result we had to undergo a comprehensive review of all activity over the Cheltenham week, this involved suspending payments during the review, unfortunately this affected some genuine customers and for this we offer our sincere apologies and hope we can rely on your understanding if this did affect you.

The process we took resulted in accounts that were deemed in contradiction of our terms and conditions had their accounts suspended and subsequently closed and all their transactions reversed both for winners and losers.

Thank you for your continued support and understanding on the matter.

Yours Sincerely

Head of Operations

Bookmakers posted massive losses after Cheltenham 2016, this could simply be a delay tactic for this group of bookies while they asses their cash position and get enough financing to satisfy all the customer withdraws after Cheltenham. Some info from them state they will refund all customers deposits they suspect of ‘bonus abuse’ which is dandy if the bets with that particular bookmaker lost, but if it has won and laid in a exchange those customers could be looking at massive losses.

It will be impossible for a bookmaker to prove any customer laid any bet on a exchange (except if they also own the exchange, I don’t believe any of the bookmakers withholding funds from Cheltenham does) but even if they could laying a bet is not illegal. It may be a term in the T&C’s but interestingly members on profitaccumulator and MSE have screenshots showing the bookmakers T&C’s in questions changed 1 day into Cheltenham to include such a clause and at no point were customers highlighted or accepted the new T&C’s prior to Cheltenham betting.

Garth Kimber head of Isle of Man gaming websites involved issue a statement to a local paper..

The boss of a series of gaming websites based in the Isle of Man spoke out today [Saturday] to Isle of Man Newspapers after gamblers claimed their accounts had been closed and funds withheld.

It was reported yesterday (Friday) that, 12Bet, and TLC Bet have sent emails to customers suggesting they have abused the sites’ promotions systems in relation to deals offered during the Cheltenham Festival.

The news was widespread on Twitter and the UK’s Mirror website ran a story including details of a punter who is being denied access to £2,600 from accounts with all four companies.

Today [Saturday] Garth Kimber , chief executive officer of TGP Holdings Ltd said: ‘In response to speculation and comments on forums and in the press about certain brands TGP Europe Ltd would like to clarify our actions.

‘Following unprecedented volumes and unusual activities during the Cheltenham racing festival the company has followed our regulator approved procedures and terms and conditions and reviewed activity deemed suspicious.

‘All payments were processed for accounts not deemed to be under investigation and additionally all payments have now been processed for those accounts reviewed and found not to have been in breach of our terms and conditions.

‘For those accounts where the terms and conditions have been breached, account holders have been informed, the company has processed a refund of deposits, voided all bets (winning and losing) and closed the accounts.

‘The relevant authorities were informed of our concerns and subsequent investigation and we are in the process of sharing full details of the activities found to have taken place.

‘The company regrets the time taken and effects on genuine players but is committed to upholding both our own and the industry’s integrity.’

Mr Kimber said he could not comment further at this stage.

The Isle of Man’s Gambling Supervision Commission issued a short statement at 5pm yesterday (Friday).

It read: ‘I can confirm that the Gambling Supervision Commission is aware of the matter, however it is standard policy for the Gambling Supervision Commission not to comment on regulatory or compliance matters relating to its licensed operators.’

It is also understood gambling authorities in the UK have been made aware of the situation.

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