Sports Prediction Market Novig Pays Voided Bets After Social Network Backlash
The sports prediction market made the error while trying to repair a bug.
- One user declared to have had their balance adversely adjusted to the tune of $130,000.
- Novig stated it is committed to transparency and accountability.
Novig, a still-young company that likewise utilizes the sweepstakes-style "dual currency" model, announced the decision after catching flak on social networks.
We got this incorrect. In a rush to fix the SGP bug before NFL Sunday, we were too aggressive in cancelling trades that currently won. We have decided to honor all these trades and pay them completely.
Building the most relied on prediction market means listening to customers and owning ... https://t.co/aXRWqPt41v
One user stated he 'd positioned NHL same-game parlays that were "matched" and paid on Friday, with the profits then utilized to place more trades.
But on Sunday, the user stated their balance was negatively adapted to the tune of a $130,000 decrease, and informed that the trades were accepted in error after already being graded as wins.
"We got this wrong," Novig's X account stated. "In a rush to repair the SGP bug before NFL Sunday, we were too aggressive in cancelling trades that already won. We have actually decided to honor all these trades and pay them in complete."
Choppy waters
While the afflicted traders appear to have been made whole, the situation developed at a sensitive time for both sweepstakes casinos and prediction 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 actually decided to do the ideal thing and reverse the modification on my account. I simply left the phone with @j__fort and he humbly apologized for revoking my profits.
The sports prediction market made the error while trying to repair a bug.
- One user declared to have had their balance adversely adjusted to the tune of $130,000.
- Novig stated it is committed to transparency and accountability.
Novig, a still-young company that likewise utilizes the sweepstakes-style "dual currency" model, announced the decision after catching flak on social networks.
We got this incorrect. In a rush to fix the SGP bug before NFL Sunday, we were too aggressive in cancelling trades that currently won. We have decided to honor all these trades and pay them completely.
Building the most relied on prediction market means listening to customers and owning ... https://t.co/aXRWqPt41v
One user stated he 'd positioned NHL same-game parlays that were "matched" and paid on Friday, with the profits then utilized to place more trades.
But on Sunday, the user stated their balance was negatively adapted to the tune of a $130,000 decrease, and informed that the trades were accepted in error after already being graded as wins.
"We got this wrong," Novig's X account stated. "In a rush to repair the SGP bug before NFL Sunday, we were too aggressive in cancelling trades that already won. We have actually decided to honor all these trades and pay them in complete."
Choppy waters
While the afflicted traders appear to have been made whole, the situation developed at a sensitive time for both sweepstakes casinos and prediction 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 actually decided to do the ideal thing and reverse the modification on my account. I simply left the phone with @j__fort and he humbly apologized for revoking my profits.